Sub:- Major decisions of 42nd meeting of GST Council held on 05.10.2020 -Reg.
This is for information of all taxpayers that the following proposals have been approved by the GST council, in its 42nd meeting, held on 5th October, 2020. The proposed timelines for implementation of the said decisions are given in the table below:-
|01.||Due date of furnishing quarterly GSTR-1 by quarterly taxpayers to be revised to 13th of the month succeeding the quarter.||01.01.2021|
|02.||Auto-population of Liability from own GSTR-1 to GSTR-3B for monthly taxpayers||01.01.2021|
|03.||Quarterly Returns and monthly tax payment for taxpayers with aggregate annual turnover below Rs. 5 crores||01.01.2021|
|04.||Auto-population of ITC from supplier’s GSTR-1 through the newly developed facility in GSTR-2B for taxpayers.||01.01.2021 (Monthly)|
|05.||Mandatory filing of GSTR-1 before GSTR-3B||01.04.2021|
|06.||Revised requirement for declaring HSN for goods and SAC for services in invoices and in GSTR-1:
a. 6 digits fo HSN/SAC for taxpayers with aggregate annual turnover above Rs. 5 crores;
b. 4 digits fo HSN/SAC for B2B supplies for taxpayers with aggregate annual turnover upto Rs. 5 crores;
c. 8 digits of HSN for notified class of supplies for all taxpayers.
2. All Trade/Industries associations and Chambers of Commerce are requested to circulate this Trade Notice among their constituent members for wide dissemination and to make their members aware of the subject matter in the notice.