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42nd GST Council Meeting held on 5th & 12thOctober 2020 by Video Conferencing (Highlights)

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The 42nd GST Council meeting finally took place in New Delhi on 5th October 2020. The meeting chaired the finance minister Nirmala sitharaman and the Minister of State (MoS) for Finance Anurag Thakur along with finance minister of all the states.

  • “GSTR1 and GSTR3B which is to be filed quarterly by the taxpayer whose turnover is less than Rs 5 crores from 1st January 2021, although challan is the medium by which payment is to be made.”

  • “The assessee whose average turnover of higher than Rs. 5 Crores, HSN code needs to be written at a 6-digit level while HSN code to be mentioned at a 4-digit level for those whose average turnover is less than Rs. 5 Crores executing B2B supplies”

  • “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 Aadar verification.”

  • “The state Punjab is asking to borrow from the centre they told that collection of tax is enhancing with monthly compensation of Rs 7000 crore but from the source, there is no requirement for the compensation shortfall of more than Rs 60,000 crore.”

  • Satellite launch services are to be released to support start-ups building satellites.

  • On 12th October 2020, another meeting will be ruled out for the consideration to states with the shortfall of revenue to reach on a decision.

  • The centre can acknowledge developing a GoM rather that a council of administrators on the subject of compensation cess to address the extension of the cess levy, CNBC TV18 as taken from cited sources.


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Blog source : GST Council official




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