KEY UPDATES: 42ND GST COUNCIL MEETING
Under the Chairmanship of Union Finance & Corporate Affairs Minister Nirmala Sitharaman has held 42nd GST Council Meeting through Video Conference today. 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 also attended the GST Council Meeting.
The GST Council has made the following recommendations:
1. The Center is releasing compensation of ₹ 20,000 crores to States today towards loss of revenue during the period of 2020-21 and an amount of about ₹ 25,000 crores towards IGST of 2017-18 by next week.
2. With a view to enhancing Ease of Doing Business, the Council has provided certain benefits in return filing under GST. The benefits aim to simplify return filing and in the reduction of taxpayer’s compliance burden.
3. Compliance burden such as timely furnishing of details of outward supplies (GSTR-1) by a taxpayer and his suppliers would –
The GST Council also decides the following:
1. Due date of furnishing quarterly GSTR-1 by quarterly taxpayers to be revised to 13th of the month succeeding the quarter w.e.f. 01.1.2021.
2. Revised Requirement of declaring HSN for goods and SAC for services in invoices and in FORM GSTR-1w.e.f. 01.04.2021 as under:
a. HSN/SAC at 6 digits for supplies of both goods and services for taxpayers with aggregate annual turnover above Rs. 5 crores;
b. HSN/SAC at 4 digits for B2B supplies of both goods and services for taxpayers with aggregate annual turnover up to Rs. 5 crores;
c. Government to have the power to notify 8 digit HSN on the notified class of supplies by all taxpayers.
3. Amendment to the CGST Rules: Variousamendments in the CGST Rules and FORMS have been recommended which includes provision for furnishing of Nil FORM CMP-08 through SMS.
4. Refund to be paid in a validated bank account linked with the PAN & Aadhaar of the registrant w.e.f. 01.01.2021.
5. To encourage the domestic launching of satellites particularly by young start-ups, the satellite launch services supplied by ISRO, Antrix Corporation Ltd., and NSIL would be exempted.
Copyright © 2019 - All Right Reserved