The GST Council meets are held whenever GoI decides to make wholesale changes in the GST regime. The Council meets once in 2 months as of now. There have been held 39 GST Council Meets till now. The upcoming GST Council Meet is scheduled to be held on 14th June 2020. Every GST course aspirant should keep a tab on these meetings for crisp and authentic information regarding the GST rate and other updates. It is imperative for anyone looking to undergo GST training from a decent GST training institute to know the ins and outs of GST regime updates.
Read on to know what is to be expected from the 40th GST Council Meeting, which will prove beneficial in any kind of GST course or GST training.
But first things first. Let us take a brief look at what the last, i.e. the 39th GST Council Meeting had in store for us.
The relaxation of GST late fee the period August 2017- January 2020 will be up for discussion as per the Central Board of Indirect Taxes and Customs (CBIC).
GoI has taken note of the public discussion on the “waiver of the late fee applicable to non-filing of GSTR 3B returns.
The industry demands are to waive off the late fee in case of the returns which were required to be filed from the beginning of the GST regime in August 2017″ till the period of January 2020.
In light of COVID-19, Finance Minister Nirmala Sitharaman has informed about the extension of GST returns of February 2020, March 2020, April 2020, and May 2020 till June 2020.
The government is yet to consider monetization of its fiscal deficit as per the official sources. The government provides a larger economic stimulus this way, printing more currency to finance spending.
There are indications that an additional cess will be imposed on certain non-essential goods to increase tax revenue. Tax revenue has taken severe a hit because of the lockdown.
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