October 6

📣 THE SUMMARY OF 42ND GST COUNCIL MEETING

KEY POINTS OF MEETING

🔹 EFFECTIVE 1ST JANUARY 2021, SMALL TAXPAYERS WITH TURNOVER

LESS THAN RS 5 CRORE, CAN FILE QUARTERLY GSTR-3B AND GSTR-1.

🔹 THE DUE DATE OF FURNISHING QUARTERLY GSTR-1 WILL BE THE 13TH

OF THE MONTH SUCCEEDING THE QUARTER; THIS IS EFFECTIVE FROM

01.1.2021. HOWEVER, TAXPAYERS CAN UPLOAD INVOICES EVERY MONTH.

🔹 STARTING FROM 1ST JANUARY 2021, THE NUMBER OF RETURNS HAVE

BEEN REDUCED TO 8 FROM 24 FOR TAXPAYERS WITH LESS THAN RS 5

CRORE TURNOVER.

🔹 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 PREVIOUS QUARTER, USING AN AUTO-GENERATED

CHALLAN.

🔹 A ROAD MAP HAS BEEN PREPARED FOR THE AUTO-GENERATION OF

GSTR-3B, WHERE THE ITC WILL BE AUTO-POPULATED FROM THE

SUPPLIER’S GSTR-1, AND THE TAX LIABILITY WILL BE AUTO-POPULATED

FROM THE BUSINESS’ GSTR-1. TO ACHIEVE THIS, THE GSTR-1 SHOULD

BE FILED MANDATORILY BEFORE FILING GSTR-3B W.E.F. 01.04.2021.

🔹 ALL TAXPAYERS WILL CONTINUE TO PAY GST DUES MONTHLY

THROUGH A SIMPLE CHALLAN. A NIL CMP-08 WILL BE ALLOWED TO BE

FILED THROUGH AN SMS.

🔹 EFFECTIVE 1ST APRIL 2021 – TAXPAYERS WITH TURNOVER EXCEEDING

RS 5 CRORE, HSN CODE UP TO 6 DIGITS MUST BE MENTIONED. FOR

TURNOVER LESS THAN RS 5 CRORE, HSN CODE UP TO 4 DIGITS NEED TO

BE MENTIONED FOR B2B SUPPLIES FOR BOTH GOODS AND SERVICES.

FOR NOTIFIED CLASSES OF GOODS, 8 DIGITS WILL NEED TO BE

MENTIONED.

🔹 REFUNDS TO BE GIVEN INTO BANK ACCOUNTS WHERE PAN AND

AADHAAR LINKING IS DONE. AADHAAR AUTHENTICATION FACILITY

(WITH OTP) IS NOW ALLOWED FOR REFUND APPLICATIONS. THIS

DISCOURAGES TAXPAYERS FROM MISUSING THE SYSTEM.

🔹 GST EXEMPTION PROVIDED TO SATELLITE LAUNCH SERVICES BY ISRO

AND ANTRIX CORPORATION, TO ENCOURAGE THE SPACE LAUNCHING

SERVICES IN INDIA.

🔹 NON-ALCOHOL BASED SANITISERS WILL CONTINUE TO BE TAXED AT

AN 18% GST RATE.

🔹 THE COMPENSATION CESS COLLECTED TILL NOW ACCOUNTS TO

RS.20,000 CRORE, AND THE SAME WILL BE DISBURSED TO THE STATES

BY TONIGHT.

🔹 THE AMOUNT OF RS.25,000 CRORE TOWARDS IGST OF 2017-18 WILL

ALSO BE DISBURSED TO SPECIFIC STATES BY NEXT WEEK.

🔹 THE NEXT COUNCIL MEETING WILL BE HELD ON 12TH OCTOBER 2020

TO RESOLVE COMPENSATION ISSUES FOR STATES.



Copyright 2020. All rights reserved.

Posted October 6, 2020 by epfguru in category "Uncategorized

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