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Late fee Exemption for GST Return filing those are not been able to file GST Return.
Great effect on tax revenues due to lock-out of coronavirus
A relief of late interest and fees will be given to small taxpayers with a minimum turnover of up to 5 crores if they submit a GSTR-3B form for supplies that are affected by September 2020 in the months of May, June, and July, without late fees or interest.
Small taxpayers will not be allowed to pay interest on late payment of GST returns until 6 July 2020; after that, the interest rate will be applicable until 30 September 2020, declining to 9 percent.
The GST Council takes 2 decisions on late payments for the non-filing of GST returns:-
1. The maximum late fee for non-filing of GSTR-3B returns for the period July 2017 to January 2020 was reduced to 500 for those with tax liability. It will count for all returns filed between July 1, 2020-September 30, 2020.
2. Under GST law, as of 1 July 2017, governments of states are promised to be paid for any loss of revenue in the first five years of GST implementation.
New Regulatory relief Provided By Government of India for SMEs business in India:
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Business with annual revenue of up to INR 40 lakhs is now exempt from GST (INR 20 lakhs was the earlier limit).
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Moreover, businesses with turnover up to INR 1.5 Cr will now opt for the Composition Scheme and pay just 1 % GST
Regards