GST Changes w.e.f 1st April 2021

Topic

Compliance Requirement

Fresh                   Invoice/Document Series

New/unique series of invoices to be raised for FY 2021-22 as per Rule 46(b) of the CGST Rules, so that there is no duplication or repetition of invoices with the preceding financial year.

Applicability of QR code

The Central Board of Indirect Taxes and Customs (CBIC) notified the waiver of penalty for non-compliance of capturing dynamic QR code in GST Invoice from December 2020 to June 30, 2021, fixed deadline of compliance to July 1, 2021.

Hence, companies having turnover above 500 Cr. can initiate adding dynamic QR Code on B2C invoices from 1st July 2021. In any case if the taxpayers fail to comply with dynamic QR Code requirements from 1st July 2021, penalty will be levied from 1st December 2020.

Opt-in or Opt-out from Quarterly Return Monthly Payment Scheme for F.Y. 2021-22

The window to opt-in or opt- out of the QRMP Scheme for the first quarter of FY 2021-22 i.e., From April 1, 2021 to June 30, 2021 is open now at GST Portal.

For more details : https://icmai.in/upload/Taxation/QRMP_2812_2020.pdf https://icmai.in/upload/Taxation/faq_on_qrmp_iff.pdf

Change in HSN requirement from 2/4 digit to 4/6 digits

W.e.f. 1st April 2021 vide Notification No. 78/2020 – Central Tax, dated 15th October 2020, it is mandatory to put 4 digit HSN code in case turnover is less than Rs 5 Crore for B2B invoices and 6 digit in case turnover is more than Rs 5 Crore in all invoice i.e. B2B and B2C.

For more details: https://icmai.in/upload/Taxation/Mandatory_mention_HSN.pdf

Applicability of E-invoice

E-Invoicing has been made applicable from 1st October 2020 to all businesses whose aggregate turnover has exceeded Rs.500 crore limit in any of the preceding financial years from 2017-18 to 2019-20.

Further, from 1st January 2021, E-Invoicing will be applicable to businesses whose aggregate turnover exceeding Rs.100 crore in any of the financial years between 2017-18 to 2019-20, as intimated in Notification No.88/2020 - Central Tax.

On 8th March 2021, The Central Board of Indirect Taxes and Customs (CBIC) notified that e-Invoicing will be applicable from 1st April 2021 for businesses with a turnover more than Rs.50 crores (in any financial year from FY 2017- 18 onwards, as intimated in Notification No. 5/2021 – Central Tax.)