GST Council meeting: Relief on late fee council meeting for GSTR 3B form
This was the 40th meeting of the GST council meeting held for the primary time after lockdown
After the lockdown, the products and Services Tax (GST) Council met for the primary time on Friday. this is often the 40th meeting of the GST Council. minister of finance Nirmala Sitharaman attended this meeting through video conferencing. After the meeting, the minister of finance said that from July 2017 to January 2020 those that haven’t filed GSTR 3B returns and that they have zero returns won’t need to pay late fees.
inhale giving relief to small companies within the meeting, the interest on filing GSTper cents has been reduced by half. Such companies will need to pay 9 percent interest on filing GST from late. At an equivalent time, there’ll be no late fee while filing GST returns from May to July.
– minister of finance Nirmala Sitharaman said that a lot of return filings from July 2017 to January 2020 are pending. In such a case, those that haven’t filed their returns won’t be charged anything late fee.
– there’s a limit of 500 rupees for the utmost fee for late filing of GSTR-3B. a replacement window has been created for GSTR 3B, through which the amount of filing this type has been extended from Dominion Day to a September 30.
GST collection data not released
Explain that thanks to a decrease in the collection and to increase the date of filing GST returns, the govt has not released the info of GST collections for the months of April and should. Earlier within the month of March, the GST collection had come right down to Rs 97,597 crore. Recently, Finance Secretary Ajay Bhushan Pandey had told that the right picture on the figures of GST collection is going to be available only till June 30.
Explaining the rationale for this, Pandey said, “The date for submission of GST returns has been extended. we’ve said that the returns are often submitted by June. Taxpayers with a turnover of quite five crore rupees have also got overtime. He said that after extending the deadline, the right picture of revenue collection will emerge only till June 30.