Today, i.e. on 12th June, 2020, the Goods and Services Tax (GST) council held a meeting under the chairmanship of Finance Minister Smt. Nirmala Sitaraman. In their first meeting since a nationwide lockdown was implemented to prevent the spread of coronavirus, the members of the GST Council discussed issues over videoconferencing.

Following decisions were taken in the 40th Council meeting:

  •          Waiver of fees for late filing of GSTR-3B return between July 2017 to Jan 2020: For all Taxpayers who have NIL Tax Liability and have not furnished GSTR-3B for the said period/s.This will apply to all returns submitted during 1st July 2020 – 30th September 2020.
  •       Maximum Late fees for non–filing of GSTR-3B returns between July 2017-Jan 2020 capped to Rs. 500/- for Taxpayers who have Tax Liability. This will apply to all returns submitted during 1st July 2020 – 30th September 2020.
  •      For small taxpayers (whose aggregate turnover is upto Rs. 5 crores), the rate of interest for late furnishing of GSTR-3B returns for Feb-20, Mar-20 & Apr-20 is being reduced from 18% to 9% per annum and that is only till September 30, 2020.
  •      Waiver of late fees or interest for small taxpayers (whose aggregate turnover is upto Rs. 5 crores) if they file form GSTR-3B  for the month of May-20, June-20 & July-20 by 30th September, 2020.
  •    Time extension for filing of application for revocation of cancellation of registration upto 30th September, 2020, in all cases where registrations have been cancelled till June 12.

Please note that in case of GSTR-3B for the month of Feb-20, Mar-20 & Apr-20 , no waiver of late fees is mentioned if return is filed beyond 6th July 2020 (or respective due dates) by Small Taxpayers.

Therefore, late fees will be applicable as per prescribed rates after 6th July 2020 or respective due date of filing as notified in Notification No. 32/2020- Central Tax dt. 03.04.2020