GST Council Meet: FM Nirmala Sitharaman Announces Relief on Late Fees For GST Return Filing, Check Details
The GST Council meeting headed by Finance Minister Nirmala Sitharaman took place on Friday for the first time since the country went into lockdown. Several issues were discussed in the one-hour video conferencing meeting.
New Delhi, June 12: The GST Council meeting headed by Finance Minister Nirmala Sitharaman took place on Friday for the first time since the country went into lockdown. Several issues were discussed in the one-hour video conferencing meeting.
The FM mentioned, "For the period from July 2017 to Jan 2020, which is prior to COVID period, a lot of return filing has been pending. For all those who have no tax liabilities but who have not filed their returns between July 2017-Jan 2020, there will be zero late fees." Government May Borrow Rs 40,000 Crore From Market As States Urge Centre to Clear Their GST Compensation & Seek Relief Amid Coronavirus Lockdown.
For people who have a tax liability, a maximum late fee for non-filing of GSTR-3B returns for the period July 2017 - January 2020 has been capped to Rs 500. This will apply to all returns submitted during July 1, 2020 - September 30, 2020.
Here's what the FM announced:
Announcing relief for the small taxpayers, FM said, "Small taxpayers will have to pay no interest for late furnishing of GST returns till July 6, 2020; after that, the interest rate has been reduced to 9 percent, this will be valid till September 30."
No late fees for those who have not filed their returns between July 2017-Jan 2020, Says FM:
(The above story first appeared on LatestLY on Jun 12, 2020 03:53 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).