Eight decisions of the GST Council to impact businesses: EY
Hindustan Times October 07, 2020 The Goods and Services Tax (GST) Council on Monday could not resolve the vexed compensation cess issue and deferred the matter for the next meeting that will be held on October 12. However, the Council took some other decisions that will have an impact on businesses. Consultancy firm EY India summarises the other decisions taken by the Council on Monday. 1. Levy of GST compensation cess to be extended beyond the transition period of five years, for such period as may be required to meet the revenue gap. 2. Allowing taxpayers having turnover of less than Rs 5 crore to file GST returns on a quarterly basis with monthly payment with effect from January 1, 2021. Such persons shall have an option to pay 35% of their net cash tax liability of the previous quarter using an auto-generated challan for the first two months of the quarter. 3. The due date of furnishing quarterly GST returns (GSTR-1) to be changed to 13 of the succeeding month with effect from...