GST Council's 40th meeting concludes, clears proposal for phased reduction in late-fee

GST Council’s 40th meeting concludes via VC, decides to waive off late fees w.r.t. GSTR-3B returns pending for pre-COVID period i.e. July 2017 to Jan 2020, where there is no tax liability; Further, for other taxpayers, caps late fees to Rs. 500 per return for all GSTR-3B not furnished for said period: Taxpayers can file past pending returns between July 1 to Sept 30; FM clarifies that there will be meeting of council to discuss only the ‘compensation cess’ iss...