CURRENT AFFAIRS

2020

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Union Finance & Corporate Affairs Minister Nirmala Sitharaman chaired the virtual 40th GST Council Meeting. What is extended time limit for revoking cancellations of GST registration?

A	July 30, 2020
B	Oct. 30, 2020
C	Sept. 30, 2020
D	Dec. 30, 2020

Explanation:

Detailed explanation-1: -48th GST Council Meeting Live Updates 11:30 a.m.: 48th GST Council meeting begins with the arrival of Smt Nirmala Sitharaman, Union FM along with the Union Minister of State for Finance Shri M P Chaudhary, and Finance Ministers of States & UTs and Senior government officers.

Detailed explanation-2: -48th GST Council Meeting Updates A video conference meeting with state ministers was scheduled for 17th December 2022.

Detailed explanation-3: -Further, Revenue Secretary Sanjay Malhotra announced that GST Council agreed in its meeting to decriminalise certain offences, and it decided to double the threshold of launching prosecution to Rs 2 crores.

Detailed explanation-4: -GST Registration Basic exemption limit for suppliers of goods will be increased from Rs 20 lakhs to Rs 40 lakhs. However, this limit remains Rs 20 lakhs for suppliers of services. For the special category States, the limit for registration is currently at Rs 10 lakhs.

There is 1 question to complete.