CBIC Issues 3 Important GST Notifications related to Penalty, Late Filing, and CGST Fourteenth Amendment Rules, 2020

Guest | Last updated: 26 December 2020

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The CBIC has issued three significant GST notifications impacting taxpayers. Key changes include the enforcement of various CGST Act sections related to penalties and appeals from January 1st, 2021. Additionally, businesses in Ladakh will benefit from a waiver of late filing fees for GSTR-4 until December 31st, 2020. The Central Goods and Services Tax (Fourteenth Amendment) Rules, 2020, have also been released, introducing revised limits for ITC claims, mandatory cash ledger payments for certain supplies, and stricter conditions for GST registration and filing.

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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Aishna Kukreja

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Assistant Editor, CAclubindia at Interactive Media Pvt. Ltd. Designing a multi-channel content management strategy for CAclubindia by regularly working on SEO-optimised, industry-related content, and improving the user experience in the process. Interacting with leaders from core finance, finance e-learning, and ... Read more

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