Finance Minister Nirmala Sitharaman gave important information after the 40th meeting of the GST Council in a press conference. He said that the GST Council, the apex body that decides on the Goods and Services Tax, discussed the effects of Kovid-19. He said that inverted duty structure affecting GST collection was also discussed in the meeting.

In his statement, Sitharaman further said that the delay on filing GST returns for small companies has been reduced to half. Such companies will have to pay interest at the rate of nine percent on filing GST from late. Small companies will not have to pay any late fee while filing GST returns from May to July. The GST Council will discuss the compensation cess in July. Apart from this, it will be applicable for those filing returns from July 1, 2020 to September 31, 2020.

Apart from this, Sitharaman said that in the GST Council meeting, the late fee for GSTR-3B from July 2017 to January 2020 has been reduced. There is no need to pay any late fees to those who have no tax liability. A limit of Rs 500 has been fixed for the maximum fee for late filing of GSTR-3B. At the same time, Finance Minister Nirmala Sitharaman gave important information on Friday and said that a lot of return filings from July 2017 to January 2020 are pending. In such a situation, those who have no tax liability but who have not filed their returns, will not be charged any late fee.

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