Kusum Gandhi
Quick Summary
The government notified various notifications related to GST on dt. 22 Dec 2020. In this article, we will discuss Notification No.94/2020 Central Tax. NotificationNo. 94/2020 - Central Tax Through this Notification, the Central Government amended the CGST Rules. Highlights of Notification is
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FAQ :
The CGST Rules have been amended, introducing mandatory biometric Aadhaar authentication and photograph for new registrations, extended timelines for application processing, and new conditions for claiming input tax credit (ITC). There are also new restrictions on using the electronic credit ledger and updated e-way bill validity periods.
New applicants must now undergo biometric-based Aadhaar authentication and have their photograph taken, unless exempted. The time limit for the proper officer to examine registration applications has been increased from 3 to 7 working days, and physical verification of the business premises may be required in certain cases.
Yes, the claim for ITC in respect of invoices or debit notes not furnished by the supplier has been reduced from 10% to 5%. Additionally, new rules restrict the use of the electronic credit ledger for paying output tax liability, limiting it to 99% of the liability in most cases where monthly taxable supplies exceed fifty lakh rupees.
A registered person cannot furnish FORM GSTR-1 if they have not filed their FORM GSTR-3B for the preceding two months. For quarterly filers, the preceding tax period's FORM GSTR-3B must be filed. Those restricted by Rule 86B (99% rule) also need to have filed the preceding tax period's FORM GSTR-3B.
The validity of an e-way bill has been extended. For distances up to 200 km, the validity is one day, and an additional day is allowed for every subsequent 200 km or part thereof, an increase from the previous 100 km limit.
If a business's registration is suspended, they will not be eligible to receive any refund under Section 54 during the suspension period. The suspension can be initiated if significant differences or anomalies are found in returns compared to outward supply details or supplier data.
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