GST Update MORBI

Please find below are the key highlights of the 40th GST Council Meeting:
1. GSTR-3B for July 2017 – Jan 2020:
a) ‘Nil’ Liability– Nil Late Fees
b) Other than ‘Nil’ Liability – Max capped of Rs.500
Subject to filing of GSTR-3B returns between 1st Jul 2020 – 30th Sept 2020
2. Relief Small taxpayers – Feb/Mar/ Apr 2020
a) Upto 5 Cr – Reduced interest till 30th Sept, 2020
b) Upto 5 Cr – May/June/ July 2020 – No int/late fees – File on or before 30th Sept, 2020
3. Revocation of cancellation of GST Registration – Time extended till 30th Sept, 2020
4. Compensation Cess – Will be discuss in next meeting
5. Inverted Duty Structure – Will be discuss in next meeting
6. IGST Accumulation – Matters with respect to state portion will be settled in the next meeting.