Quick Summary
1. CBIC appoints 1st January 2021 for provisions of sections 119, 120, 121, 122, 123, 124, 126, 127, and 131 of the CGST Act to come into force Vide Notification No. 92/2020 - Central Tax, CBIC, in exercise of powers conferred by sub-section (2) of section 1 of the Finance Act, 2020 (12 of 2020),
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FAQ :
The provisions of sections 119, 120, 121, 122, 123, 124, 126, 127, and 131 of the CGST Act will come into force on 1st January 2021.
Yes, the CBIC has waived the fee payable on late filing of GSTR-4 for registered persons whose principal place of business is in the Union Territory of Ladakh, from 1st November 2020 to 31st December 2020.
The limit for claiming ITC in respect of invoices not furnished by vendors has been revised to 5% instead of the earlier 10% under Rule 36(4).
A new Rule 86B has been inserted, requiring a mandatory payment of 1% from the cash ledger for taxable supplies (other than exempt and zero-rated supplies) if the taxable supply exceeds Rs. 50 lacs in a month.
The validity of the E-Way Bill has been narrowed. One day's validity is now granted for a distance up to 200 km, which was previously 100 km.
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