<h1>GST Council Extends Compensation Cess, Approves Revenue Support and Return Filing Enhancements; Changes Effective January 2021.</h1> The 42nd GST Council meeting, chaired by the Union Finance Minister, recommended extending the levy of Compensation Cess beyond June 2022 to address revenue gaps. The Centre will release Rs. 20,000 crore to states for 2020-21 revenue loss and Rs. 25,000 crore for 2017-18 IGST. Enhancements to the GST return filing system were approved, including auto-generation of GSTR-3B from GSTR-1 starting January 2021. Small taxpayers with turnovers up to Rs. 5 crore can file quarterly returns with monthly payments from January 2021. Changes to HSN/SAC declaration requirements and amendments to CGST Rules were proposed, alongside satellite launch service exemptions.