Highlights of the 42nd GST Council Meeting

The 42^nd GST Council meeting was held in Delhi on 5^th October 2020 under the leadership of the Honorable Finance Minister of India Smt. Nirmala Sitharaman.

42^nd GST Council meeting:Key Highlights

1. As per the new Return filing system, GSTR-1 quarterly return which is to be filed by the taxpayer whose turnover is up to ₹5 crores. GSTR-1 return alone would be sufficient, on the basis of which GSTR-3B would get auto prepared on GST portal. In this regard:

• With effect from 1st January 2021, the due date for filing quarterly GSTR-1 shall be revised to 13th of the month succeeding the quarter.
• GSTR-1 would be mandatorily required to be filed before GSTR-3B w.e.f. 1^st April 2021.