45th GST Council Meeting to be held on 17th Sep

45th GST Council Meeting to be held on 17th Sep According to Twitter, Nirmala Sitharaman, the finance minister, will preside over the 45th GST Council meeting on September 17th, 2021 in Lucknow. The council members will debate a number of unresolved problems, including state compensation and GST rate revisions for Covid necessities. You May Also Refer: 43rd GST Council Meeting Decisions: Official Press Release

Major Decisions of 43rd GST Council Meeting

GST Filing of Annual Returns

For small taxpayers with a turnover of less than Rs. 2 crores, filing an annual return will remain optional in 2020-21. Taxpayers having a turnover of Rs. 5 crores or more are required to submit reconciliation statements for the fiscal year 2020-21. GST Audit Abolished CBIC Notification

Late fees for GST

In addition, late fines have been reduced. The maximum late fee has been decreased

Rationalization of late fee leviable on account of delay in furnishing return in FORM GSTR-3B and FORM GSTR-1 for prospective tax period (June, 2021 onwards)

To reduce burden of late fee on taxpayers, the late fee is being capped, as follows:

GST amnesty scheme

To provide relief to small taxpayers, an amnesty scheme has been recommended for reducing late fees To benefit around 89% of GST taxpayers, they can file pending returns, avail benefits of the scheme, with reduced late fees Taxpayers can now take benefit of amnesty scheme along with applying for revocation of canceled GSTN

GST compensation surcharge

The same formula as last year will be used this year for the GST compensating cess. The Centre will have to borrow Rs. 1.58 lakh crore and pass it on to the States, according to a rough estimate.