AMN
Finance Minister Nirmala Sitharaman has said that no late fees to be levied on registered entities with Nil GST return filing between July 2017 and January 2020. Briefing the media after the 40th GST meeting in New Delhi today, Ms Sitharaman said, maximum late fee for non-filing of monthly GST sales return for July 2017 to January 2020 capped at 500 rupees. The Minister said, the two decisions
regarding late fee for non-filing of GST returns have been taken by the GST Council in order to clean up pendencies.
Ms Sitharaman said, for small taxpayers whose aggregate turnover is up to 5 crore rupees, the rate of interest for late furnishing of GST returns for February, March and April 2020, beyond July 6, 2020, the rate of interest reduced from 18 per cent to 9 per cent.
Small tax payers will have to pay no interest for late furnishing of GST returns till July 6, 2020, after that, the interest rate is reduced to 9 per cent and will be valid till September 30, 2020.
Ms Sitharaman said, small taxpayers whose aggregate turnover is up to 5 crore rupees 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.
Taxpayers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration up to September 30, 2020. In all cases where registration has been cancelled till June 12, 2020.
Ms Sitharaman said, during the meeting, GST Council also discussed the impact of COVID-19. The Minister said, inverted duty structure hitting GST collections was also discussed and also inverted duty structure in textile. Ms Sitharaman said, GST Council is looking at correction of duty inversion in footwear, fertiliser and textiles.
The Finance Minister said, a special one-agenda meeting will take place in July to discuss the compensation requirements of states. She said, discussion on taxing pan masala will hopefully be taken up at GST Council’s next regular meeting.