GST Council Meet Highlights: From Jan 1, taxpayers with less than Rs 5 cr turnover need not file monthly returns, says Finance Secy
Finance Minister Nirmala Sitharaman, on Monday, announced decisions taken during the 42nd GST Council meeting. The government said that it will disburse Rs 20,000 GST compensation cess to all the states by tonight. The payment of GST compensation to states became an issue after revenues from the imposition of cess started dwindling since August 2019. In the current fiscal, the states are staring at a staggering Rs 2.35 lakh crore Goods and Services Tax (GST) revenue shortfall.
Thank you for following Deccan Herald's live updates on Finance Minister's address to media on decisions taken at the 42nd GST Council meet today.
14:2105 Oct 2020
In certain classes of goods where government feels the need for closer tracking, HSN codes will be of 8 digits These will be notified by the government: FinMin
14:1405 Oct 2020
GSTR-2B provided to help taxpayers calculate input tax credits: Finance Secy
GSTR-2B has been provided to help taxpayerscalculate input tax credit; it will give taxpayers a complete idea of the ITC they are entitled to: Finance Secretary
14:1305 Oct 2020
GST Council'sdecision to make returns for small taxpayers on a quarterly basis rather than a monthly basis will be a major relief to small taxpayers No. of returns comes down from 24 monthly returns to 8 returns, from 1st January 2021, says Finance Secretary.
14:1205 Oct 2020
GST Council decides to extend compensation cess beyond June 2022: Finance Minister Nirmala Sitharaman