GST – Key Highlights of 42nd Council Meeting

W.e.f 1st Jan’ 2021, the following shall apply:

  • GSTR-1 Due date for quarterly taxpayers – 13th of next month of the quarterIn case of GSTR-3B
  • Tax liability shall be auto-populated from GSTR-1 and ITC from GSTR-2A/GSTR-2B
  • Form GSTR-1 must be filed before GSTR-3B
  • Quarterly return filing with monthly payment option for individuals whose TO in PFY is less than 5 Crores.
gstr 3b

2. W.e.f -1 April 2021, the following shall apply:

  • 6 Digit HSN/SAC is mandatory if TO is more than 5 Crores
  • 4 Digit HSN/SAC is compulsory for all B2B supplies if TO is less than 5 Crores
  • 8 digit HSN is mandatory for notified persons

3. Existing GSTR-1 and GSTR-3B mechanism is extended till 31.03.2021

4. Refund to be disbursed in a validated bank account linked with PAN & Aadhar of the registrant.

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