Thread by @PIBMumbai

LIVE after a while: Media briefing by Finance Minister @nsitharaman, on 40th meeting of @GST_Council

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@gstindia @askGST_GoI @cbic_india

https://twitter.com/FinMinIndia/status/1271349921208086528

The 40th meeting of @GST_Council is about to get over soon

Finance Minister @nsitharaman will address a media briefing shortly afterwards

Watch LIVE ➡️

Stand by for updates in English and Marathi

Watch LIVE now: Virtual Media Briefing by Finance Minister @nsitharaman, after 40th meeting of @GST_Council

FM #NirmalaSitharaman announces 1st decision of 40th @GST_Council meeting

For all those who have no tax liability but have not filed GST returns for tax period July 2017 - Jan 2020 (prior to #COVID19 period), there shall be no late fee at all

2️⃣ For people who have tax liabiity, maximum late fee for non-filing of GSTR-3B returns for period Jul 2017 - Jan 2020 has been capped to ₹ 500

This will apply to all returns submitted during Jul 1, 2020 - Sep 30, 2020

- FM #NirmalaSitharaman

https://twitter.com/PIBMumbai/status/1271379196246323200

The two decisions regarding late fee for non-filing of GST returns have been taken by @GST_Council in order to clean up pendencies

- Finance Minister #NirmalaSitharaman

Watch LIVE:

https://twitter.com/PIBMumbai/status/1271380189583339527

3️⃣
Further relief is being offered to small tax payers for late filing of returns for February, March and April 2020 (the #COVID19 period)

- Finance Minister #NirmalaSitharaman

3️⃣For small tax payers whose aggregate turnover is up to ₹ 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%

- FM #NirmalaSitharaman

3️⃣Small tax payers will have to pay no interest for late furnishing of GST returns till July 6, 2020; after that, the interest rate has been reduced to 9%, this will be valid till September 30, 2020

- FM #NirmalaSitharaman announces @GST_Council decisions

https://twitter.com/PIBMumbai/status/1271382405685772288

4️⃣ Small tax payers whose aggregate turnover is up to ₹ 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

- FM @nsitharaman

5️⃣

Tax payers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration up to September 30, 2020

In all cases where registration has been cancelled till June 12, 2020

- @nsitharaman

6️⃣
A special one-agenda GST Council meeting will be held in July 2020 to discuss compensation cess, which has to be given to states, and who should pay for the borrowing, if required

- FM @nsitharaman, briefing on @GST_Council decisions

7️⃣
Correction of inversion of duties has been taken up in today's @GST_Council meeting as well

There has been a unanimity that inversion causes revenue generation problems and unexpected refunds, the question was when this is to be corrected

- FM @nsitharaman

7️⃣

While the principle regarding correction of inversion of duties has been agreed upon by everybody, the question of the right time to make the correction remained, hence this decision has been postponed, explains Finance Minister @nsitharaman

https://twitter.com/PIBMumbai/status/1271386883646316545

Extensive discussion on correction of inversion of duties happened with respect to the textiles sector

- FM @nsitharaman, briefing on 40th @GST_Council meeting decisions

@TexMinIndia @smritiirani

https://twitter.com/PIBMumbai/status/1271387333628063751

8️⃣

Before the introduction of formula-based sharing of IGST between centre and states, there was a huge accumulation of IGST from 2017-'18, which led to an ad hoc decision of sharing accumulated IGST in two halves. This anomaly had to be corrected.

- FM @nsitharaman

8️⃣ Understanding the need for states to have money in their hands, we corrected one end of the anomaly, wherein Centre could release money and give to states without states having to do any adjustment - FM @nsitharaman

https://twitter.com/PIBMumbai/status/1271389145793871873

This has enabled us to clear the GST compensation bills of December, January and February, which have been lying pending; states have appreciated the decision to sort this matter out, says Finance Minister @nsitharaman

https://twitter.com/PIBMumbai/status/1271389591862304770

Thank you for joining us for the virtual media briefing by Finance Minister @nsitharaman, on decisions of the 40th meeting of @GST_Council

Here are the decisions taken by the Council

📗pib.gov.in/PressReleasePa… #GSTCouncilMeet #GSTCouncilMeeting