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GST Council Meet : Relief For Small Taxpayers Announced

GST Council Meet

GST council decided to provide relief on late fee and interest payable on late payments in the meeting held on Friday. This is the first meet after the countrywide lockdown due to corona pandemic.

Addressing the media, Nirmala Sitharaman said that in the period between July 2017 to January 2020 before the Corona crisis many people had their return filings left. People who have no tax liability but have not yet filed their returns, will not have to pay late fees.

Relief For Traders Who Didn’t File GSTR-3B

Further, despite the tax liability from July 2017 to January 2020, traders who did not file GSTR-3B were also given relief. The Finance Minister said that now the maximum late fee will be imposed on them 500 rupees. Those who file returns from July 1, 2020 to September 30, 2020 will also get the benefit.

Apart from this, if the turnover of up to Rs. 5 crores is filled, then if the late returns of February, March and April 2020 are filled after July 6, 2020, then the interest rate will be nine per cent per annum instead of 18 per cent.

In addition, if they file GSTR-3B for May, June and July 2020 by September, they will not have to pay any late fees or interest.

Next GST Council Meeting in July

Nirmala Sitharaman further said that there was no discussion on GST rate cut today. The next meeting of the GST Council will be held in July in whichthe issue of compensation cess will be discussed.

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