42nd GST Council Meeting Recommendations:
⚛️ Quarterly filing of GSTR-1 & GSTR-3B for taxpayers with aggregate turnover of less than Rs. 5 Crores from 1st January, 2021. However, payment of tax would be made monthly through challan.
⚛️ For the taxpayers filing quarterly returns as above, a facility to only upload outward supply invoices would be provided.
⚛️ For taxpayers with aggregate turnover of more than Rs. 5 Crores, HSN code to be mentioned at 6-digit level and for those with aggregate turnover of less than Rs. 5 Crores making B2B supplies, HSN code to be mentioned at 4-digit level.
⚛️ Further, for notified classes of supplies, 8 digits is required to be mentioned.
⚛️ From 1st January, 2021, refund would be disbursed to only those bank accounts which are validated with PAN and Aadhar. Further, refund applications can now be signed through Aadhar authentication via OTP.
⚛️ Satellite launch services are to be exempted to promote start-ups making satellites.
⚛️ With respect to compensation to States with revenue shortfall, another meeting would be held on 12th October 2020 to reach ultimatum.
Ref: Media briefing by FM Nirmala Sitharaman