Looking for the updates of the 40th GST Council Meeting? Here are the most important ones-
The 40th GST Council meeting was held on 12th of June, 2020 under the chairmanship of Finance minister Smt Nirmala Sitharaman through video conferencing to phase out all the pending issues of before and after corona lock down and to discuss certain industry aspects that have come to a heating point due to the pandemic calamities across the country. The meeting was attended by the Minister of State Finance Anurag Thakur and Finance Ministers of states and UTs and senior officers of Finance Ministry of state and UTs.
In the 40th GST Council meeting FM Nirmala Sitharaman announced some major decisions, including the reduction in late fee for past returns, easing compliance burden for small taxpayers and deciding on the issue of raising funds to meet the liability towards states on account of compensation. Let us have a look at the Key highlights of the 40th GST Council meeting.
The taxpayers who have failed to file the GSTR-3B for the period July 2017 to January 2020. As a measure to clean up pendency in return filing, the late fee for non-furnishing FORM GSTR 3B for the period from July to 2017 to Juanuary 2020 has been reduced / waived as under:
Hope this article was helpful. Refer to the topics discussed in the 39th GST Council meeting
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