NEW DELHI: Finance Minister Nirmala Sitharaman on Friday said no late fee will be levied for delayed filing of GST returns by registered entities with zero liabilities between July 2017 to January 2020.
The decision was made at a GST Council - the apex decision making body of the indirect tax regime - meeting convened to seize the impact of COVID-19.
Inverted duty structure hitting GST collections was discussed, Sitharaman said, adding the council also discussed inverted duty structure in textiles.
Here are the key highlights from the meeting:
No late fees to be levied on registered entities with zero GST liabilities who have not filed returns between July 2017 and January 2020
Maximum late fee for non-filing of monthly GST sales return by other entities for July 2017 to January 2020 capped at Rs 500
Finance Minister Sitharaman said the GST Council is looking at correction of duty inversion in footwear, fertiliser and textiles
Discussion on taxing pan masala will hopefully be taken up at GST Council's next regular meeting
A special one-agenda meeting will happen in July to discuss compensation requirements of states
(With inputs from PTI)