42nd GST Council Meeting Updates

The 42nd GST Council Meeting held on 5 October 2020 took some important decisions on GSTR 1 and 3B quarterly filing. These measures would provide welcome relief to businesses disrupted by the COVID-19 pandemic.

Get Started!
Select State*
Select Language*
Get easy updates throughWhatsapp

Easy monthly EMI options available

No Spam. No Sharing. 100% Confidentiality.

noimage400,000 +

Business Served


Google Ratings


Easy EMI Options

42nd GST Council Meeting Updates

GST refers to Goods and Services Tax which subsumes all taxes such as Sales tax, Service tax, Excise duty etc. into GST.

GST registration is required primarily if your annual sales are more than Rs. 20 Lakh. Even if your sales are less than Rs. 20 Lakh, we suggest that you voluntarily opt for GST registration because:

The 42nd GST Council Meeting, chaired by the Union Finance Minister Nirmala Sitharaman, was held on 5 October 2020, and important announcements on GSTR 1 and 3B quarterly filing on account of the COVID-19 crisis were announced. It was attended by the Minister of State (MoS) for Finance Anurag Thakur along with the finance ministers of all the states.

Updates from the meeting

  • GSTR1 and GSTR3B are to be filed every quarter by taxpayers whose turnover is less than Rs 5 crores from 1st January 2021. Challans have been ruled the medium by which payment is to be made.
  • The facility of only needing to upload outer supply of invoices will be permitted to assessees for filing the quarterly returns as mentioned above.
  • For assessees with an average turnover of higher than Rs. 5 crores, the HSN code needs to be written at a 6-digit level. The HSN code needs to be mentioned at a 4-digit level for those whose average turnover is less than Rs. 5 crores and who are executing only B2B supplies.
  • Moreover, 8 digits are required to be mentioned for classes of supplies.
  • From 1 January 2021, a refund will be given to those whose bank accounts are validated with PAN and Aadhar. However, the application for a refund can be signed via the OTP from Aadhar verification.
  • Satellite launch services are to be released to support startups that specialise in building satellites.
  • The centre will consider developing a Group of Ministers (GoM) rather than a council of administrators on the subject of compensation cess to address the extension of the cess levy.

How can we help?

  • We help you get a secure GST Identification Number.
  • We make it easy for you to get your GST from the comfort of your own home. We do the entire process online.
  • We will file your returns and complete all other compliances as and when required.

Vakilsearch GST advantages

Vakilsearch is using the internet to simplify time-consuming paperwork. Over the past five years, we have helped tens of thousands of start-ups register themselves, protect their intellectual property, secure funding from Venture Capitalists & comply with the many regulations of the MCA.

Why Vakilsearch

Vakilsearch is India’s largest professional platform of lawyers, chartered accountants, and company secretaries-with years of experience behind. We execute legal work for over 1000 companies and LLPs every month, by leveraging our tech capabilities, and the expertise of our team of legal professionals.

9.1 Customer Score

We make your interaction with the government as smooth as possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.

300-Strong Team

With a team of over 300 experienced business advisors and legal professionals, you are just a phone call away from the best in legal services.

Access To Experts

We provide access to reliable professionals and coordinate with them to fulfil all your legal requirements. You can also track the progress on our online platform, at all times.

Realistic Expectations

By handling all the paperwork, we ensure a seamless interactive process with the government. We provide clarity on the incorporation process to set realistic expectations.

Get me more details
Select State*
Select Language*

Easy monthly EMI options available

No Spam. No Sharing. 100% Confidentiality.