Advisor Sharma attends 40th GST Council Meeting
SRINAGAR: Advisor to Lieutenant Governor, KK Sharma, today represented Jammu and Kashmir at the 40th GST Council meeting held through video conferencing under the chairmanship of Union Finance Minister.
During the course of discussions, the Council decided that no late fee will be levied on the registered entities with Zero Goods and Services Tax (GST) return filing and who have not filed their returns between July 2017 and January 2020. For those who have a tax liability, a maximum late fee for non filing of GSTR 3B returns for period July 2017 to January 2020 has been capped to Rs.500.
The Council also decided that the small taxpayers with the turnover up to Rs.5 crore will now have to pay a reduced rate of interest of 9% from 18% for the returns filed for February-April 2020 after July 6, if filed by September 30. Further, the taxpayers having turnover less than Rs.5 crore can file returns for May to July till September 2020.
Advisor Sharma endorsed the viewpoints of the GST Council and said that measures will surely help the taxpayers of J&K who suffered business losses on account of Covid 19 pandemic.
Financial Commissioner Finance, Dr Arun Mehta, Commissioner Sales Tax, PK Bhat and other senior officers also attended the event.