CA Umesh Sharma
Quick Summary
Arjuna (Fictional Character): Krishna, the eve of new year was celebrated with enthusiasm. What are the20 major things to be kept in mind in this year 2020 by the taxpayer? Krishna (Fictional Character): Arjuna, every new year comes with new hopes, new aspirations, new responsibilities and ne
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FAQ :
The new e-invoicing system in GST will be mandatory from April 1st, 2020, for taxpayers with an annual turnover exceeding Rs. 100 crore, and will gradually extend to all B2B suppliers. It involves a mechanism for real-time upload of revenue invoices.
From April 1st, 2020, a new simplified and automated GST returns system will be implemented for all taxpayers. This system aims to increase compliance and reduce tax evasion, using Annexure 1 (Outward Supplies) and Annexure 2 (Inward Supplies) as the basis for filing.
From January 1st, 2020, the claim of ITC for invoices not reflected in a taxpayer's FORM GSTR-2A is restricted to 10% of the eligible ITC reflected there, a reduction from the previous 20% limit.
From January 11th, 2020, non-filing of GSTR-1 for two consecutive periods will block the generation of E-way Bills. Regular filing of GSTR-1 and GSTR-3B is essential.
The most significant change is the introduction of a new online, faceless assessment system across India, driven by technology. The proposed due date for e-assessment for FY 2017-18 is September 30th, 2020.
The deadline for linking PAN Card with Aadhaar Card has been extended to March 31st, 2020.
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