{"id":17683,"date":"2020-10-10T14:15:05","date_gmt":"2020-10-10T08:45:05","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=17683"},"modified":"2020-10-10T16:12:04","modified_gmt":"2020-10-10T10:42:04","slug":"42nd-gst-council-meeting-key-recommendations","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/42nd-gst-council-meeting-key-recommendations\/","title":{"rendered":"42nd GST Council Meeting: Key Recommendations"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The 42nd GST Council meeting held under the supervision of honorable finance minister Smt Nirmala Sitharaman via video conferencing. The other attendances in the meeting were Union Minister of State for Finance &amp; Corporate Affairs Shri Anurag Thakur and other officers of States\/UT and ministry of finance.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" width=\"671\" height=\"475\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/10\/image-36.png\" alt=\"42nd GST Council Meeting\" class=\"wp-image-17684\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/10\/image-36.png 671w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/10\/image-36-300x212.png 300w\" sizes=\"(max-width: 671px) 100vw, 671px\" \/><\/figure><\/div>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/gst-cant-be-imposed-on-services-provided-by-court-receiver\/\">GST Can\u2019t be Imposed on Services Provided By Court Receiver<\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Recommendations that were drawn in the 42nd GST Council\nMeeting<\/h2>\n\n\n\n<ul><li>The Levy of compensation cess to be extended until June 2020 to fulfill the revenue gap.<\/li><li>The compensation package of worth Rs 20,000 crore rolled by the government to compensate for the revenue loss occurred during the financial year 2020-21. The package would be transferred to the respective state government. Apart from that, the center has also decided to release a package of Rs 25,000 crore towards Integrated Goods and Services Tax by next week.<\/li><li>Changes in the CGST Rules: the council recommends various amendments in the CSGT rules and forms including the submission of Nil FORM CMP-08 via SMS.<\/li><li>The refund will be routed to the validate bank account rather than an account that is not linked with Aadhaar and <em><strong>PAN number<\/strong><\/em><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Permanent_account_number\"><em><strong>[1]<\/strong><\/em><\/a><\/sup> of the registrant. The council has mandated this arrangement for all the taxpayers and it will become effective from Jan 1, 2021.<\/li><li>Satellite launch services would be exempted to boost the launching of the domestic satellite, especially for the new start-ups.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Simplifying Return Filing&nbsp;<\/h3>\n\n\n\n<p>About six months ago, the council suggested a gradual approach to deploy features of the new return system in the existing GSTR-1\/3B scheme. Since then, various changes have been incorporated on the <a href=\"https:\/\/corpbiz.io\/gst-registration\"><strong>Goods and services tax<\/strong><\/a> common portal. <\/p>\n\n\n\n<p>To improve the compliance experience, the\ncouncil has approved an entirely new framework to reduce the taxpayer\u2019s burden\nin the above context. The framework would be capable of generating timely\nreports related to ITC which will be reflected on the taxpayer\u2019s electronic\ncredit ledger. Apart from that, the council also made the following decisions:-&nbsp;<\/p>\n\n\n\n<ul><li>The quarterly filing of GSTR-1\nhas been revised to the 13th of the month. Such a provision will become\neffective from January 1, 2020.<\/li><li>Framework for automatic\ngeneration of GSTR-3B from GSTR-1s<\/li><li>Automatic generation of\nliabilities from own GSTR-1.<\/li><li>Automatic generation of ITC\nfrom GSTR-1 of the suppliers via a newly incorporated facility in GSTR2B form\nfor monthly filers. The commencement of such arrangements will be started on\nJan 1, 2020.&nbsp;<\/li><li>To ensure the automatic\ngeneration of liability and ITC in GSTR 3B, the taxpayers are required to file\nFORM GSTR-1 before FORM GSTR3B. This would become effective from April 1,\n2021.&nbsp;<\/li><li>The existing GSTR-1\/3B system\nreceived the extension of the timeline from the center till 31\/03\/2021. The\ncenter is also looking to amends the GST laws to make the said system a default\nreturn filing system.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Conclusion<\/strong><\/h2>\n\n\n\n<p>The 42nd GST Council meeting has paved a roadmap for the small taxpayers as far as the tax liabilities are concerned. Such taxpayers now have an option to pay thirty percent of tax liability of the preceding quarter via an automatically generated challan. The taxpayers having a yearly turnover of fewer than five crores are permitted for quarterly filing of the return via monthly payments, which will become effective from Jan 1, 2020. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/update-on-41st-gst-council-meeting\/\">Update on 41st GST Council Meeting<\/a><\/mark><\/p>\n\n\n<a href=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/10\/PIB1661827.pdf\" class=\"pdfemb-viewer\" style=\"\" data-width=\"max\" data-height=\"max\"  data-toolbar=\"bottom\" data-toolbar-fixed=\"off\">PIB1661827<br\/><\/a>\n<p class=\"wp-block-pdfemb-pdf-embedder-viewer\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 42nd GST Council meeting held under the supervision of honorable finance minister Smt Nirmala Sitharaman via video conferencing. The other attendances in the meeting were Union Minister of State for Finance &amp; Corporate Affairs Shri Anurag Thakur and other officers of States\/UT and ministry of finance.&nbsp; Read our article:GST Can\u2019t be Imposed on Services [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":17702,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[16,153],"tags":[1088],"acf":{"service_id":"96"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":3091,"readingTime":2,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/17683"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=17683"}],"version-history":[{"count":5,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/17683\/revisions"}],"predecessor-version":[{"id":17727,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/17683\/revisions\/17727"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/17702"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=17683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=17683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=17683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}