GST Return Late Fee Waived

What is GST council?

The government of India introduced the GST council to regulate the GST in India.
GST Council is established governing body to make recommendations to states on GST.The Union Minister directs the GST council meetings along with other revenue and finance ministers.

Key decisions:

The FM Nirmala Sitharaman met for the 40th GST Council meeting 2020 after the corona pandemic lockdown. For providing the relief to the taxpayers, the key decisions taken in the council are as below:
For the taxpayers having turnover up to Rs. 5 crores:
• The interest rate on late submission of returns (February, March and April) has reduced from 18% to 9% p.a. till September 30, 2020.
• Late fee waived off from July 2017 to January 2020 on filing GSTR 3B returns with No liability or NIL Returns will attract NO GST
• For the taxpayer with liability, the maximum late fee has been limited to Rs 500.
For all taxpayers:
• Taxpayers can apply for revocation of cancellation of registration up to September 30, 2020, which has been cancelled up to June 12 2020.
• No reduction in GST rates.
• Inverted duty structure related issues are postponed.

Conclusion: