Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More


The Central Board of Indirect Taxes and Customs (CBIC) has issued several Notifications on 10th November 2020 for the below matters:

  1. Introduction of Thirteenth amendment (2020) to the CGST Rules, 2017 for notification of due dates for returns
  2. Granting an extension of the due date for Form GST ITC 04 and notification of the due date for furnishing Form GSTR 1
  3. Notify special procedure for making payment of 35% as tax liability in the first two months for Quarterly filers
  4. Implement e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 100 Cr from 01st January 2021.

The summary of such notifications along with a link to said CGST notifications is as under -

1. Notification of furnishing return for Outward Supplies in Form GSTR 1

Notification No. and Date

Summary of Notification

Effective Date

81/2020 - Central Tax dated 10th Nov, 20

Notify amendment carried out in sub-section (1), (2) and (7) of section 39 which deals with the furnishing of returns for Regular Taxpayer and Composition Dealers and also Payment of Taxes

10th November 20

Introduction of quarterly returns and CGST (13th Amendment) Rules

2. 82/2020 - Central Tax dated 10th Nov, 20 -

Notification of Central Goods and Services Tax (Thirteenth Amendment) Rules, 2020 - Several amendments are proposed to the CGST Rules with respect to the furnishing of returns. Below is the summary of said changes -

Rule 59 - Form and manner of furnishing details of outward supplies - With effect from 1st Jan 2021 -

Following amendments has been proposed -

  1. The return in form GSTR 1 may be filed monthly or quarterly depending on turnover.
  2. For quarterly filers, the return is to be furnished Quarterly in Form GSTR 1. For the first and second months of the quarter (up to a cumulative value of Rs 50 lakhs in each month) shall use invoice furnishing facility (IFF) from 1st to 13th of the said month.
 

3. Details to be furnished in Form GSTR 1 -

Invoice-wise details

Consolidated Details

Debit and Credit Notes

B2B Inter or Intra State Supplies

Rate wise supplies for Inter-State supplies to URD (B2C)

DN/CN if issued during the month for invoices issued

invoice > Rs 2.5 Lakhs for URD (B2C) inter-state supplies

invoice < Rs 2.5 Lakhs for URD (B2C) State-wise inter-state supplies

4. Details to be furnished in invoice furnishing facility (IFF) by Quarterly Filers -

Invoice-wise details

Debit and Credit Notes

B2B Inter or Intra State Supplies

DDN/CN if issued during the month for invoices issued

Rule 60 - Form and manner of ascertaining details of Inward supplies - With effect from 1st Jan 2021 -

1. Following amendments has been proposed: Details to be made available in GSTR 2A -

Details

Form Details

Furnished by

Part of GSTR 2A

Outward Supplies

GSTR 1 or IFF

Regular Taxpayer

Part A

Invoice-wise details

Form GSTR 5

Non-Resident Taxable Person

Part A

Invoice-wise details

Form GSTR 6

Input Service Distributor

Part B

Details of TDS - GST

Form GSTR 7

GST TDS Deductor

Part C

Details of TCS - GST

Form GSTR 8

GST TCS Deductor

Part C

Details of IGST paid on Import of goods or goods brought in DTA from SEZ or SEZ developer on Bill of Entry

--

Tax-Payer

Part D

2. Details to be made available in GSTR 2B - Form GSTR 2B notified.

Details

Form Details

Furnished by

Outward Supplies

GSTR 1 or IFF

Regular Taxpayer

Invoice-wise details

Form GSTR 6

Input Service Distributor

Details of IGST paid on Import of goods or goods brought in DTA from SEZ or SEZ developer on Bill of Entry

--

TTax-Payer

 

3. Availability of GSTR 2B on the common portal -

  1. For the first and second month of the Quarter - a day after the due date of the Form IFF; or in FORM GSTR-1, whichever is later
  2. For the third month of the Quarter - a day after the due date of furnishing FORM GSTR-1

4. Insertion of Sub Rule 5 in Rule 61 - Due date for monthly Form GSTR 3B - With effect from 1st Jan 2021 -

Turnover in Previous FY

Time Limit for furnishing GSTR 3B

Aggregate turnover exceeding five crore rupees in the previous FY

20th day of the month succeeding such month

Aggregate turnover of up to five crore rupees in the previous FY (CAT 1 States) For the months of Oct 20 to Mar 21

22nd day of the month succeeding such month

Aggregate turnover of up to five crore rupees in the previous FY (CAT 2 States) For the months of Oct 20 to Mar 21

224th day of the month succeeding such month

5. Rule 61 - Due date for furnishing QUARTERLY Form GSTR 3B - With effect from 1st Jan 2021 -

Turnover in Previous FY

Time Limit for furnishing GSTR 3B

Aggregate turnover of up to five crore rupees in the previous FY (CAT 1 States) For the months of Oct 20 to Mar 21

22nd day of the month succeeding such Quarter

Aggregate turnover of up to five crore rupees in the previous FY (CAT 2 States) For the months of Oct 20 to Mar 21

24th day of the month succeeding such Quarter

CAT 1 States - Chhattisgarh, MP, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, AP, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman, and Nicobar Islands or Lakshadweep

CCAT 2 States - Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, UP, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, WB, Jharkhand or Odisha, the UT of J&K, Ladakh, Chandigarh or Delhi

6. Payment of Taxes for taxpayers filing Quarterly GSTR 3B -

Frequency of Filing

Payment of Tax

Due Date

Monthly Filers

Monthly in form GSTR 3B

Date for filing GSTR 3B

Quarterly Filers - First 2 months of the Quarter

GST PMT - 06

25th day of the month succeeding such month

Quarterly Filers - Third month of the Quarter

Form GSTR 3B

Date for filing GSTR 3B

7. Rule 61A - Manner of Opting for furnishing QUARTERLY Returns -

Selection of option for the frequency of Filing

Option

Due Date of Selection

Option for filing Quarterly Return

Quarterly Selection of option

11th day of the Second month of preceding Quarter to Last day of the first month of the quarter for which option is exercised

8. Quarterly Option once selected shall continue on a Quarterly basis for future tax periods unless -

  1. becomes ineligible for furnishing the return on a quarterly basis as per the conditions and restrictions notified in this regard; or
  2. opts for furnishing of return on a monthly basis, electronically, on the common portal;

A registered person shall not be eligible to opt for furnishing quarterly return in case the last return due on the date of exercising such an option has not been furnished

A registered person, whose aggregate turnover exceeds 5 crore rupees during the current FY, shall opt for furnishing of return on a monthly basis, from the first month of the quarter, succeeding the quarter during which his aggregate turnover exceeds 5 crore rupees.

Declaration of HSN on GSTR 1 -

Mandatory declaration of a specified number of digits of HSN code for goods or services on GSTR 1 as may be specified in the notification issued from time to time under proviso to rule 46 of the said rules.

  1. Notification of Due Date for furnishing return for Outward Supplies in Form GSTR 1

Notification No and Date

Summary of Notification

Due Date

Effective Date

83/2020 - Central Tax dated 10th Nov, 20/a>

Monthly Form GSTR 1

11th day of the month succeeding such month

1st January 2021

Quarterly Form GSTR 1

13th day of the month succeeding such month

  1. Notification of class of persons for furnishing returns - Monthly or Quarterly - 84/2020 - Central Tax dated 10th Nov, 20

Class of Registered Persons

Deemed Option

Registered persons having aggregate turnover of up to Rs 1.5 crore, who have furnished FORM GSTR1 on a quarterly basis in the current financial year

Quarterly Return

Registered persons having aggregate turnover of up to Rs 1.5 crore, who have furnished FORM GSTR1 on monthly basis in the current financial year

Monthly Return

Registered persons having aggregate turnover of more than 1.5 crore rupees and up to 5 crore rupees in the preceding financial year

Quarterly Return

Notes - i. Taxpayers who have furnished the return for the tax period October 2020 on or before 30th November 2020, it shall be deemed that they have opted under sub-rule (1) of rule 61A of the said rules for the monthly or quarterly furnishing of return

ii. A registered person whose aggregate turnover crosses five crore rupees during a quarter in a financial year shall not be eligible for furnishing of return on a quarterly basis from the first month of the succeeding quarter

iii. The registered persons may change the default option, during the period from the 5th day of December 2020 to the 31st day of January 2021

  1. Notification of special procedure for making payment of 35% as tax liability in first two months for taxpayers option to furnish Quarterly Returns - 85/2020 - Central Tax dated 10th Nov, 20 - With effect from 1st Jan 2021

Frequency

Amount of Deposit

Manner of Computation

Quarterly

35% of the Tax

Liability paid by debiting the electronic cash ledger in the return for the preceding quarter if the return is furnished quarterly

Monthly

last month of the immediately preceding quarter

Liability paid by debiting the electronic cash ledger in the return for the last month of the immediately preceding quarter if the return is furnished monthly

No Tax to be deposited -

  1. For the first month of the quarter, where the balance in the electronic cash ledger or electronic credit ledger is adequate for the tax liability for the said month or where there is a nil tax liability
  2. for the second month of the quarter, where the balance in the electronic cash ledger or electronic credit ledger is adequate for the cumulative tax liability for the first and the second month of the quarter or where there is a nil tax liability

Note - Special procedure shall not be available unless Taxpayer has furnished the return for a complete tax period preceding such month

  1. Rescinding Notification No 76/2020- Central Tax dated 15th October 2020 - 86/2020 - Central Tax dated 10th Nov, 20 - The said notification notified the due dates for furnishing GSTR 3B for the tax periods October 2020 to March 2021.
  1. Notification extending the due date for furnishing of FORM ITC-04 for the period July- September 2020 till 30th November 2020 - 87/2020 - Central Tax dated 10th Nov, 20 The due date for said form was 25th October 2020.
  1. Notification for implementing e-invoicing for the taxpayers having aggregate turnover exceeding Rs. 100 Cr from 01st January 2021 - 88/2020 - Central Tax dated 10th Nov, 20 For taxpayers having aggregate turnover exceeding Rs 500 Crores, e-invoicing was implemented from 1st October 2020.
"Loved reading this piece by Rohit Kumar Singh?
Join CAclubindia's network for Daily Articles, News Updates, Forum Threads, Judgments, Courses for CA/CS/CMA, Professional Courses and MUCH MORE!"




Tags :



Category GST, Other Articles by - Rohit Kumar Singh 



Comments


update