(Video) Rajya Sabha TV (RSTV) The Big Picture: Big Takeaways from virtual GST Council Meet held on June 12, 2020

Topic: Big Takeaways from virtual GST Council Meet held on June 12, 2020

Guest:

Subhash Chandra Pandey, (Former Advisor, Ministry of Commerce & Industry)
Arvind Virmani, (Chairman, EGROW Foundation)
K. A. Badarinath, (Senior Journalist)

Topic Description:

Finance Minister Nirmala Sitharaman on Friday, 12 June, announced that the maximum late fee for non-filing of monthly GST sales return for July 2017 to January 2020 has been capped at Rs 500. Announcing the decisions taken after the 40th GST Council meeting, Sitharaman also said those taxpayers with nil liability will have to pay zero late fee for late filing of GSTR-3B for the same period. The taxpayers having tax liability can file past returns between 1 July and 30 September. Moreover, small taxpayers with turnover upto Rs 5 crore will pay reduced rate of interest, of 9 percent from 18 percent, for returns filed for February-April 2020 post 6 July, if filed by 30 September.