GST 42 Council Meeting Updates held on 05/10/2020

GST 42 Council Meeting Updates held on 05/10/2020

The 42nd GST Council meeting was held on 05/10/2020. It was chaired by our Hon’ble Finance Minister Smt. Nirmala Sitaraman. The meeting was also attended by MOS Shri. Anurag Thakur besides Finance Ministers of States & UTs and Senior officers from Union Government & States.

Meeting Updates:

1. GST Council has approved, the extension of the GST Compensation cess levy beyond 2022.
2. Filing of Monthy Returns: Small Taxpayer with less than Rs. 5Cr Turnover will file two Quarterly returns [GSTR-3B & GSTR-1] from 1st Jan 2021. Monthly GSTR-3B will be scrapped for a small Taxpayer. Instead, monthly tax payment will be made via a simple challan.
3. 8 digit HSN made compulsory for large taxpayers with a turnover of more than Rs. 5 Cr.
4. 4 Digit HSN code compulsory for small taxpayers in case of B2B Supplies

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