Key Highlights of 43rd GST Council Meeting
Check out the Key Highlights of 43rd GST Council Meeting
- Annual Return (GSTR- 9) filing simplified (optional annual return for AY 2020-21 (for the taxpayer with a turnover of less than Rs. 2 crores).
- GST Reconciliation statement (GSTR- 9C) only to be furnished by the taxpayer whose turnover is Rs. 5 crores or more.
- Reduction of compliance burden on small tax payers.
- Late fees maximum limit to be reduced, late fees amount to be rationalised for everyone.
- IGST exempt and reduced on import of COVID releif items till 31st August, 2021.
- Inverted tax is matter of concern which reduces revenue of government, to be addressed later in a seperate session
- Amendment of CGST act for allowing self-certification to individuals without need of a CA.
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