NEW DELHI: The 40th GST (goods and services tax) council meeting is scheduled to be held on Friday. Union finance minister Nirmala Sitharaman may consider downward revision of late fees for not filed old returns, news agency ANI reported quoting sources.
They said the proposal to "revise down significantly the late fee for not filed old returns" would be considered.
At present, the fine is Rs 50 per day subject to Rs 10,000 if an entity does not file the GST return for six months.
The report said there is huge pressure on the traders due to the penalty for not filing of GST returns.
GST Council
is expected to consider revising late filing fee for returns from July 2017 to January 2020.
The government has already waived late fee for filing GSTR-3B returns from February 2020 to May 2020.
The council may also discuss ways to garner funds for compensation to states.
The report further said that rate tweaks are unlikely to be discussed in this meeting.
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