Big Decision Of GST Council – No Late Fee For GST Returns Filing For Entities With Nil Tax Liability
New Delhi : The meeting of the GST Council for the first time between Coronavirus Pandemic has ended. In the meeting of the GST Council 40th Meeting Update, the distressed traders have got relief from GST Late Fees. In the meeting, it has been agreed to give relief to small taxpayers. Businesses with annual turnover of less than Rs 5 crore will have to pay only 9% interest if they file returns between February and June 2020.
Late fees waived from July 2017 to January 2020. Late fees of NIL GST businessmen will be waived. Late fees for GTB 3B will be Rs 500 / month. A window has been provided for GST 3B. The window will be open from 1 July to 30 September. Turnover below Rs 5 crore will have 9% interest instead of 18%.