42 GST council meeting | GST Update | GST News | 42nd GST council meeting highlight
The 42 GST council meeting was persisted on 05 October 2020.
In the 42 GST council meeting, the following points are discussed.
1. From 1st January 2021, small taxpayers who have a turnover less than Rs 5 crore, than they can file quarterly GSTR 3B and GSTR 1.
2. In this 42 GST council meeting the due date of filing quarterly GSTR 1 will be the 13th of the month after the quarter. This is applicable from 1st January 2021. However, taxpayers can upload invoices monthly . Hence, the returns are reduced to eight from twenty-four.
This quarterly taxpayers for the primary two months of the quarter, have a choice to pay 35 percent of net cash liabilities of the previous quarter by using auto-generated challan on GST portal.
3. A roadmap for the auto generation of GSTR 3B where the input tax credit (ITC) will be auto populated from the supplier’s GSTR 1 has prepared. Therefore the liabilities will be auto populated from the GSTR 1.
Note.: GSTR 1 should be filed compulsory before filing GSTR 3B with effect from 01 April 2021.
4. All taxpayers will pay GST dues monthly using an easy challan. a nil return will be allowed to be filed through an SMS.
5. The taxpayers whose turnover exceeding Rs 5 crore, than HSN code of 6 digits must be mentioned and for turnover less then Rs 5 crore, HSN code of 4 digits will be mentioned for B2B supplies for both goods and services. and some notified products and services, 8 digits of HSN code will be mentioned from 01 April 2021.
6. Where Pancard and Aadhaar card linking is completed than refunds given into bank accounts,
7. Non-alcohol based sanitiser will remain taxed at an 18% GST rate.