Highlights of the 42nd GST Council Meeting
The 42nd GST Council meeting was held in Delhi on 5th October 2020 under the leadership of the Honorable Finance Minister of India Smt. Nirmala Sitharaman.
42nd GST Council meeting:Key Highlights
- 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. 1st April 2021.