The GST Council meeting is over for the first time amid Corona crisis. The GST late fee has brought relief to the troubled businessmen in this meeting through video conferencing led by Finance Minister Nirmala Sitharaman. The Finance Minister said after the GST Council meeting, that the maximum late fee was fixed at Rs 500 for not filing monthly GST sales returns during July 2017 to January 2020. Let the state finance minister also participate in this 40th meeting. Apart from Nirmala Sitharaman, Union Minister of State for Finance Anurag Thakur was also present in this meeting.
The Finance Minister said after the GST Council meeting, that the maximum late fee was fixed at Rs 500 for not filing monthly GST sales returns during July 2017 to January 2020. That is, before the onset of the coronavirus infection, the late fees of the traders who were liable to tax have been reduced. Those who file returns from 1 July 2020 to 30 September 2020 will also get the benefit. Registered units with zero GST returns during July 2017 to January 2020 will not incur any late fees. At the same time, traders with turnover less than Rs 5 crore will have to pay only 9% interest on filing returns between February and June 2020.
Special meeting will be held in July to consider the compensation needs of the states
Giving information about the decisions taken in the meeting at the press conference, Finance Minister Nirmala Sitharaman said that the GST Council is looking at improving the reverse duty structure in the footwear, fertilizer and textiles sector. On the question of reporters about the tax on pan spices, he said that it is expected that the tax on pan spices will be considered in the next regular meeting of the GST Council. He said that a special meeting would be held in July to consider the compensation needs of the states. It will have only one agenda.
Earlier in the 39th meeting of the GST Council held in March, there was a discussion on the effect of corona virus on the economy. During that time, corona virus cases were very low in India and the lockdown was not decided.