GST Council updates: No fees for GSTR-3B for those with nil liabilities

Members of the GST Council discussed issues over videoconferencing in their first meeting since the coronavirus lockdown was imposed

3:52 PM

No discussion on GST rate cuts in this meeting: FM Sitharaman

3:48 PM

There shall be a meeting to discuss compensation cess in July: FM

3:46 PM

Looking at correction of inverted duty structure in footwear and fertiliser sectors: FM

3:42 PM

Reduced interest on late GST filing to 9% from 18%: FM

For small tax payers whose aggregate turnover is up to Rs 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020 beyond July 6, 2020, the rate of interest is being reduced from 18% to 9% per annum and that is only till September 30: FM

3:30 PM

Maximum late fee for non-filing of GSTR-3B returns between July 2017-Jan 2020 capped to Rs 500: FM

3:28 PM

Zero fees for late filing returns between July 2017- Jan 2020: FM Sitharaman

For all those who have no tax liabilities but who have not filed their returns between July 2017-Jan 2020 there will be zero late fees, said FM Nirmala Sitharaman

1:47 PM

As the GST Council meeting is still in progress, the virtual media briefing is delayed

As the GST Council meeting is still in progress, the virtual media briefing is delayed. The briefing will commence after the GST Council meeting gets over.

1:17 PM

40th GST Council meeting via video conferencing is being chaired by FM Nirmala Sitharaman

1:10 PM

This is the first meeting of the GST Council since India went into Coronavirus-induced lockdown

1:09 PM

Finance Minister Nirmala Sitharaman's press conference delayed

1:06 PM

Late fees for non=filing of GST returns could be waived off

Late fees for non-filing of GST returns for the period in between August 2017 to January 2020 could be waived off.

1:03 PM

A three-judge bench of Supreme Court starts hearing case regarding lapses in proper treatment of Covid-19 patients

12:56 PM

Changes in GST rates are unlikely

12:54 PM

The GST Council members discussed several issues via the over one-hour video-conferencing meet for the first time post the Covid-19 lockdown

The GST Council members discussed several issues via the over one-hour video-conferencing meet for the first time post the Covid-19 lockdown.

12:50 PM

Revenue and compensation on table at GST Council meeting

The GST Council meeting on Friday will have two objectives — addressing the government’s grim revenue position amid the pandemic and fixing the compensation mechanism for the states — given the background of a shortfall in goods and services tax (GST).

 

The government has rung up just about Rs 95,000 crore as GST in April and May together, and that is less than half compared with the collection in the corresponding months last year.

 

With the dwindling collection of cess, which goes into the compensation fund, the council will discuss alternative means such as borrowing from the market and extending the cess period by another year or two to repay. Read on...

12:38 PM

GST Council meet: FM Sitharaman to hold press conference at 12:45 pm today on the outcome of the meet

Finance Minister Smt. @nsitharaman to hold a virtual media briefing on the outcomes of the 40th GST Council meeting at 12:45 PM in New Delhi today. @nsitharamanoffc @Anurag_Office @DDNewslive

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