40th GST COUNCIL MEETING
New Provisions/amendments to be notified in GST in upcoming months.
40th GST Council Meeting Important Decisions, Recent Circulars & Notifications
As a relaxation for all the taxpayers of late fee for non-furnishing FORM GSTR-3B for the tax period from July 2017 to January 2020 has been reduced/waived as under: –
Note: The reduced rate of the late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020
In other words, the small taxpayers are given a relaxation of not paying any interest till the notified dates (staggered up to 6th July 2020) and thereafter will be charged 9% till 30.09.2020.
Due to the COVID-19 pandemic, The council had decided to provide relief for taxpayers having an aggregate turnover of Rs. 5Crore by waiving of late fees and interest if the return in form GSTR-3B for supplies effected in the month of May, June, July 2020 is furnished by September 2020.
To facilitate taxpayers who could not get their cancelled GST registrations restored in time, an opportunity is being provided for filing of an application for revocation of cancellation of registration up to 30.09.2020, in all cases where registrations have been cancelled till 12.06.2020.
Applicability of GST on remuneration paid to whole-time directors including the managing director who is the employees of the company
As per Section 149(6) of Companies Act, 2013Liability to GST in respect of remuneration paid to independent directors or those directors who are not employees of the company
To know in detail about GST on Director’s Remuneration you can refer the Blog Leviabiliy of GST on Director’s Remuneration.
Recent Developments in GST, Customs & FTP:
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