Delayed GST payment will attract interest on net tax liability from 1 July. Small businesses got some relief from the latest GST Council meeting with the deadline for GSTR-9C being relaxed. For those with annual turnover below ₹5 crore, the due date for filing annual return and reconciliation statement for FY19 was extended to 30 June, 2020. The Council also waived late fee for delayed filing of annual returns for FY18, FY19 by entities with turnover of less than ₹2 crore. The FM said that ₹78,000 crore has been collected as compensation cess. The total compensation related to stats is over ₹1.2 lakh crore, she said.