Assam Finance Minister Himanta Biswa Sarma attended the 40th GST Council meeting through video conference today.
The Goods and Services Tax (GST) Council meeting on Friday was held under the chairmanship of Finance Minister Nirmala Sitharaman. In their first meeting since a nationwide lockdown was implemented to prevent the spread of coronavirus, the members of the GST Council discussed issues over video conference.
Zero fees for late filing returns between July 2017- Jan 2020: FM Sitharaman
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, said FM Nirmala Sitharaman
Reduced interest on late GST filing to 9% from 18%: FM
For small tax payers whose aggregate turnover is up to Rs 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020 beyond July 6, 2020, the rate of interest is being reduced from 18% to 9% per annum and that is only till September 30: FM
A downward revision of late fee for not filed old returns was likely to be considered in the meeting.
The two main objectives of today's meeting were expected to be addressing the government's revenue position and fixing the compensation mechanism for states.
FM Sitharaman said no fees will be levied for late filing of GST returns for entities with nil liability. The late fee for non-filing of monthly sales return for others has been reduced to a maximum of Rs 500 for July 2017 to January 2020 period, she added.
