GST Council updates: No fees for GSTR-3B for those with nil liabilities

GST Council meet live updates: 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 videoconference.

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.

Catch LIVE updates on the outcome of GST Council meet

3:48 PM IST In July,which is on the request of all the ministers, there shall be a meeting to discuss exclusively one agenda point - compensation cess. The compensation which has to be given to the states & if at all it results in some kinds of borrowing, how & who is going to pay for it: FM pic.twitter.com/KxRDQcaofD — ANI (@ANI) June 12, 2020

3:42 PM IST 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

3:30 PM IST For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for 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, said FM Nirmala Sitharaman For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for 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: FM Nirmala Sitharaman https://t.co/Fl0OPirQzV — ANI (@ANI) June 12, 2020

3:28 PM IST 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

1:47 PM IST As the GST Council meeting is still in progress, the virtual media briefing is delayed. The briefing will commence after the GST Council meeting gets over. As the GST Council meeting is still in progress, the virtual media briefing is delayed. The briefing will commence after the GST Council meeting gets over. Inconvenience is regretted. — Ministry of Finance (@FinMinIndia) June 12, 2020

1:17 PM IST 40th GST Council meeting via video conferencing is being chaired by FM @nsitharaman in the presence of MoS @ianuragthakur and attended by Finance Ministers of States & UTs and Senior officers from Union Government & States. | @FinMinIndia @GST_Council | pic.twitter.com/mq2gxIAqP6 — Office of Mr. Anurag Thakur (@Anurag_Office) June 12, 2020

1:06 PM IST Late fees for non-filing of GST returns for the period in between August 2017 to January 2020 could be waived off.

LIVE UPDATES

There shall be a meeting to discuss compensation cess in July: FM



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

Maximum late fee for non-filing of GSTR-3B returns between July 2017-Jan 2020 capped to Rs 500: FM

For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for 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, said FM Nirmala Sitharaman

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

As the GST Council meeting is still in progress, the virtual media briefing is delayed

As the GST Council meeting is still in progress, the virtual media briefing is delayed. The briefing will commence after the GST Council meeting gets over.


40th GST Council meeting via video conferencing is being chaired by FM Nirmala Sitharaman

Late fees for non=filing of GST returns could be waived off

Late fees for non-filing of GST returns for the period in between August 2017 to January 2020 could be waived off.

The GST Council members discussed several issues via the over one-hour video-conferencing meet for the first time post the Covid-19 lockdown

The GST Council members discussed several issues via the over one-hour video-conferencing meet for the first time post the Covid-19 lockdown.

Revenue and compensation on table at GST Council meeting

The GST Council meeting on Friday will have two objectives — addressing the government’s grim revenue position amid the pandemic and fixing the compensation mechanism for the states — given the background of a shortfall in goods and services tax (GST).
 
The government has rung up just about Rs 95,000 crore as GST in April and May together, and that is less than half compared with the collection in the corresponding months last year.
 
With the dwindling collection of cess, which goes into the compensation fund, the council will discuss alternative means such as borrowing from the market and extending the cess period by another year or two to repay. Read on...

GST Council meet: FM Sitharaman to hold press conference at 12:45 pm today on the outcome of the meet


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