Dated 13th June, 2020

The taxability dispute on ocean freight has been finally decided by the Gujarat High Court, which held that taxing ocean freight is ultra vires and leads to double-taxation

Law/Procedural changes recommended at the 40th GST Council Meeting

Reduction in late fees for past returns

  • Late fees waived off (in case of nil return)/reduced (maximum Rs 500/per return) if there is any liability for tax payers in regard to non furnishing of GSTR-3B for the period July 2017 to January 2020, provided the same is furnished between July 2020 to September 2020.

Relief to small tax payers (having turnover upto 5 crore)

  • The rate of interest for late furnishing of GST returns for February, March and April 2020, beyond July 6, 2020 is being reduced from 18% to 9% till September 2020.
  • Relief provided by waiver of late fees and interest provided they file the GSTR-3B return for the supplies affected in months of May, June and July 2020, by September 2020.

Time limit Extension for applying for revocation of cancellation of registration

  • Tax payers who could not get cancelled GST registrations restored in time are being given an opportunity to apply for revocation of cancellation of registration up to September 30, 2020. The above shall be applicable in all cases where registration has been cancelled till June 12, 2020

Please note that the above changes have not been notified yet.

Recent Amendments in GST

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Recent Amendments in GST

Recent Amendments in GST
Founder Member

Bhaskar Thakkar

Chief Executive officer

BT Associates, India

Twenty years of experience in tax practice. Specialist in structuring & planning and tax optimization under indirect tax. Lead eastern India indirect tax practice of Ernst & Young in past.