<h1>GST Council Proposes Late Fee Waivers, Reduced Interest for Small Taxpayers, and Extended Deadlines for 2020 Returns.</h1> The 40th GST Council meeting, chaired by the Union Finance Minister, proposed several changes to GST law and procedures. Key recommendations include reducing or waiving late fees for past returns (July 2017 to January 2020) and offering relief for small taxpayers with a turnover of up to Rs. 5 crore by lowering interest rates for late returns for February to April 2020 from 18% to 9% per annum. Additionally, late fees and interest are waived for returns from May to July 2020 if filed by September 2020. A one-time extension is granted for revoking GST registration cancellations until September 30, 2020.