GST updates

As per the provision of GST Laws, if the registration has been cancelled by the authority on his own motion, the taxable person can apply for revocation of cancellation within 30 days from the cancellation. An opportunity has been given to such taxable person who failed to apply for revocation within the specified time. 40th GST council meeting recommended that for registration cancelled till 12th June, 2020 one can apply for revocation of cancellation till…

In case of delay in tax payment for month of Feb, Mar & April, 2020 has been reduced to 9% from 18 %, if the payment is made after specified date (staggered date up to 6th July,2020) but on or before 30th September, 2020. Also, to note that, no interest in such cases, if payment made by specified date (staggered date up to 6th July,2020).

If the returns in GSTR 3B for the month of May, June & July, 2020 are furnished by September, 2020 (Proper due dates are to be notified in staggered manner) then no late fees and interest will be levied.

In the wake of Covid-19 pandemic, following reliefs are given to small taxpayers having aggregate turnover up to Rs. 5 Crores

40th GST Council meeting held on 12th June, 2020 has made the following recommendation regarding waiving of late fees for non-furnishing of the GSTR 3B for the period from July, 2017 to January, 2020. Type of GSTR 3B Late Fees (Existing) Late Fees (Recommended) NIL Return (Return with no Tax Liability) Rs. 20/- for each day of delay (Max Rs. 10000/- per Return) NIL Return with Tax Liability Rs. 50/- for each day of delay…