CNBC-TV18: GST Council Meeting Agenda on June 12, 2020

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As per the recent tweet of CNBC-TV18, the GST Council to discuss revenue shortfall when it meets on June 12. There’s no rate cut proposal on the agenda. Council is likely to take up steps to ease the compliance burden.

SOURCES ON COUNCIL MEET AGENDA CNBC-TV18

  • GST Council To Discuss Revenue Shortfall When It Meets On June 12. No Rate Cut Proposal On The GST Council Meet Agenda
  • GST Council To Take Up Steps To Ease Compliance Burden. Council To Discuss Current Revenue Position Of States & Centre
  • Two-phase Reduction In Late Fees For Not Furnishing Form GSTR-3B For July, 2017- Jan 31, 2020. Payment & Filing Of Returns Has To Be Done B/w July 1- Sep 30, 2020
  • In Phase 1, Taxpayers With Nil Tax Liability Not To Be Charged Late Fees. And, In Phase 2, Taxpayers With Tax Liability To Be Charged Rs 500/Return/Month. Currently, Tax Liability Charged At Rs 10,000/month/Return
  • Reduction Of Late Filing Interest For Taxpayers < Rs 5 Cr/Yr Turnover For May, June & July From 18% To 9%
  • On Agenda: Phased Extension Of Due Dates For GST Return Filing < Rs 5 Cr/Yr Turnover To Be Applicable For Returns B/w Feb- August 2020

Source: https://twitter.com/CNBCTV18Live/status/1270976577803653121