{"id":2642,"date":"2020-06-12T12:05:29","date_gmt":"2020-06-12T12:05:29","guid":{"rendered":"https:\/\/www.gstpractitioners.in\/blog\/?p=2642"},"modified":"2020-06-12T12:07:23","modified_gmt":"2020-06-12T12:07:23","slug":"highlights-of-40th-gst-council-meeting-related-to-law-procedure","status":"publish","type":"post","link":"https:\/\/www.gstpractitioners.in\/blog\/highlights-of-40th-gst-council-meeting-related-to-law-procedure\/","title":{"rendered":"Highlights of 40th GST council meeting related to Law & Procedure"},"content":{"rendered":"
<\/span> 1,087<\/span><\/div>

Highlights of 40th GST council meeting related to Law & Procedure<\/u><\/strong><\/p>\n

The GST Council has made the following recommendations on Law & Procedures changes.<\/p>\n

    \n
  1. Reduction in Late Fee for past Returns:<\/strong><\/li>\n<\/ol>\n

    FORM GSTR-3B<\/strong>\u00a0for the tax period from\u00a0July, 2017 to January, 2020<\/strong>\u00a0has been reduced \/ waived as under: –<\/p>\n\n\n\n\n\n
    Having NO TAX Liability<\/strong><\/td>\nNIL late fee<\/td>\n<\/tr>\n
    Having <\/strong>TAX\u00a0 Liability<\/strong><\/p>\n

     <\/td>\n

    		Maximum Late fee at Rs. 500\/- per return<\/strong><\/td>\n<\/tr>\n
    The reduced rate of late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020.<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    \u00a0<\/strong><\/p>\n

      \n

    1. \nInterest Rate Reduced from 18% to 9% p.a till 30.09.2020 for Small Taxpayers (Aggregate Turnover upto Rs.5 Crore) GSTR-3B returns for February, March & April 2020 Tax periods :<\/strong><\/li>\n<\/ol>\n\n\n\n\n\n
      Late \u00a0 GSTR-3B Filing for Small Taxpayers (T.O upto Rs.5 crs)<\/td>\nDue Date<\/td>\nInterest Rate<\/td>\n<\/tr>\n
      For Feb, March and April\u2019 2020<\/p>\n

      (Previously)<\/td>\n

      		6th<\/sup> July\u20192020<\/td>\nNil<\/td>\n<\/tr>\n
      For Feb, March and April\u20192020<\/p>\n

      \u00a0(Now Reduced Interest Rate)<\/strong><\/td>\n

      		30th<\/sup> Sept\u20192020<\/td>\n9%<\/p>\n

      (instead of 18%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

       <\/p>\n

      3.Relief for small taxpayers for subsequent tax periods (May, June & July 2020):<\/strong><\/p>\n\n\n\n\n
      GSTR-3B for Small Taxpayers (T.o upto Rs.5 crores<\/td>\nRelief in Due Date<\/td>\nLate fee<\/td>\nInterest Rate<\/td>\n<\/tr>\n
      For May, June & July\u20192020<\/td>\n30th<\/sup> Sept\u20192020<\/td>\nNIL<\/td>\nNIL<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

       <\/p>\n

       <\/p>\n

      4.One time extension in period for seeking revocation of cancellation of registration:<\/strong><\/p>\n

      An opportunityis being provided for filing of application for revocation of cancellation of registrationup to\u00a030.09.2020<\/strong>, in all cases where registrations have been cancelled till 12.06.2020.<\/p>\n

       <\/p>\n

      5.Certain clauses of the Finance Act, 2020 amending CGST Act 2017 and IGST Act, 2017 to be brought into force from\u00a030.06.2020<\/strong>.<\/p>\n

      Read Press Release Here <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

      1,087Highlights of 40th GST council meeting related to Law & Procedure The GST Council has made the following recommendations on …. <\/p>\n","protected":false},"author":1,"featured_media":2644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,55,40,47,28],"tags":[],"class_list":["post-2642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-covid-19-relief","category-gst-council-meeting","category-gst-learning","category-gst-return"],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/2642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/comments?post=2642"}],"version-history":[{"count":3,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/2642\/revisions"}],"predecessor-version":[{"id":2647,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/2642\/revisions\/2647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/media\/2644"}],"wp:attachment":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/media?parent=2642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/categories?post=2642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/tags?post=2642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}