Home / Knowledge / News / Textiles / GST Council recommends Law & Procedures changes

GST Council recommends Law & Procedures changes

12
Jun '20
Union finance minister Nirmala Sitharaman chairing the 40th GST Council meeting via video conferencing in New Delhi on June 12. Pic: PIB
Union finance minister Nirmala Sitharaman chairing the 40th GST Council meeting via video conferencing in New Delhi on June 12. Pic: PIB
The 40th GST Council meeting, which met today under the chairmanship of Union finance and corporate affairs minister Nirmala Sitharaman through video conferencing, has made some recommendations on Law & Procedures changes. The meeting was attended by Union minister of state for finance Anurag Thakur, finance ministers of states and UTs and other officials.

The recommendations of the GST Council are given below. These would be given effect through relevant Circulars/Notifications, an official release said.

  1. Measures for Trade facilitation:
    1. Reduction in Late Fee for past Returns:

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: -

  1.  
    1.  
      1. ‘NIL’ late fee if there is no tax liability;
      2. Maximum late fee capped at 500 per return if there is any tax liability.

The reduced rate of late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020

  1.  
    1. Further relief for small taxpayers for late filing of returns for February, March & April 2020 Tax periods:

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.

  1.  
    1. Relief for small taxpayers for subsequent tax periods (May, June & July 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).

  1.  
    1. One-time extension in period for seeking revocation of cancellation of registration:

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.

 

  1. Certain clauses of the Finance Act, 2020 amending CGST Act 2017 and IGST Act, 2017 to be brought into force from 30.06.2020.

 

Fibre2Fashion News Desk (RKS)


Must ReadView All

Pic: Shutterstock

Textiles | On 15th Jun 2021

Australia, UK agree on broad terms of trade deal

Prime Ministers Scott Morrison and Boris Johnson have agreed in...

Pic: Shutterstock

Textiles | On 15th Jun 2021

Germany passes law on corporate due diligence in rights, environment

The German parliament passed a law last week that warrants large and...

Pic: Azamat Imanaliev / Shutterstock.com

Apparel/Garments | On 15th Jun 2021

Prime Content| Revenue, profits of major garment firms in China rise in Jan-April

Revenue, profits, output, online retail sales and exports of major...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Increased need for online fitting solutions as retailers shift to...

Textile Industry, Head honchos

Textile Industry
Head honchos

Marry with brand ethos

Florian Heubrandner, Lenzing AG

Florian Heubrandner
Lenzing AG

Cannot see the world breaking away from cotton & polyester

Mumin Can Eker,

Mumin Can Eker

Maseksport Inc is a readymade garment exporter. Founded in Izmir in 1989,...

Seema Mishra,

Seema Mishra

Set up in January 2020 by <b>Seema Mishra</b>, the Kasrawad Art Cluster...

Rishav Bajoria & Subham Sengupta,

Rishav Bajoria & Subham Sengupta

Launched in October 2020, the Gumti app could not have come at a more...

Tiasha Renganathan, Twinery Innovations by MAS

Tiasha Renganathan
Twinery Innovations by MAS

Twinery-Innovations by MAS is the innovation arm of Sri Lankan company MAS ...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Michael Jaenecke, Messe Frankfurt

Michael Jaenecke
Messe Frankfurt

From May 14 to 17, international exhibitors will present the entire...

Vidur Adlakha & Riccardo Bennidini, La Fuori

Vidur Adlakha & Riccardo Bennidini
La Fuori

With an active presence in US, Italy and India, clothing brand La Fuori...

Archana Jaju, Label Archana Jaju

Archana Jaju
Label Archana Jaju

<b>Archana Jaju</b>’s Hyderabad-based eponymous label works with artisans...

Aprajita Toor, Aprajita Toor

Aprajita Toor
Aprajita Toor

The creations by Aprajita Toor were born out of a deep desire to create...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search