40th GST Council Meeting: No late fee for GST returns for small taxpayers with nil liability

“It was widely expected that the GST Council would decide on raising loans on cess accounts to compensate the shortfall. This option has been doing rounds for quite some time. With the GST collections falling drastically, states are under severe stress especially states like West Bengal which also had to bear the wrath of the cyclone. With the severity of COVID-19 increasing, the delay in decision making could worsen the situation. Procrastinating on critical decisions would not help in the fight against COVID-19 and dwindling economy. The other decisions are more on the expected line,” said Divakar Vijayasarathy, founder and managing partner, DVS Advisors LLP.