GST Update – Important decisions taken during 42nd GST council meeting

• Due date of furnishing quarterly GSTR-1 by quarterly taxpayers to be revised to 13th of the month succeeding the quarter from 1.1.2021
• Auto population of GST payable while filing GSTR-3B from GSTR-1 from 1-1-2021. It will be mandatory to file GSTR1 before filing 3B from 1-4-2021
• Auto-population of ITC from suppliers’ GSTR-1 through the newly developed facility in FORM GSTR-2B for monthly filers from 1.1.2021 and for quarterly filers from 1.4.2021.
• Quarterly filing of GSTR-3B returns allowed for taxpayers having less than Rs. 5 crores turnover from 1-1-2021. Such quarterly taxpayers would, for the first two months of the quarter, have an option to pay 35% of the net cash tax liability of the last quarter using an auto generated challan
• Taxpayers with turnover above 5cr. need to mention 6 digits HSN/SAC on invoices of goods and services and for taxpayers with less than 5 cr. turnover need to mention 4 digits HSN/SAC codes on all B2B invoices
• Refund to be paid/disbursed in a validated bank account linked with the PAN & Aadhaar of the registrant from 1.1.2021

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