40th GST council meeting 2020: Finance Minister Nirmala Sitharaman chaired the meeting.

GST Council Meeting Live Updates: The 40th GST Council Meeting, chaired by Finance Minister Nirmala Sitharaman, was held on June 12. The Centre has announced a rate cut for small taxpayers, adding that no late fees would be charged in case of late filing of returns for the period between July 2017 to January 2020 by those without tax liabilities.

The Finance Ministry is not in favour of increasing GST rates on non-essential items, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19.

If GST rates are increased on non-essential items, it will further bring down their demand and impede the overall economic recovery.

Post-lockdown, the demand has to be induced and economic activity has to improve on all fronts, not just on essential items side.

The 40th meeting of the GST Council, headed by Finance Minister Nirmala Sitharaman, will be held through video conference. The 39th meeting of GST Council held in March discussed the impact of coronavirus on the economy.