Important highlights of 40th GST council meet, as highlighted by Hon. Finance Minister Nirmala Sitharaman. Please note the measures will be in force only after issue of relevant notifications.

1. SHAH JAIN & ASSOCIATES
CHARTERED ACCOUNTANTS
IMPORTANT HIGHLIGHTS OF 40TH
GST COUNCIL MEETING
(As briefed by Hon. FM Nirmala Sitharaman)
 Late fee waiver / reduction for past returns in Form GSTR-3B from July 2017 to
January 2020 if filed between 1st
July 2020 to 30th
September 2020:
- In case there is no tax liability, Late Fee will be NIL
- In case there is a tax liability, total Late Fee will be capped @ ₹500/- for each
period
 Relief in filing GSTR-3B for tax payers having aggregate T/o up to ₹5 crores in
preceding year:
- for the period from February 2020 to April 2020, interest shall be NIL up to
specified date* and thereafter 9% if return is filed on or before 30th
September
2020
- for the period from May 2020 to July 2020, complete late fee and interest waiver
if return is filed on or before 30th
September 2020
 One-time extension in period for seeking revocation of cancellation for
registrations cancelled up to 12th
June 2020, the applications can be filed up to
30th
September 2020.
Important Notes:
1. For tax payers having aggregate T/o up to ₹5 crores, there is no extension in relief
for Late Fee beyond specified dates*. Hence if GSTR 3B for the periods February
2020 to April 2020 is filed beyond specified date, Late Fee will have to paid from
the actual date of filing of return up to the actual date of filing.
2. Specified date for the period from February 2020 to April 2020 is staggered from
29th
June 2020 to 6th
July 2020 as mentioned in notification no. 32/2020-CT dt.03-
04-2020.
3. There is no further relief for interest or late fee in filing GSTR-1 for all tax payers
and GSTR-3B for large tax payers having aggregate T/o exceeding ₹5 cores in
preceding year.
Compiled by: SHAH JAIN & ASSOCIATES (Chartered Accountants)
Mobile: +918655030411 | Email: office@shahjain.in