Recommendations made in the 40th GST Council meeting held on 12th June, 2020
Reduction in Late Fee for returns from July, 2017 to January, 2020
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. ‘NIL’ late fee if there is no tax liability;
2. Maximum late fee capped at Rs. 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. (Note: – Interest at the rate of 18% shall be applicable as earlier. No waiver in case of interest.)
Relief for small taxpayers for late filing of GSTR-3B for February, March & April 2020
If the GSTR-3B is filed after the below mentioned dates but before 30th September, 2020 then the rate of interest has been reduced to 9% (earlier 18%).
(Note: – There is no waiver of late fees if GSTR-3B is filed after the due date mentioned below.)
- Taxpayers Having 5 Cr. > Turnover > 1.5 Cr. in the preceding year Feb, Mar-20, , 29th June, 2020 & Apr’ 2030th – June, 2020
- Having Turnover < 1.5 Cr. in the preceding year Feb’ 20 – 30th June, 2020 – Mar’ 20 – 3rd July, 2020 – Apr’ 20 – 6th July, 2020
Relief for small taxpayers for filing GSTR-3B for May, June & July 2020 Taxpayers having aggregate turnover upto Rs. 5 crore, no late fees and interest shall be levied if FORM GSTR-3B for the months of May, June and July, 2020 are furnished by September, 2020 (staggered dates to be notified).
One time extension in period for seeking revocation of cancellation of registration
In all cases where registrations have been cancelled till 12.06.2020, an opportunity is being provided for filing of application for revocation of cancellation of registration up to 30.09.2020.