June 15, 2020

40th GST Council meeting Recommendations| Late Fee & Interest Waiver | Cancellation Revocation

Once a GST registration is granted then you need to tick the GST Compliance table every month. Whether a registered person is having any figures to report or not, it is mandatory to file a GST return, i.e., GSTR-3B (Monthly) and GSTR-1(Monthly/Quarterly), on or before the due date.

Non filing of GST return will result in compilation of heavy late fee (INR 50/20 per day) & interest and it may also result in cancellation of GST Registration by department.

Takeaways of 40th GST Council Meeting

In 40th GST Council meeting held under the chairmanship of hon’ble Finance Minister Mrs. Nirmala Sitharaman through video conferencing. GST Council in the 40th GST Council meeting has recommended giving one time opportunity to such GST return defaulters through the following recommendation:

1. Reduction in late fee for GSTR 3B for July 2017 to January 2020

Late filing fee for GSTR-3B for the period of July, 2017 to January, 2020 has been recommended to waived as under:

NIL late fee if there is no tax liability
In case of any tax liability, late fee shall levy with maximum cap of INR 500 per GST Return.

Waiver shall apply only for GSTR-3B filed between the period of 1st July, 2020 to 30th September, 2020.

2. Relief for small taxpayers for GSTR 3B late return filling

2.1 9% Interest for late filing of GSTR-3B for the period of February, March & April 2020

Through earlier notifications, due date of filing of GSTR-3B for the period of February, March & April, 2020 has been extended till 6th July, 2020 (in staggered manner) for small taxpayers (having aggregate turnover INR 5 Crores). No interest and late fee was applicable for GSTR-3B filed such due date.

Now GST Council has recommended to reduce interest rate from 18% to 9% per annum if such GSTR-3B is filed beyond the due date and till 30th September, 2020.

Therefore, No Interest will apply for GSTR-3B filed upto due dates (6th July in staggered manner) and thereafter, interest @9% will levy for GSTR-3B filed till 30th September, 2020.

2.2 Waiver of Interest and Late fee for GSTR-3B for the period of May, June and July, 2020

Due to pandemic COVID-19, GST Council has recommended to waive interest and late fee for GSTR-3B filed for the period of May, June & July, 2020 by September, 2020 for small taxpayers (Having turnover upto INR 5 Crores).

Due dates in staggered manner will announce by CBIC.

3. Revocation of GST Cancellation can be filled till 30th September 2020

For all those taxpayers who could not get their GST registration cancellation restored in time, GST Council has recommended one time opportunity to file an application for revocation of registration cancellation upto 30th September, 2020.

This facility is applications for all GST registration cancelled till 12th June 2020.

DISCLAIMER: The views expressed are strictly of the author and VJM & Associates LLP. The contents of this article are solely for informational purpose. It does not constitute professional advice or recommendation of firm. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.

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