The 40th GST Council meeting is scheduled to be held would be the most important considering the position of economy which is in a state of turmoil due to COVID-19 pandemic.
The expected agenda items that may be discussed in tomorrow GST Council meeting are as under:-
- Revenue shortfall and position of revenue of State & Centre would be on the top of discussion. Considering the revenue figures already dwindled, no rate cut may be recommended however rationalization of rate structure may be discussed.
- Steps to be taken to further ease the compliance burden for the tax payers.
- Relief may be provided to the most hit sectors due to COVID-19 pandemic viz hospitality, aviation, real estate and automobile.
- Self adjustment of GST paid on bad debts.
- Two phase reduction in late fees for not furnishing Form GSTR-3B for July, 2017 to Jan, 2020. Payment & Filing of Returns has to be done between 1st July to 30th Sept, 2020.*
- In phase-1, tax payers with Nil tax liability not to be charged late fees. In Phase 2 tax payers with a tax liability to be charged Rs 500 per return per month. Currently late fee charged is Rs 10,000 per return per month.*
- Reduction of late filing / payment interest for the months May to July, 2020, for tax payers having annual turnover less than Rs 5 cr from 18% to 9%.*
- Phased extension of due dates for GST return filing for months Feb to August, 2020 for tax payers having turnover less than Rs 5 Cr.*
*Source CNBC TV18
The above are only the expectations. However for determining what is actually in store for us we shall have to wait for the GST Council meeting to be held tomorrow.
Before parting, we wish to reiterate that our team will leave no stone unturned in providing you with latest news tomorrow in regard to GST Council meeting along with the analysis and impact of the decisions made therein.
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TW Editorial Team comprises of team of experienced Chartered Accountants and Advocates devoted to spread the knowledge of GST amongst the various stakeholders.
