GST Notification summary dated 10th November 2020
|81/2020-Central Tax dated 10.11.2020||The GST Notification seeks to notify amendment carried out in sub-section (1), (2) and (7) of section 39 vide Finance (No.2) Act, 2019.
• Central Government has appointed 10th day of November, 2020, as the date on which the new provisions of section 39 of the Central Goods and Services Tax Act, 2017 shall come into force, which were introduced by Finance (No. 2) Act, 2019 (23 of 2019).
• Section 39 deals with provisions related to furnishing of returns.
• The amendment also gives power to government to notify certain class of registered persons who shall furnish a quarterly GSTR-3B return.
|82/2020-Central Tax dated 10.11.2020||The GST Notification seeks to make the Thirteenth amendment (2020) to the CGST Rules 2017.
The Government has made several amendments to CGST Rules. The form and manner of furnishing details of outward supplies, form and manner of ascertaining details of inward supplies and time limit and manner of furnishing GST returns has been amended. Also, the new manner of opting for furnishing quarterly return has been prescribed.
Some of the changes are given below in brief:
GSTR-1 related Changes:
– Now Taxpayers having turnover upto INR 5Cr. can opt for facility of filing GSTR-1 quarterly.
– Quarterly return filers can file their first and second month B2B invoices in Invoice Furnishing Facility (IFF) from the 1st day of the month succeeding such month till the 13th day of the said month.
– Total value for such B2B invoices is capped to INR 50 lakhs per month
– No need to report invoices again in GSTR-1 if already reported in IFF.
– Due date of GSTR-1 for quarterly filers is 13th of 1st month in next Quarter
– HSN/SAC codes shall be mentioned mandatorily in GSTR-1.
– For Turnover < 5Cr – 4-digit HSN/SAC Code is required
– For Turnover > 5Cr – 6-digit HSN/SAC Code is required
– The invoices reported in IFF shall be made available to recipient in their GSTR-2A/2B
– Form GSTR-2B has now been notified
– Rule 61(6) has been inserted to provide due date for filing GSTR-3B for the months of Oct 2020 to Mar 2021 as 20th of next month if T/O of Taxpayer is more than INR 5 Crores
– Quarterly return filers shall deposit tax in electronic cash ledger on or before 25th of next month for first and second months.
|83/2020-Central Tax dated 10.11.2020||The Notification seeks to extend the due date for FORM GSTR-1.
– The Government has notified the due dates for furnishing the details of outward supplies in FORM GSTR-1.
– These new dates shall be applicable w.e.f 01.01.2021.
– The monthly GSTR-1 shall be filed on or before 11th day of next month and quarterly GSTR-1 shall be filed on or before 13th day of next month after ending such quarter.
|84/2020-Central Tax dated 10.11.2020||The GST Notification seeks to notify class of persons who can file quarterly GSTR-1
– The Government has allowed the registered persons having aggregate turnover of more than 1.5 crore rupees and up to 5 crore rupees in the preceding financial year to file quarterly GSTR-1.
– The portal has provided default option to file quarterly filing, however, if they wish to change, they can change it during the period from the 5th day of December 2020 to the 31st day of January 2021.
|85/2020-Central Tax dated 10.11.2020||The Notification seeks to notify special procedure for making payment of 35% as tax liability in first two month for taxpayers who are filing their GSTR-3B on quarterly basis as per new return filing procedure.
• Government has provided a special procedure for those small taxpayers who have opted to furnish quarterly returns.
• Small Taxpayers are taxpayers having T/O upto INR 5Cr.
• They may pay the tax due by way of making a deposit of an amount in the electronic cash ledger equivalent to 35% of the tax liability paid for the last quarter if return is furnished quarterly.
• If return is furnished monthly, they may pay the tax liability paid in the return for the last month.
• This notification shall come into force with effect from the 1st day of January 2021.
|86/2020-Central Tax dated 10.11.2020||The notification seeks to rescind Notification 76/2020-Central tax dated 15.08.2020 notifying due dates for FORM GSTR-3B for the months from Oct 2020 till March 2021.|
|87/2020-Central Tax dated 10.11.2020||The Notification seeks to extend the due date for furnishing of FORM ITC-04 for the period July- September 2020 till 30th November 2020.
The Government has extended the time limit for furnishing the declaration in FORM GST ITC-04, in respect of goods dispatched to a job worker or received from a job worker, during the period from July, 2020 to September, 2020 till the 30th day of November, 2020.
|88/2020-Central Tax dated 10.11.2020||The Notification seeks to implement e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 100 Cr from 01st January 2021.
• With effect from 01.01.2021, the notified registered persons whose aggregate turnover in any preceding financial year from 2017-18 onwards exceeds 100 crore rupees shall prepare e-invoice in FORM GST INV-01 after obtaining an Invoice Reference Number.
• Currently, this threshold limit is 500 crore rupees.