Finance Minister Nirmala Sitharaman on Friday, 12 June, announced that the maximum late fee for non-filing of monthly GST sales return for July 2017 to January 2020 has been capped at Rs 500, reported PTI.
Announcing the decisions taken after the 40th GST Council meeting, Sitharaman also said those taxpayers with nil liability will have to pay zero late fee for late filing of GSTR-3B for the same period.
The taxpayers having tax liability can file past returns between 1 July and 30 September, she said.
Moreover, small taxpayers with turnover upto Rs 5 crore will pay reduced rate of interest, of 9 percent from 18 percent, for returns filed for February-April 2020 post 6 July, if filed by 30 September, reported BloombergQuint.
Finance Minister Smt. @nsitharaman chairing the 40th GST Council meeting via video conferencing in New Delhi today. MOS Shri. @ianuragthakur, Finance Ministers of States & UTs and Senior officers from Union Government & States are also present in the meeting. pic.twitter.com/Sq86bxyMGu— Ministry of Finance (@FinMinIndia) June 12, 2020
Small businesses with the same turnover will also be provided a waiver of late fees and interest if they file form GSTR-3B for the supplies affected in months of May, June and July 2020, by September 2020. No late fee or interest will be charged till September, the finance minister said.
She also said that a special one-agenda meeting will take place in July to discuss compensation requirements of states.
"In July, which is on the request of all the ministers, there shall be a meeting to discuss exclusively one agenda point – compensation cess. The compensation which has to be given to the states, and if at all, it results in some kinds of borrowing, how and who is going to pay for it," Sitharaman was quoted by ANI as saying.
Sitharaman’s announcements comes amid the country reeling under severe economic stress due to the COVID-19 outbreak and the resulting lockdown.
(With inputs from PTI, ANI and BloombergQuint.)
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