the key highlights of the 40th GST Council Meeting

Please find below are the key highlights of the 40th GST Council Meeting:

 

1.    GSTR-3B for July 2017 – Jan 2020:

a)    ‘Nil’ Liability– Nil Late Fees

b)    Other than ‘Nil’ Liability – Max capped of Rs.500

Subject to filing of GSTR-3B returns between 1st Jul 2020 – 30th Sept 2020

2.    Relief Small taxpayers – Feb/Mar/ Apr 2020

a)    Upto 5 Cr – Reduced interest till 30th Sept, 2020

b)    Upto 5 Cr – May/June/ July 2020 – No int/late fees – File on or before 30th Sept, 2020

3.    Revocation of cancellation of GST Registration – Time extended till 30th Sept, 2020

4.    Compensation Cess – Will be discuss in next meeting

5.    Inverted Duty Structure – Will be discuss in next meeting

6.    IGST Accumulation – Matters with respect to state portion will be settled in the next meeting.