AKGVG Tax Updates
Dear Reader,
The 40th GST council meeting chaired by FINMIN Nirmala Sitharaman came as a sigh of relief for the taxpayers as the government announced several measures for trade facilitation.
AKGVG & Associates has synopsized the reliefs announced for ease of understanding as follows:
Date: 13.06.2020
S. No. Description
1.

Reduction in late fee for past returns:

The late fee for non-furnishing FORM GSTR-3B for the tax period from July, 2017 to January, 2020 has been reduced / waived as under: -

Tax Liability Late Fee
Nil No late fees
Other than nil Maximum late fee capped at Rs. 500/- per return

Note: The reduced rate of late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020

2.

Reduced rate of interest for small taxpayers (aggregate turnover < 5cr):
For supplies made in the month of:

  1. February, March and April, 2020: Interest @ 9% will be charged from the notified due date till date of filling on or before 30.09.2020.
  2. May, June & July 2020: No interest and late fees if GSTR-3B for the said periods furnished by September 2020 (dates to be notified).
3.

Extension for revocation of cancelled registration:

Taxpayers seeking revocation of cancellation of registration can apply for revocation of registration in all cases till 30.09.2020 if their registration has been cancelled till 12.06.2020.
4.

Amendments to Act:

Certain clauses of the Finance Act, 2020 amending CGST Act 2017 and IGST Act, 2017 to be brought into force from 30.06.2020.
We trust you will find this Journal informative as well as useful.
For any queries, you can write to us at "info@akgvg.com".
Looking forward to receive your valuable feedback

Disclaimer: This insight is meant for informational purpose only and should not be considered as an advice or opinion, or otherwise, whatsoever. AKGVG & Associates does not intend to advertise its services through this insight. AKGVG & Associates is not responsible for any error or omission in this insight or for any action taken based on its contents.

Best Regards!
Knowledge Updates Team
AKGVG & Associates
(Chartered Accountants)

DELHI | GURGAON | MUMBAI | AHMEDABAD | BANGALORE | CHENNAI | LUCKNOW
Tel: +91 9811118031, 9818330516,
Telefax:+91 11 49037920
Website: https://www.akgvg.com