GST 42nd Meeting Amendments for HSN, SAC & NIL CMP-08 Via SMS

Finance minister ruled the 42nd GST official meeting under the authority of the union finance and corporate affairs minister via video conferencing.

The finance minister advocated the revised need of declaring harmonised system nomenclature HSN for goods and service accounting SAC for the services of invoices and in form GSTR 1 that will be effected from April 1 2021. GSTR 1 is a monthly return Get the complete guide for online filing GSTR 1 form in a step by step manner. Also, we have covered its due dates, penalty, important terms and general queries. Read more which totals the sales of the assessee.

Firstly, it is recommended that HSN/SAC at 6 digits to supply goods and services for the taxpayers with an average turnover of Rs 5 crore.

Secondly, HSN/SAC at 4 digits for B2B goods and services supplies for assessee with average yearly turnover up to Rs. 5 crores. The third is the government which has the power to notify 8 digit HSN to notify the supply by the taxpayers.

The 42nd GST official meeting The 42nd GST Council meeting finally took place in New Delhi on 5th October 2020. Read more recommended several changes in the CGST rules and forms which have advocated and includes for furnishing of Nil form CMP 08 through SMS.

A composition dealer will use the GST form CMP-08 Get to know the step by step guide of filing GST CMP 08 return form online for depositing payment on official GST portal. The form is required to file every quarter. Read more , which is a special statement-cum-challan to announce the summary of self-assessed tax payable for the provided quarter. It is used as a receipt for the payment processes of tax. Under the composition scheme, a composition dealer has registered for the supply of goods and services.

Moreover in CMP-08, by 30th April a composition dealer is required to file his/her yearly returns via the revised format of form GSTR 4 concluding the finishing of the financial year. The assesses who adopted the composition scheme needs CMP-08 in order to give payments for each quarter.