GST Council meeting: Finance Minister Nirmala Sitharaman announces relief on late fee for GST return filing

GST Council meeting: Finance Minister Nirmala Sitharaman has announced several relief measures for small tax payers on Friday, following the GST Council meeting.

This was the first GST Council meet during the lockdown. Source - Finance Ministry Twitter.

GST Council meeting: Finance Minister Nirmala Sitharaman has announced several relief measures for small tax payers on Friday, following the GST Council meeting. The finance minister announced that there will be no late fee at all for those who have no tax liability but have not filed GST returns for tax period July 2017 and January 2020.

“For all those who have no tax liability but have not filed GST returns for tax period July 2017 - January 2020 (prior to COVID-19 period), there shall be no late fee at all,” the finance minister said, while addressing the media.

She said that for those who have tax liability, the maximum late fee for non-filing of GSTR-3B returns for period July 2017 and January 2020, has been capped to Rs 500. This will apply to all returns submitted during Jul 1, 2020 - Sep 30, 2020.

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“Small tax payers will have to pay no interest for late furnishing of GST returns till July 6, 2020; after that, the interest rate has been reduced to 9%, this will be valid till September 30, 2020,” the finance minister said.

Lastly, small tax payers whose aggregate turnover is up to Rs 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June and July 2020, by September 2020. No late fee or interest will be charged for them.

This was the first GST Council meet during the lockdown. The finance minister was scheduled to address the media at 12:45 but the press conference was delayed.

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