42nd GST Council Meeting - Highlights and Latest News
Category: Updates and Press Releases, Posted on: 07/10/2020 , Posted By: Webtel
Visitor Count:906

42nd GST Council Meeting - Highlights and Latest News

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:


W.e.f. 1.1.2021
  1. Due date of furnishing quarterly GSTR-1 revised to 13th of the month succeeding the quarter.
  2. Auto-population of ITC from Suppliers’ GSTR-1 through the newly developed facility in FORM GSTR-2B for monthly filers.
  3. Auto-generation of GSTR-3B from GSTR-1 by auto-population of liability from own GSTR-1
  4. 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.
  5. Refund to be paid/disbursed in a validated bank account linked with the PAN & Aadhaar.

W.e.f. 1.4.2021
  1. 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.
  2. Auto-population of ITC from Suppliers’ GSTR-1 through the newly developed facility in FORM GSTR-2B for quarterly filers.
  3. HSN/SAC in invoices and in FORM GSTR-1 :
    1. 6 digits : For taxpayers with Aggregate Annual Turnover above Rs. 5 crores;
    2. 4 digits : For taxpayers with Aggregate Annual turnover upto Rs. 5 crores (for B2B supplies only);
    3. 8 digits : To be notified by government.

Other Measures
  1. No new returns. GSTR-1 & 3B to continue.
  2. Furnishing of Nil FORM CMP-08 through SMS.
  3. Levy of Compensation Cess on sin goods to continue.

For any questions or queries regarding GST Updates, please write to contactus@webtel.co.in or simply comment to this article.

Add a Comment

Name:
Your Comment:
View Comments ()

WhatsApp us to know more