The Goods and Services Tax (GST) Council has released a new update regarding GSTR-3B returns filing.
Finance Minister Nirmala Sitharaman told in the press conference after the 40th meeting of the GST council. There will be no late fees for delay in GSTR-3B filing. This is applicable for those who do not have any other liabilities.
The relief will be applicable for returns that were to be filed from July 2017 and January 2020. The interest on late GST filing was halved to 9% for small companies, which will also not be required to pay late fees for May-July 2020.
Note: Assesses with an aggregate turnover up to Rs 5 crore is qualified as small taxpayers.
The late fee for non-filing of monthly GST returns for July 2017 to January 2020 has been capped at Rs 500.
Finance Minister said the council did not discuss on any GST rate cuts. The council also discussed implementing the inverted duty structure in textiles, footwear, and fertilizers.
The GST Council mulled borrowing to fund the compensation cess. Sitharaman said the council will raise the topic of compensation cess at the next meeting in July.