What is the rate composition of GST
The 40th GST Council convened here today via videoconference, chaired by Smt Nirmala Sitharaman, Minister of Finance and Corporate Affairs of the Union
Minister of State of the Union of Finance and Corporate Affairs, Shri Anurag Thakur, attended the meeting in addition to the Finance Ministers of the States and UTs and the senior officials of the Ministry of Finance and States / UTs. The GST Council made the following recommendations for changes to laws and procedures. Trade Facilitation Measures: Reduction of Late Fee for Earlier Returns: To remove the reliance on filing returns, the late fee for not setting up the FORM GSTR-3B has been reduced for the tax period from July 2017 to January 2020. waived as follows: - 'NIL' late fee if there is no tax liability; Maximum late fee limited to Rs. 500 / - per tax return for tax liability. A reduced fee rate would apply to all GSTR-3B tax returns submitted between July 1st, 2020 and September 30th, 2020. Further relief for small taxpayers in the case of late filing of tax returns for February, March and April 2020 tax periods: For small taxpayers (total sales up to Rs (5 crore), the interest rate for the late return will be charged for deliveries made in February, March and April 2020 the return for the mentioned months according to the specified dates (staggered until July 6, 2020) is reduced from 18% per year to 9% per year until September 30, 2020. In other words, for these months, small taxpayers will be up to the specified Relief dates (staggered until July 6, 2020) no interest will be charged, and after that 9% interest will be charged until September 30, 2020. Relief for small taxpayers for later tax periods (May, June and July 2020): After the COVID-19- Pandemic for taxpayers with total sales up to Rs. 5 crore, further relief by waiving late fees and interest when returns are in FORM GSTR-3B for deliveries made in May, June and July 2020 are available by September 2020 (staggered dates must be communicated). One-time extension of the deadline for revoking the deletion of the registration: In order to give taxpayers who were unable to restore their canceled GST registrations in time, the opportunity to submit an application to revoke the deletion of the registration in any case by 30.09.2020 where registrations by 12.06.2020 were canceled. Certain clauses of the Finance Act of 2020 amending the CGST Act 2017 and the IGST Act 2017 are due to come into force on June 30, 2020.PIB
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