GST Council on 15.10.2020 announced various changes in the GST Regime vide Notification Numbers 74/2020 to 79/2020. Know more about those changes here.
CBIC has issued a Departmental Circular No 142/12/2020- GST on 9th October 2020 clarifying the applicability of Rule 36(4) of the CGST Rules, 2017 for the months of Feb 20 to Aug 20.
The GST Council met through video conferencing on 5th Oct 2020 for the 42nd time and deliberated on several key issues. Some of the important recommendations made are elaborated in the article.
As per the update released on 5th September 20, on GSTN Portal, Values of GSTR 1 have been provided to taxpayers for assistance to get auto-drafted values of Table 3 of GSTR 3B.
Key Actionable Items for FY 2019-20 before September 2020 returns
For a taxpayer, it is essential to determine whether the tax paid on the inward supplies is eligible as Input Tax Credit (ITC) or shall fall within the ambit of ineligible ITC. Section 17(5) of CGST Act 2017 provides for cases wherein a taxpayer would not be entitled to claim ITC unless it falls within the exceptions as provided.
Recently GSTN has rolled out few enhancements on the GSTN portal for the benefit of taxpayers.
GST Registration Process: Amendment in CGST Rules
Recently CBIC issued Notification No 60/2020 enhancing threshold for preparing E-Invoice to Rs 500 Crores. Earlier the said limit for preparing E-Invoice was Rs 100 Crores. The provisions shall come into effect from 1st October, 2020.
Email from GSTN on Aggregate Turnover - How to Respond?