{"id":2785,"date":"2020-10-06T02:12:27","date_gmt":"2020-10-06T02:12:27","guid":{"rendered":"https:\/\/www.gstpractitioners.in\/blog\/?p=2785"},"modified":"2020-10-06T02:28:51","modified_gmt":"2020-10-06T02:28:51","slug":"highlights-of-42th-gst-council-meeting","status":"publish","type":"post","link":"https:\/\/www.gstpractitioners.in\/blog\/highlights-of-42th-gst-council-meeting\/","title":{"rendered":"Highlights of 42th GST Council Meeting"},"content":{"rendered":"
<\/span> 1,054<\/span><\/div>
The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today (05.10.2020). 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<\/h5>\n

The GST Council has made the following recommendations:<\/h4>\n

1.\u00a0\u00a0\u00a0\u00a0<\/strong>Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June, 2022, for such period as may be required to meet the revenue gap. Further details to be worked out.<\/p>\n

2.\u00a0\u00a0\u00a0\u00a0<\/strong>Centre is releasing compensation of \u20b9 20,000 crore to States today towards loss of revenue during 2020-21 and an amount of about \u20b9 25,000 crore towards IGST of 2017-18 by next week.<\/p>\n

3.\u00a0\u00a0\u00a0\u00a0<\/strong>Enhancement in features of return filing:<\/strong><\/p>\n

the Council recommended \/ decided the following:\u00a0<\/strong><\/p>\n

a.\u00a0\u00a0\u00a0\u00a0 Due date of furnishing quarterly GSTR-1 by quarterly taxpayers to be revised to 13th<\/sup> of the month succeeding the quarter\u00a0w.e.f. 01.1.2021<\/strong>;<\/p>\n

b.\u00a0\u00a0\u00a0 Roadmap for auto-generation of GSTR-3B from GSTR-1s by:<\/p>\n

i.\u00a0\u00a0\u00a0\u00a0\u00a0 Auto-population of liability from own GSTR-1 w.e.f. 01.01.2021<\/strong>; and<\/p>\n

ii.\u00a0\u00a0\u00a0\u00a0\u00a0 Auto-population of input tax credit from suppliers\u2019 GSTR-1s through the newly developed facility in FORM GSTR-2B for monthly filers w.e.f. 01.01.2021\u00a0<\/strong>and for quarterly filers\u00a0w.e.f. 01.04.2021<\/strong>;<\/p>\n

c.\u00a0\u00a0\u00a0\u00a0 In order to ensure auto population of ITC and liability in GSTR 3B as detailed above, FORM GSTR 1<\/strong>would be mandatorily required to be filed before\u00a0FORM GSTR3B<\/strong>w.e.f. 01.04.2021.<\/p>\n

d.\u00a0\u00a0\u00a0 The present GSTR-1\/3B return filing system to be extended till 31.03.2021 and the GST laws to be amended to make the GSTR-1\/3B return filing system as the default return filing system.<\/strong><\/p>\n

 <\/p>\n

4.\u00a0\u00a0\u00a0\u00a0<\/strong>As a further step towards reducing the compliance burden particularly on the small taxpayers having\u00a0aggregate annual turnover less than Rs. 5 cr., <\/strong>the Council\u2019s earlier recommendation of allowing filing of\u00a0returns on a quarterly basis with monthly payments\u00a0<\/strong>by such taxpayers to be implemented\u00a0w.e.f. 01.01.2021<\/strong>. Such quarterly taxpayers would, for the first two 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.<\/p>\n

5.\u00a0\u00a0\u00a0\u00a0<\/strong>Revised Requirement of declaring HSN for goods and SAC for services in invoices and in FORM GSTR-1 w.e.f. 01.04.2021\u00a0<\/strong>as under:<\/strong><\/p>\n

a.\u00a0\u00a0\u00a0\u00a0 HSN\/SAC at 6 digits<\/strong> for supplies of both goods and services for taxpayers with aggregate annual turnover above Rs. 5 crores;<\/strong><\/p>\n

b.\u00a0\u00a0\u00a0 HSN\/SAC at 4 digits<\/strong> for B2B<\/strong> supplies of both goods and services for taxpayers with aggregate annual turnover upto Rs. 5 crores;<\/strong><\/p>\n

c.\u00a0\u00a0\u00a0\u00a0 Government to have power to notify 8 digit<\/strong> HSN on notified class of supplies by all taxpayers.\u00a0<\/strong><\/p>\n

6.\u00a0\u00a0\u00a0\u00a0<\/strong>Amendment to the CGST Rules:\u00a0<\/strong>Various amendments in the CGST Rules and FORMS have been recommended which includes provision for furnishing of Nil FORM CMP-08<\/strong>\u00a0through SMS.\u00a0<\/strong><\/p>\n

7.\u00a0\u00a0\u00a0\u00a0<\/strong>Refund to be paid\/disbursed in a validated bank account linked with the PAN &Aadhaar of the registrant w.e.f. 01.01.2021.\u00a0<\/strong><\/p>\n

8.\u00a0\u00a0\u00a0\u00a0<\/strong>To encourage domestic launching of satellites particularly by young start-ups, the satellite launch services supplied by ISRO, Antrix Corporation Ltd. and NSIL would be exempted.<\/p>\n","protected":false},"excerpt":{"rendered":"

1,054The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video …. <\/p>\n","protected":false},"author":1,"featured_media":2786,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,24,55,48,30,28,37,22,26],"tags":[],"class_list":["post-2785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-composition-scheme","category-covid-19-relief","category-gst-audit","category-gst-refund","category-gst-return","category-gstp","category-input-tax-credit","category-reverse-charge-mechanism"],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/2785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/comments?post=2785"}],"version-history":[{"count":3,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/2785\/revisions"}],"predecessor-version":[{"id":2789,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/posts\/2785\/revisions\/2789"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/media\/2786"}],"wp:attachment":[{"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/media?parent=2785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/categories?post=2785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gstpractitioners.in\/blog\/wp-json\/wp\/v2\/tags?post=2785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}