The 42nd GST Council meeting was conducted on Monday, 5th October 2020. The Union Finance & Corporate Affairs Minister Nirmala Sitharaman chaired this meeting through video conferencing. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs.
The GST Council has made the following important Decisions in the 42nd GST Council Meeting:
- Due date of furnishing quarterly GSTR-1 revised to 13th of the month succeeding the quarter.
- Auto-population of ITC from Suppliers’ GSTR-1 through the newly developed facility in FORM GSTR-2B for monthly filers.
- Auto-generation of GSTR-3B from GSTR-1 by auto-population of liability from own GSTR-1
- Taxpayers having aggregate annual turnover < Rs. 5 cr., to be allowed to file returns on a quarterly basis with monthly payments. Such quarterly taxpayers would, for the first 2 months of the quarter, have an option to pay 35% of the net cash tax liability of the last quarter using an auto generated challan.
- Refund to be paid/disbursed in a validated bank account linked with the PAN & Aadhaar.
- In order to ensure the auto-population of ITC and liability in GSTR 3B, FORM GSTR 1 would be mandatorily required to be filed before FORM GSTR3B.
- Auto-population of ITC from Suppliers’ GSTR-1 through the newly developed facility in FORM GSTR-2B for quarterly filers.
- HSN/SAC in invoices and in FORM GSTR-1 :
- 6 digits : For taxpayers with Aggregate Annual Turnover above Rs. 5 crores;
- 4 digits : For taxpayers with Aggregate Annual turnover upto Rs. 5 crores (for B2B supplies only);
- 8 digits : To be notified by government.
- No new returns. GSTR-1 & 3B to continue.
- Furnishing of Nil FORM CMP-08 through SMS.
- Levy of Compensation Cess on sin goods to continue.
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