- Council members to discuss through video conferencing for the first time after Kovid-19 lockdown
- Fines levied for non-filing of old returns may be considered for removal.
Jun 12, 2020, 12:46 PM IST
new Delhi. The 40th meeting of the GST Council will be held today under the chairmanship of Finance Minister Nirmala Sitharaman. Members of the GST Council will hold discussions for the first time through video conferencing after the lockdown imposed due to Kovid-19.
These issues can be discussed in GST Council
1. Late fees or fines for non-filing of old returns in the meeting may be considered. At present, they are fined Rs 50 per day or those who have not filed GST returns for 6 months, then a fine of Rs 10,000. There is a lot of pressure among traders due to the penalty for not filing GST returns.
2. The returns from July 2017 to January 2020 may be considered to amend the late filing fee. Some other compliance related relief measures are also expected to be taken at the meeting. The government has already waived late fees for filing GSTR-3B returns from February 2020 to May 2020.
3. The impact on states due to Kovid-19 can also be discussed in the meeting, as the states are facing shortage of funds. The council may decide on ways to raise funds to compensate for revenue loss due to the implementation of the Goods and Services Tax (GST).
4. It is believed that the GST Council will not discuss the change in rates. For example, an increase in the tax rate may hamper economic recovery. At the same time, the reduction in the tax rate can be a hindrance to the fund required in the government fund.
5. In the meeting, the Center and the states can discuss ways to reduce the revenue gap coming from the impact of the epidemic. The government has avoided releasing the monthly GST revenue collection figures for the months of April and May.