GST Council Meeting Highlights: Finance Minister Nirmala Sitharaman today announced major relief for small taxpayers with an aggregate turnover of less than Rs 5 crore. Nirmala Sitharaman cut the interest rate on late submission of returns for the month of February, March, and April from 18 per cent to 9 per cent. The government also announced that there will be no late fee for filing GSTR 3B returns with no liability and pending from July 2017 to January 2020. However, for those with liabilities, the maximum late fee has been capped to Rs 500. FM Sitharaman underlined that no discussion on GST rate cut took place in the meeting and the decision on issues related to inverted duty structure were also postponed, however, she added that the council is looking at such issues, especially in textile, footwear, and fertiliser sectors. Amid the revenue crisis, the government also said that GST council is thinking over borrowing to fund compensation. In another major decision, the government allowed taxpayers, who could not get cancelled GST registrations restored in time, to apply for revocation of cancellation of registration up to September 30, 2020. GST Council met today for the first time after the nationwide lockdown. Finance Minister Nirmala Sitharaman chaired the 40th GST Council meeting through video conferencing, in which, Anurag Thakur, finance ministers of states & UTs, and senior government officers also participated.