The under the Chairpersonship Union Finance Minister of Smt Nirmala Sitharaman held its 40th meeting through video conferencing today and took decisions that will significantly reduce the compliance cost and burden for small taxpayers. The decisions are as follows:
A. Reduced/waived last fee for return till January 2020
Late fee for non-furnishing FORM GSTR-3B for the tax period from July 2017 to January 2020 has been reduced/waived as follows: -
- late fee if there is no tax liability – NIL
- Maximum late fee capped at Rs. 500 per return if there is any tax liability.
The reduced rate of late fee would apply for all the GSTR-3B returns furnished between July 1, 2020 to September 30, 2020.
B. Relief for small taxpayers for Late filing of GSTR- 3B returns for February 2020, March 2020 & April 2020:
For taxpayers with aggregate turnover up to Rs. 5 crore, for the supplies effected in February 2020, March 2020 & April 2020, the rate of interest for late furnishing of return is reduced from 18% per annum to 9% per annum till September 30, 2020.
C. Relief for small taxpayers for Late filing of GSTR- 3B returns for May 2020, June 2020 & July 2020:
In the wake of the # COVID19 pandemic, for taxpayers having aggregate turnover upto Rs. 5 crore, further relief provided by waiver of late fees and interest if the returns in FORM GSTR-3B for the supplies effected in May 2020, June 2020 & July 2020 are furnished by September 2020.
D. One time opportunity in period for seeking revocation of cancellation of GST Registration:
To help taxpayers who could not get their cancelled GST registrations restored in time, an opportunity is being provided for filing of application for revocation of cancellation of registration up to September 2020, where registrations have been cancelled till June 12, 2020.