40th GST Council Meeting:

  • The 40th GST Council meeting was held on Friday, 12th June 2020 via video conference which was chaired by Union Minister for Finance & Corporate Affairs Nirmala Sitharaman in which Anurag Thakur, finance ministers of states & UTs, and senior government officers also participated.
  • The 40th GST Council meeting decided to further ease compliance burden of businesses by providing relief on late free and interest payable on late payments.
  • This meeting was the first one after nationwide lockdown due to COVID-19 in India. The last GST Council meeting was 39th GST Council meeting held on 14th March 2020.

Highlights of 40th GST Council Meeting:

  • Finance Minister Nirmala Sitharaman reduced late fee and interest for those with tax liabilities and waived off late fee completely for those with no tax liabilities.
  • Here is a list of all the relief measures to taxpayers granted by GST Council in 40th Council meeting-

Highlights of 40th GST Council Meeting:

  • Finance Minister Nirmala Sitharaman reduced late fee and interest for those with tax liabilities and waived off late fee completely for those with no tax liabilities.
  • Here is a list of all the relief measures to taxpayers granted by GST Council in 40th Council meeting-
  • Extension in period for seeking revocation of cancellation of registration for registrations which have been cancelled till 12.06.2020. Such person, now could file application for revocation till 30th September 2020.
  • The primary agenda towards compensation to be made to States, has not been taken up by the Council and would be discussed by way of a Special Council Meeting (as a one-point agenda meeting) with the States, in July 2020.
  • Further, discussions on GST compensation to states, inverted tax structure, possibility of rate rationalisation were postponed to the next council meeting.

Leave a Reply

Your email address will not be published. Required fields are marked *