SC: Magistrates Should Not Record Prosecution Evidence in Sessions-Triable Cases  ||  Supreme Court Lays Down Guidelines on Using ITRs to Assess Motor Accident Victims' Income  ||  Supreme Court: Citing AI-Generated Fake Precedents Amounts to Advocate Misconduct  ||  Bombay HC: Horse-Trading Rampant in Maharashtra, FIRs 'Washed' After Switching Sides  ||  Tripura High Court: Senior Citizens Cannot be Penalised For Failing to Follow Cases Online  ||  Delhi High Court: Parent Cannot Gain Advantage by Keeping a Child Against a Foreign Court Order  ||  Allahabad HC: Places of Worship Act Bars Conversion of Religious Character, Not State Acquisition  ||  Jharkhand HC: Single Instance of Mother-In-Law Abusing Daughter-In-Law Does Not Amount to Cruelty  ||  Madras High Court: No Appeal Lies Against E-Court Status or Adjournment Orders  ||  Chhattisgarh HC: Judicial Officer Promotion Cannot be Denied on Complaint Without Disciplinary Action    

42nd GST Council Meeting recommends eight major changes - (05 Oct 2020)

Goods and Services Tax

The 42nd GST Council met on 5th October, 2020 under the Chairmanship of Union Finance & Corporate Affairs Minister. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made various recommendations. As per the reports, levy of Compensation Cess is 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, various amendments in the CGST Rules and FORMS have been recommended which includes provision for furnishing of Nil FORM CMP-08 through SMS. Centre is releasing compensation of Rs. 20,000 crore to States towards loss of revenue during 2020-21.

With a view to further enhance Ease of Doing Business and improve the compliance experience, the Council has approved the future roadmap for return filing under GST. The approved framework aims to simplify return filing and further reduce the taxpayer’s compliance burden. 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. As a further step towards reducing the compliance burden, particularly, on the small taxpayers having aggregate annual turnover of less than Rs. 5 crore, the Council’s earlier recommendation of allowing filing of returns on a quarterly basis with monthly payments by such taxpayers is to be implemented w.e.f. 1st January, 2021. 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.

Council has revised requirement of declaring Harmonised System Nomenclature (HSN) for goods and Servicing Accounting Code (SAC) for services in invoices and in FORM GSTR-1w.e.f. 1st April, 2021. Refund is to be paid/disbursed in a validated bank account linked with the PAN and Aadhaar of the registrant w.e.f. 1st January, 2021. Further, 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.

Tags : GST COUNCIL   MEETING   RECOMMENDATIONS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved