Goods and services Tax 40th council meeting held today under the chairmanship of Finance Minister Nirmala Sitharaman. This is the first meeting on goods and services tax held in unlock 1.0.
The Goods and services Tax 40th council meeting held today was to provide further ease compliance burden on taxpayers. There are certain relief measures taken by the finance minister given in the short bullet points:
Concession of late fee or interest
*For small tax payers whose aggregate turnover is up to ₹ 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%
One time extension in period for seeking revocation of cancellation of registration
Tax payers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration up to September 30, 2020. In all cases where registration has been cancelled till June 12, 2020
Certain clauses of finance Act, 2020 amending CGST Act 2017 and IGST Act, 2017 to be brought into force from 30.06.2020