Key Highlights of 42nd GST Council Meeting held on Oct 05, 2020

1. Levy of Compensation Cess to be extended beyond the transition period of five years

2. Compensation to States today towards loss of revenue during 2020-21

3. Enhancement in features of return filing

4. Allowing filing of returns on a quarterly basis with monthly payments by small taxpayers

5. Revised Requirement of declaring HSN for goods and SAC for services in invoices and in FORM GSTR-1

6. Various amendments in the CGST Rules and FORMS

7. Refund to be paid/disbursed in a validated bank account linked with the PAN & Aadhaar of the registrant w.e.f. 01.01.2021.

8. Satellite launch services would be exempted.