42 GST COUNCIL MEETING
42 Meeting of GST Council
Now from 1 January 2021, all taxpayers whose annual turnover is less than Rs 5 crore, they will not have to file monthly returns like GSTR 3B and GSTR1. They only have to file quarterly returns. However, the customer has to make payments to the government through GST every month. This decision has been taken in the 42 meetings of the GST Council. Finance Secretary Ajay Bhushan Pandey gave this information to the press conference after the meeting.
However, despite the all-day GST meeting, there was no consensus on the options given by the central government on the issue of GST compensation at the Center and all states. This issue of GST Indemnity will now be attempted to be resolved in the next GST Council, the government will continue to discuss this issue. The next meeting of GST will be held on 12 October.
Now GST Council has decided to continue the compensation cess even after June 2022. One of the other decisions inside the GST Council meeting is also an important decision that instead of 97000 crores to the states, now 1.1 lakh crores will be provided by the government. and the first two options under GST compensation have been considered more.