GST Council Meeting Update: Quarterly payment for taxpayer opting QRMP proposed

Recommendation by the Law Committee for the consideration of GST Council

i. Rationalization of the late fees imposed under section 47 of the CGST Act.
ii. Annual Return for Financial Year 2020-21.
iii. Proposal of amendments in the return related provisions of the CGST Act, 2017.
iv. Proposal of exempt government department/ entities, governmental authorities/ local authorities from the requirement to issue e-invoice.

Other issues pertaining to GST Laws and procedure for consideration of the GST Council

i. Reduction in late fee FORM GSTR-3B for months from July, 2017 to April, 2021- Amnesty to clean up pendency in return filing in GST regime.
ii. Notifying section 112 of the Finance Act, 2021 relating to amendment in section 50 of the CGST Act.
iii. Proposal for converting quaterly return and monthly payment (QRMP) Scheme to quarterly return and quarterly payment (QRQP).