GST Council · 2020-06-12 · Video conference

40th GST Council meeting: key decisions

The first Council meeting after the Covid-19 lockdown was held by video conference and focused on relief for taxpayers. Late fees on past nil returns were waived and capped for other returns filed within a window, and reduced interest was allowed for small taxpayers for the lockdown months. Compensation to States was flagged for a special meeting.

Chaired by Nirmala Sitharaman, Union Finance Minister.

Compliance and returns

  • Waived late fees on GSTR-3B for July 2017 to January 2020 for taxpayers with no tax liability.
  • Capped late fees at Rs. 500 per return for taxpayers with tax liability who file their pending GSTR-3B returns for that period between 1 July and 30 September 2020.
  • Reduced the interest rate to 9 per cent for small taxpayers with turnover up to Rs. 5 crore for returns of February to April 2020 filed by September 2020.

Registration

  • Extended the time to apply for revocation of cancelled registrations to 30 September 2020.

Other

  • Decided to hold a special meeting to discuss compensation to States.

Official documents

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