GST changes effective 1st January,2021

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Last updated: 27 January 2021
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This document outlines key changes to GST compliances and rules, effective from 1st January 2021, stemming from the Finance Act 2020. It covers amendments to the composition scheme, time limits for GST credit on debit notes, voluntary registration cancellation, and extensions for revocation. It also details changes in powers to specify tax invoice issuance for services, penalties for fake invoices, and restrictions on availment of Input Tax Credit (ITC). Furthermore, it explains the mandatory 1% payment from the cash ledger, suspension of registration conditions, and new procedures for registrations including physical and Aadhaar-based biometric verification. Finally, it addresses restrictions on filing GSTR1 and changes in e-waybill time periods. This information is crucial for businesses and tax professionals to ensure compliance.

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Submitted by · Posted 27 January 2021 · Other files by Lekhraj sood · Report
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