05Oct 2020 by Asmeet No Comments

Highlights of the 42nd meeting of the GST Council

GST
Highlights of the 42nd meeting of the GST Council held today on 5th Oct 2020 GST Council Meeting: 42nd GST Council Meeting Updates The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs. The GST Council has made the following recommendations: 1. Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June 2022, for such period as may be required to meet the revenue gap. Further details to be worked out. 2. Centre is releasing…
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24Aug 2020 by Alok Shah

Changes and Update in GST Announced on 24th August 2020

GST
Few of the announcements and changes are as below For smaller taxpayers with an annual turnover of up to Rs 5 cr, the rate of interest for late filing of GSTR-3B returns halved to 9% if filed by Sep 30, 2020. The mandatory requirement of filing returns & statement of outward supplies using digital signature was relaxed.With effect from FY 2019-20, the Composition Scheme was extended to suppliers of services (up to Rs.50 lakh turnover). Further, composition taxpayers were allowed to furnish returns on an annual basis only as against having to file quarterly returns as was the case earlier.Filing of "Nil" GST returns through the SMS facility from the registered mobile number has been introduced which is expected to help almost 22 lakh Nil filers. A big step forward…
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