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A borrowing calendar has been issued where if the borrowing goes beyond the sanctioned limit, the G-Sec deals used as a benchmark for every other borrowing will increase.The center cannot borrow in case of shortage of compensation cess fund as it will create an increase in the yield of G-sec bonds.The compensation cess will be levied will beyond the 5-year tenure.The states may avail of the options previously provided to borrow funds. The meeting ended with no unanimity on the issue of borrowing.Highlights of the meeting held on 12 October 2020 Rs.25,000 crore towards IGST 2017-18 was distributed to specific Indian states.
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This amount was disbursed to specific states in India by 5 October 2020.
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A 4-digit HSN code is to be mentioned by taxpayers with a turnover of less than Rs.5 crore. Taxpayers with a turnover of Rs.5 crore and above will have to mention a 6-digit HSN code.Taxpayers will pay their GST through a simple challan.Hence, it is important to mandatorily file GSTR-1 before filing GSTR-3B. GSTR-1 will help in auto-populating the tax liability as well. For the auto-generation of GSTR-3B, a roadmap is prepared, where the details of the supplier’s GSTR-1 will help in auto-populating the ITC.The quarterly taxpayers have the option of paying 35% of the net tax liability of the previous quarter, using an auto-generated challan for the first two months of the quarter.Due to the implementation of this rule, the number of returns has reduced to 8 from 24. This new rule came into effect on 1 January 2021. Small taxpayers with turnover of less than Rs.5 crore can now file quarterly GSTR-3B and GSTR-1 where the due date for GSTR-1 will be the 13th day of the month succeeding the quarter.Revision of GST Rates announced in the 42nd GST Council Meeting Highlights of the meeting held on 5 October 2020
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A group of ministers will be formed who will submit a report by 8 June 2021 to determine whether the rates are to be increased or decreased.Small taxpayers can file returns under this scheme. Amnesty Scheme was announced by the finance minister to reduce late fee returns.Any Covid-related relief item if imported even with the intention of donating to the government or any relief organization will be exempted from IGST till 31 August 2021.GST on import of medicine for black fungus, that is Amphotericin B is also placed under the exemption list.GST on the export of relief goods to be exempted and will stay in effect until 31 August 2021.GST Rates Revision of GST Rates announced in the 43rd GST Council Meeting