The recommendations of the GST Council are given below. These would be given effect through relevant Circulars/Notifications, an official release said.
As a measure to clean up pendency in return filing, late fee for non-furnishing FORM GSTR-3B for the tax period from July, 2017 to January, 2020 has been reduced / waived as under: -
The reduced rate of late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020
For small taxpayers (aggregate turnover upto ₹5 crore), for the supplies effected in the month of February, March and April, 2020, the rate of interest for late furnishing of return for the said months beyond specified dates (staggered upto July 6, 2020) is reduced from 18 per cent per annum to 9 per cent per annum till 30.09.2020. In other words, for these months, small taxpayers will not be charged any interest till the notified dates for relief (staggered upto July 6, 2020) and thereafter 9 per cent interest will be charged till 30.09.2020.
In wake of COVID-19 pandemic, for taxpayers having aggregate turnover upto ₹5 crore, further relief provided by waiver of late fees and interest if the returns in FORM GSTR-3B for the supplies effected in the months of May, June and July, 2020 are furnished by September, 2020 (staggered dates to be notified).
To facilitate taxpayers who could not get their cancelled GST registrations restored in time, an opportunity is being provided for filing of application for revocation of cancellation of registration up to 30.09.2020, in all cases where registrations have been cancelled till 12.06.2020.
Fibre2Fashion News Desk (RKS)
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