Major Decisions of 43rd GST Council Meeting GST Annual Return | TaxLiner | Summarizing Laws

Major Decisions of 43rd GST Council Meeting

GST Annual Return Filing
Annual Return Filing will continue to be optional for 2020-21, for small Tax payers with turnover less than Rs. 2 Crore Reconciliation statements for 2020-21 to be furnished by taxpayers with turnover of Rs. 5 Crore or more

GST Late fees
Late fees have also been rationalized Maximum amount of late fee has been reduced; will come into effect from future tax periods This will provide long-term relief for small GST Taxpayers

GST amnesty scheme
To provide relief to small taxpayers, amnesty scheme has been recommended for reducing late fee To benefit around 89% of GST taxpayers, they can file pending returns, avail benefits of scheme, with reduced late fees

Quarterly Return Filing and Quarterly Payment
Law Committee will look into issues involving Quarterly Return Filing and Quarterly Payment, the modalities need to be worked out

GST compensation cess
On GST compensation cess, same formula as last year to be adopted this year too Rough estimate is that Centre will have to borrow Rs. 1.58 Lakh Crore and pass it on to State

@HubofCA