Important Amendment in GST Rules

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GSTR-1 & GSTR-2 related [effective from 1-1-2021]

  • The registered persons required to furnish GSTR 3B return quarterly need to furnish the details of such outward supplies for the first and second months of a quarter using invoice furnishing facility (IFF)
  • Total value for such B2B invoices is capped to 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 qtr.
  • HSN/SAC codes shall be mentioned mandatorily in GSTR-1 (<5Cr- 4 digit, >5Cr- 6 digit)
  • The invoices reported in IFF shall be made available to recipient in their GSTR-2A/2B
  • W.e.f. 01.01.2021, FORM GSTR-2A shall also include details furnished through IFF and also details of the integrated tax paid on the import of goods or goods brought in domestic Tariff Area from SEZ unit or a SEZ developer on a bill of entry.

ITC-04 related:

  • Due date for filing ITC-04 (Job worker return) for the period July 2020 to September 2020 is extended to 30th November 2020                                                                                                    

GSTR-3B related: [effective from 1-1-2021]

  • Rule 61(6) was inserted to provide due date for filing GSTR-3B for the months of Oct 2020 to Mar 2021 as 20th of next month if TO > Rs.5Crore.
  • Quarterly return filers shall pay tax for the first two months of the quarter by using PMT-06 by 25th day of the succeeding month. The amount paid as above shall be credited in the electronic cash ledger and has to be debited while filing GSTR-3B quarterly.

Two options are prescribed for monthly payment of taxes in case of quarterly returns

  1. Fixed Sum Method: Pay an amount equal to 35% of the tax paid in cash in the preceding quarter where the return was furnished quarterly; or equal to the tax paid in cash in the last month of the immediately preceding quarter where the return furnished monthly.
  2. Self-Assessment Method: Pay the tax due by considering the tax liability on inward and outward supplies and the input tax credit available, in FORM GST PMT-06.

E-invoicing related:

  • E-invoicing is mandatory from 01.01.2021 for every taxpayer (other than SEZ unit) whose aggregate If TO in any of the FY from 17-18 exceeds Rs.100Crore.                                                                                                     

Disclaimer:

The purpose of this blog is for education purpose and should not be construed as professional advice. Views expressed herein are the personal views of the author. Government or judicial authorities may or may not subscribe to the views expressed herein. Author of the blog is not liable for any implications arising out of actions taken based on the views expressed herein.

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