42th GST Council Meeting, held on 05th October 2020 decided to allow the quarterly filing of GST Returns (GSTR 3B and GSTR1) having a turnover of less than Rs. 5 Crore. In this post, we will discuss the update of the 42nd GST Council Meeting.
42nd GST Council Meeting allow Quarterly Filing of GST Returns
As per the council decision, from 1st January 2021 taxpayers with annual turnover less than Rs. 5 Crore need not require to file monthly GST returns.
As per the latest update, it is decided that GST returns can be filed quarterly however since the states require money every month, so payment needs to be made every month and the taxpayer can opt for Quarterly Filing of GST Returns (GSTR 3B and GSTR 1)
The benefit of Small Taxpayers
In Every GST Meeting, the council has taken his decision considering the benefits of small taxpayers, and this time, making GST returns on a quarterly basis rather than a monthly basis will be a major relief of small taxpayers.
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Compiled by- CA Chirag Agarwal (Practicing Chartered Accountants)