{"id":688,"date":"2020-10-07T09:40:36","date_gmt":"2020-10-07T09:40:36","guid":{"rendered":"https:\/\/www.gstrobo.com\/kc\/news\/?p=688"},"modified":"2020-10-07T11:29:13","modified_gmt":"2020-10-07T11:29:13","slug":"8-key-takeaways-from-42nd-gst-council-meeting","status":"publish","type":"post","link":"https:\/\/www.gstrobo.com\/kc\/news\/8-key-takeaways-from-42nd-gst-council-meeting\/","title":{"rendered":"8 Key Takeaways from 42nd GST Council Meeting"},"content":{"rendered":"\n

42nd GST Council Meeting<\/a> took place on 5th October 2020 via video conferencing, under the chairmanship of Union FM Smt. Nirmala Sitharaman.<\/p>\n\n\n\n

Here are the 8 key takeaways from the 42nd GST Council Meeting:<\/strong><\/p>\n\n\n\n

1. Any taxpayer whose turnover is less than INR 5 Crores can file a quarterly return WEF 1st January 2021, although challan is the medium by which payment is to be made on monthly basis.<\/p>\n\n\n\n

2. To enhance ease of doing business the GST council has recommended the following things:<\/p>\n\n\n\n

\u2022 From 1st January 2021, the Due date of GSTR-1<\/strong> will be extended to the 13th of the month succeeding the quarter for the quarterly taxpayers.
\u2022 The current GSTR-1<\/strong> and GSTR-3B<\/strong> filing system will be extended to 31st March 2021.
\u2022 Roadmap to auto-generate GSTR-3B from GSTR-1<\/strong> (Liability) and GSTR-2B<\/strong> (ITC)
\u2022 Mandatory filing of GSTR-1<\/strong> before GSTR-3B<\/strong> from 1st April 2021 onwards to auto-populate GSTR-3B<\/strong> ITC and liability
\u2022 GST laws to be amended in order to make GSTR-1<\/strong> and GSTR-3B<\/strong> as default return filing system.<\/p>\n\n\n\n

3. The rules regarding the declaration of HSN code and SAC in invoices and GSTR Form-1<\/strong> will also be revised WEF 1st April 2021.<\/p>\n\n\n\n

\u2022 6 digit HSN code or SAC for the taxpayer whose turnover exceeds INR 5 Crores.
\u2022 4 digit HSN code or SAC for the taxpayer whose turnover is up to INR 5 Crores.
\u2022 8 digit HSN code or SAC for the notified supplies by all taxpayers<\/p>\n\n\n\n

4. Various CGST<\/strong> rules and forms amendments are suggested by the GST council<\/strong> that includes provisions related to the Nil CMP-08 via SMS.<\/p>\n\n\n\n

5. From 1st January 2021, the refund will be paid to the validated bank account of the taxpayer that is linked with PAN and AADHAAR.<\/p>\n\n\n\n

6. Satellite launch services will be exempted to encourage the domestic launching of satellites by young start-ups.<\/p>\n\n\n\n

7. To meet the revenue gap, the GST council<\/strong> has decided to extend the levy of compensation CESS beyond the transition period of 5 years.<\/p>\n\n\n\n

8. In 42nd GST council meeting<\/strong>, the GST council has decided that the Central Government will release 2 different compensations<\/p>\n\n\n\n

\u2022 INR 20,000 Crores to the State governments to meet the revenue losses during 2020-21.
\u2022 INR 25,000 Crores to the state governments towards IGST of 2017-18.<\/p>\n\n\n\n

Disclaimer:<\/em><\/p>\n\n\n\n

All information posted in the blog is merely for educational and informational purposes only taken directly from GST Council newsletter. It is not intended as a substitute for professional advice or legal advice.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

42nd GST Council Meeting took place on 5th October 2020 via video conferencing, under the chairmanship of Union FM Smt. Nirmala Sitharaman. Here are the 8 key takeaways from the 42nd GST Council Meeting: 1. Any taxpayer whose turnover is less than INR 5 Crores can file a quarterly return WEF 1st January 2021, although … <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[248,152,166],"class_list":["post-688","post","type-post","status-publish","format-standard","hentry","category-news-updates","tag-42nd-gst-council-meeting","tag-gst-council","tag-gst-council-meeting"],"_links":{"self":[{"href":"https:\/\/www.gstrobo.com\/kc\/news\/wp-json\/wp\/v2\/posts\/688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gstrobo.com\/kc\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gstrobo.com\/kc\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gstrobo.com\/kc\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gstrobo.com\/kc\/news\/wp-json\/wp\/v2\/comments?post=688"}],"version-history":[{"count":2,"href":"https:\/\/www.gstrobo.com\/kc\/news\/wp-json\/wp\/v2\/posts\/688\/revisions"}],"predecessor-version":[{"id":690,"href":"https:\/\/www.gstrobo.com\/kc\/news\/wp-json\/wp\/v2\/posts\/688\/revisions\/690"}],"wp:attachment":[{"href":"https:\/\/www.gstrobo.com\/kc\/news\/wp-json\/wp\/v2\/media?parent=688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gstrobo.com\/kc\/news\/wp-json\/wp\/v2\/categories?post=688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gstrobo.com\/kc\/news\/wp-json\/wp\/v2\/tags?post=688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}