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Recommendations of the 42nd GST Council Meeting

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  The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance& States/ UTs.  The GST Council has made the following recommendations:  1.     Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June, 2022, for such period as may be required to meet the revenue gap. Further details to be worked out.   2.     Centre is releasing compensation of ₹ 20,000 crore to States today towards loss of revenue during 2020-21 and an amount of about ₹ 25,000 crore towards IGST of 2017-18 by next week.   3.    Enhancement in features of return filing: In its 39 th ...
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Deduction under section 80DD, 80DDB and 80U

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Section 80DD: Deduction in respect of maintenance including medical treatment of a Dependent who is person with disability. a.       Eligible Assessee: Resident Individual & HUF b.       Maximum amount of deduction: (Flat deduction irrespective of expenditure) 1.       Rs. 75,000 in case of Normal disability* . 2.       Rs. 1,25,000 in case of Severe disability**. c.        Conditions: 1.       Deduction is allowed when assessee should incur expenses on medical treatment or deposit any amount for maintenance of a dependent of taxpayer and not the taxpayer himself. 2.       This deduction is not allowed if dependent relative take deduction u/s 80U. 3.       Relative for Individual: Dependent (spouse, brother, sister, children, mother, father) 4.   ...
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If Taxpayer fails to file GSTR-3B - EWB facility will be blocked. (15 October, 2020)

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If GSTR-3B fails to file by taxpayer (turnover more than 5 Cr.)  then E-Way Bill facility will be blocked (w.e.f. 15 October 2020) Blocking of E-Way Bill  (EWB) generation facility for taxpayers with AATO over Rs 5 Cr., after 15th October, 2020 In terms of Rule 138 E (b) of the CGST Rules, 2017, the E Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their GSTR-3B returns, for a consecutive period of two months or more. As you might be aware that the GST Council in its last meeting has decided that this provision will be made applicable for the taxpayers whose Aggregate Annual Turn Over (AATO, PAN based) is more than Rs 5 Crores.   Thus, if the GSTIN associated with the respective PAN (with AATO over Rs 5 Cr.) has failed to file their GSTR-3B Return for two or more tax periods, up to the month of tax period of  August, 2020, their EWB generation facility will be blocked on the EWB Portal. Please note that the EWB ge...
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