Annual GST Audit- A Complete & Comprehensive Guide for TaxpayersSeptember 18, 2020
GSTR-9A: Eligibility, Due Date, Filing Details, and Late FeesNovember 9, 2020
The 42nd GST Council meeting held under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing held on 05-Oct-2020. 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.
All Recommendations of the 42nd GST Council Meeting:
- GSTR-1 and GSTR-3B which is to be filed quarterly and payment of tax monthly basis by the taxpayer whose turnover is less than Rs 5 crores from 1st January 2021.
- Due date of furnishing quarterly GSTR-1 by the taxpayers to be revised to 13th of the month succeeding the quarter applicable from 01-Jan-2021;
- Roadmap for auto-generation of GSTR-3B from GSTR-1 by:
- Auto-population of liability from own GSTR-1 applicable from 01-Jan-2021; and
- Auto-population of input tax credit (ITC) from suppliers’ GSTR-1 through the newly developed facility in FORM GSTR-2B for monthly filers applicable from 01-Jan-2021 and for quarterly filers applicable from 01-Apr-2021;
- In order to ensure auto population of ITC and liability in GSTR 3B as detailed above, FORM GSTR 1would be mandatorily required to be filed before FORM GSTR3B applicable from 01-Jan-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.
- The present GSTR-1/3B return filing system to be extended till 31.03.2021 and the GST laws to be amended to make the GSTR-1/3B return filing system as the default return filing system.
- From 1st January 2021, a refund will be given to those whose bank account validate with PAN and Aadhar. However, the application for refund can be signed via OTP of Aadhaar verification.
- Revised Requirement of declaring HSN for goods and SACfor services in invoices and in FORM GSTR-1e.f. 01.04.2021 as under:
- HSN/SAC at 6 digits for supplies of both goods and services for taxpayers with aggregate annual turnover above Rs. 5 crores;
- HSN/SAC at 4 digits for B2B supplies of both goods and services for taxpayers with aggregate annual turnover upto Rs. 5 crores;
- Government to have power to notify 8 digit HSN on notified class of supplies by all taxpayers.
- 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.
- 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.
- 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.
- 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
- The GST Council will meet on October 12 to further deliberate on compensating states for GST Cess shortfall.