{"id":9214,"date":"2020-10-09T11:12:58","date_gmt":"2020-10-09T05:42:58","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=9214"},"modified":"2021-11-18T01:12:29","modified_gmt":"2021-11-17T19:42:29","slug":"key-points-of-42th-gst-council-meeting-headed-by-fm-n-sitharaman","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/key-points-of-42th-gst-council-meeting-headed-by-fm-n-sitharaman\/","title":{"rendered":"42th GST council Meeting"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69dc1f1bb5de2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69dc1f1bb5de2\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/key-points-of-42th-gst-council-meeting-headed-by-fm-n-sitharaman\/#Main_points_of_42nd_GST_council_Meeting_by_video_conferencing\" title=\"Main points of 42nd GST council Meeting by video conferencing\">Main points of 42nd GST council Meeting by video conferencing<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/key-points-of-42th-gst-council-meeting-headed-by-fm-n-sitharaman\/#Result_of_the_42nd_GST_Council_meeting_by_video_conferencing_is_proposed\" title=\"Result of the 42nd GST Council meeting by video conferencing is proposed :\">Result of the 42nd GST Council meeting by video conferencing is proposed :<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><a style=\"font-size: 16px;\" href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/council-meeting.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-9215\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/council-meeting.jpg\" alt=\"www.carajput.com; council meeting\" width=\"842\" height=\"443\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/council-meeting.jpg 310w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/council-meeting-300x158.jpg 300w\" sizes=\"(max-width: 842px) 100vw, 842px\" \/><\/a><\/h1>\n<h2><span class=\"ez-toc-section\" id=\"Main_points_of_42nd_GST_council_Meeting_by_video_conferencing\"><\/span><span style=\"color: #333399;\"><strong>Main points of 42nd GST council Meeting by video conferencing<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The 42nd GST Council met by video conference under the directorship of Union Finance &amp; Corporate Affairs Minister Smt NirmalaSitharaman. Union Minister of State for Finance &amp; Corporate Affairs Shri Anurag Thakur, along with State &amp; UT Finance Ministers and senior officers of the Ministry of Finance &amp; States \/ UTs, also attended the conference.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Result_of_the_42nd_GST_Council_meeting_by_video_conferencing_is_proposed\"><\/span>Result of the 42nd GST Council meeting by video conferencing is proposed :<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The cessation of compensation is expanded beyond a transitional duration of 5 years. As specified in the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST(CS) Act, 2017<\/a>, ending in June 2022. The act is updated accordingly.<\/li>\n<li>Existing GSTR-1\/3B return filing procedure will be extended to 31<sup>st<\/sup> Mar 2021.<\/li>\n<li>Taxpayers with aggregate turnover less than 5 crores are permitted from 1<sup>st<\/sup> January 2021 onwards to file returns (both FORM <a href=\"https:\/\/carajput.com\/gst\/gst-return.php\">GSTR-1<\/a> and FORM GSTR-3B) on a quarterly basis in an approved bank account connected with the registrant&#8217;s <a href=\"https:\/\/carajput.com\/services\/permanent-account-number-pan.php\">PAN<\/a> &amp; Aadhaar. Even so, in the first two months of the year, these taxpayers would have to pay at least 35 percent of the last quarter&#8217;s net cash tax liability by using the auto-generated challan and adjustment should be made for the balance in the third month of the year while filing the return.<\/li>\n<li>For the submission of refund claims, Refund to be paid\/disbursed on an approved bank account connected with the registrant&#8217;s PAN &amp; Aadhaar with effect from 1<sup>st<\/sup> Jan 2021. DSC is no longer compulsory. It can also be signed through Aadhaar authentication.<\/li>\n<li>To promote satellite launching services by new start-ups, the ISRO\u00a0 provided satellite launch service, Antrix corporation ltd. and NSIL will be excluded.<\/li>\n<li>With effect from 1<sup>st<\/sup> April 2021, the provision for disclosing HSN codes \/ SAC in tax invoices and Type GSTR-1 has been updated as follows-<\/li>\n<\/ul>\n<table style=\"height: 140px;\" width=\"814\">\n<tbody>\n<tr>\n<td width=\"343\">Aggregate turnover more than or equal to Rs. 5 Crore<\/td>\n<td width=\"343\">4 digit of HSN\/SAC<\/td>\n<\/tr>\n<tr>\n<td width=\"343\">Aggregate Turnover less than Rs. 5 Crore<\/td>\n<td width=\"343\">6 digit of HSN\/SAC<\/td>\n<\/tr>\n<tr>\n<td width=\"343\">For other categories of suppliers notified soon<\/td>\n<td width=\"343\">8 digit of HSN\/SAC<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<figure id=\"attachment_9217\" aria-describedby=\"caption-attachment-9217\" style=\"width: 819px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/Important-42.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-9217\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/Important-42.jpg\" alt=\"www.carajput.com; 42 GST council meeting\" width=\"819\" height=\"811\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/Important-42.jpg 680w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/Important-42-150x150.jpg 150w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2020\/10\/Important-42-300x297.jpg 300w\" sizes=\"(max-width: 819px) 100vw, 819px\" \/><\/a><figcaption id=\"caption-attachment-9217\" class=\"wp-caption-text\"><span style=\"color: #ffffff;\">www.carajput.com; 42 GST council meeting<\/span><\/figcaption><\/figure>\n<ul>\n<li>The CG will disburse to the States tonight the reimbursement cess collection, amounting to Rs.\u00a020,000 crores, against the tax shortfall for FY 2020-21.<\/li>\n<li>In addition, the state&#8217;s share of the FY 2017-18 IGST collection, amounting to approximately. 25,000 crores, to be disbursed by next week as well.<\/li>\n<li>Another conference to reach the official notice will be held on 12 October 2020 in regard to payments to States with a revenue deficit.<\/li>\n<li>The existing form GSTR-1\/3B system is to be expanded till 31 March 2021 and the <a href=\"https:\/\/carajput.com\/gst\/gst-consultancy.php\">GST regulation<\/a> is to be changed to make this system the default return filing system. Additionally, payment of tax will be made monthly through challan.<\/li>\n<\/ul>\n<p>Read Also :\u00a0<span style=\"color: #000080;\"><strong><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/learn\/salient-features-of-new-proposed-gst-system-in-india.html\" data-cke-saved-href=\"https:\/\/carajput.com\/learn\/salient-features-of-new-proposed-gst-system-in-india.html\">SALIENT FEATURES OF NEW GST SYSTEM IN INDIA<\/a><\/strong><\/span><\/p>\n<p><span style=\"color: #333399;\"><strong>With effect from 1<sup>st<\/sup> Jan 2021<\/strong><\/span><\/p>\n<ol>\n<li>FORM GSTR-3B output tax obligation is auto-populated on the basis of FORM GSTR-1 filed by the taxpayer.<\/li>\n<li>FORM GSTR-3B input tax credits are auto-populated on the basis of FORM GSTR-2B filed by monthly filers&#8217;.<\/li>\n<\/ol>\n<p><span style=\"color: #333399;\"><strong>With effect from 1<sup>st<\/sup> April 2021<\/strong><\/span><\/p>\n<ol>\n<li>FORM GSTR-3B &#8216; input tax credit is auto-populated on the basis of FORM GSTR-2B filed by quarterly filers.<\/li>\n<li>FORM GSTR-1 is compulsory to be filed before FORM GSTR-3B in order to ensure the auto-population system as stated earlier.<\/li>\n<\/ol>\n<ul>\n<li>Amendment to the CGST Rules: Multiple amendments to the CGST Rules and FORMS, including requirements for the provision of Nil FORMCMP-08 via SMS, have been proposed.<\/li>\n<\/ul>\n<p>Note:- In this notice, the decisions of the GST Council were submitted in simple language for easier interpretation. The same effect will be granted to notifications\/circulars from the Gazette that alone has the force of law.<\/p>\n<p><strong>Also Read Article :<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.caindelhiindia.com\/blog\/43rd-gst-council-meeting\/\">Recommendations of 43rd GST Council meeting<\/a><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/publications\/cbic-has-issued-three-circulars-pursuant-to-the-45th-gst-council.pdf\" data-cke-saved-href=\"https:\/\/carajput.com\/publications\/cbic-has-issued-three-circulars-pursuant-to-the-45th-gst-council.pdf\">CBIC has issued three circulars, purusant to the 45th GST council meet.\u00a0For easy reference of all, we had summarized the same in the attached PPT.<\/a><\/strong><\/li>\n<\/ul>\n<p><span style=\"color: #000080;\"><strong>You may like a few other posts\u00a0<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"color: #000080;\"><strong><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/blog\/key-points-of-42th-gst-council-meeting-headed-by-fm-n-sitharaman\/\" data-cke-saved-href=\"https:\/\/carajput.com\/blog\/key-points-of-42th-gst-council-meeting-headed-by-fm-n-sitharaman\/\">Key points of 42nd GST council Meeting headed By FM N. Sitharaman<\/a><\/strong><\/span><\/li>\n<li><span style=\"color: #000080;\"><strong><a style=\"color: #000080;\" href=\"https:\/\/carajput.com\/blog\/gstn-enable-details-to-be-auto-populated-in-e-invoice-into-gstr-1\/\" data-cke-saved-href=\"https:\/\/carajput.com\/blog\/gstn-enable-details-to-be-auto-populated-in-e-invoice-into-gstr-1\/\">GSTN enable auto-populated in the E-invoice information into GST Return -1<\/a><\/strong><\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Main points of 42nd GST council Meeting by video conferencing The 42nd GST Council met by video conference under the directorship of Union Finance &amp; Corporate Affairs Minister Smt NirmalaSitharaman. Union Minister of State for Finance &amp; Corporate Affairs Shri Anurag Thakur, along with State &amp; UT Finance Ministers and senior officers of the Ministry &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[9331,9330,9332,9329,9328],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/9214"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=9214"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/9214\/revisions"}],"predecessor-version":[{"id":9556,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/9214\/revisions\/9556"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=9214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=9214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=9214"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}