Goods and Services Tax – GST Dated:- 6-10-2020 – News – The 42nd GST Council met under the Chairmanship of Union Finance Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here yesterday. 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 recommendations: 1. 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. 2. Centre is releasing compensation of ₹ 20,000 crore to States today towards loss of revenue during 2020-21 and an amount of about ₹ 25,000 crore towards IGST of 2017-18 by next week. 3. Enhancement in features of return filing: In its 39 th Me
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r words, the timely filing of GSTR-1 statement alone would be sufficient as the return in FORM GSTR-3B would get auto prepared on the common portal. To this end the Council recommended / decided the following: a. Due date of furnishing quarterly GSTR-1 by quarterly taxpayers to be revised to 13 th of the month succeeding the quarter w.e.f. 01.1.2021 ; b. Roadmap for auto-generation of GSTR-3B from GSTR-1s by: i. Auto-population of liability from own GSTR-1 w.e.f. 01.01.2021 ; and ii. Auto-population of input tax credit from suppliers GSTR-1 s through the newly developed facility in FORM GSTR-2B for monthly filers w.e.f. 01.01.2021 and for quarterly filers w.e.f. 01.04.2021 ; c. In order to ensure auto population of ITC and liability in GSTR 3B as detailed above, FORM GSTR 1 would be mandatorily required to be filed before FORM GSTR-3B w.e.f. 01.04.2021. d. The present GSTR-1 / 3B retu
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digits for B2B supplies of both goods and services for taxpayers with aggregate annual turnover upto ₹ 5 crores; c. Government to have power to notify 8 digit HSN on notified class of supplies by all taxpayers. 6. Amendment to the CGST Rules: Various amendments in the CGST Rules and FORMS have been recommended which includes provision for furnishing of Nil FORM CMP-08 through SMS. 7. Refund to be paid/disbursed in a validated bank account linked with the PAN Aadhaar of the registrant w.e.f. 01.01.2021. 8. 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. Note :- The decisions of the GST Council have been presented in this note in simple language for easy understanding. The same would be given effect to through Gazette notifications/ circulars which alone shall have force of law.
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