40th GST Council Meeting Outcome

Following decisions were taken on 40th GST Council meeting:-

1. Govt. will provide opportunity to restore the Cancelled GSTIN up to 30.09.2020.
2. Small taxpayers whose aggregate turnover is up to Rs. 5 crore will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June and July 2020, by September 2020, no late fee or interest.
3. For small taxpayers whose aggregate turnover is up to Rs 5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020, beyond July 6, 2020:  the rate of interest is being reduced from 18% to 9% per annum and that is only till September 30. If return has filed beyond september normal rate of interesr i.e. 18% will be chargeable.  
4. For taxpayers who have tax liability, the maximum late fee for non-filing of GSTR-3B returns for the period July 2017 - January 2020 has been capped to Rs 500. This will apply to all returns submitted during July 1, 2020 - September 30, 2020. Also a big relief given to taxpayers who are liable to file nil return but didn't given a opportunity to get filled from July-17 to January-17 without payment of any late fee.