Finance Minister, Smt. Nirmala Sitharaman chaired the 40th GST Council meeting via video conferencing on 12th day of June 2020. Minister for Finance and Corporate Affairs Nirmala Sitharaman chairing the 40th GST Council meeting via video conferencing in New Delhi on Friday. (UNI) Below are some key highlights of this meeting:- Key Highlights: 1. Reduction in Late Fee for past Returns: Late fee for non-furnishing FORM GSTR-3B for the tax period from July, 2017 to January, 2020 has been reduced /waived as under: - 'NIL' late fee if there is no tax liability; 'Maximum late fee capped at Rs. 500/- per return if there is any tax liability Kindly note that: The reduced rate of late fee would apply for all the GSTR-3B returns furnished between 01.07.2020 to 30.09.2020 2. Further relief for small taxpayers for late filing of returns for February, March &April 2020 Tax periods: For small taxpayers (aggregate turnover uptoRs. 5 crore...