1. CBIC Notifies the date of applicability of amendment in Section 39 of the CGST Act 2017
Vide Notification No. 81/2020 – Central Tax, the Central Government has appointed 10th November 2020 as the date on which the new provisions of section 39 of the Central Goods and Services Tax Act, 2017 shall come into force, which was introduced by Finance (No. 2) Act, 2019 (23 of 2019). Section 39 deals with provisions related to the Furnishing of returns.
2. CBIC makes amendments to the Central Goods and Services Tax Act, 2017 (12 of 2017)
Vide Notification no. 82/2020 - Central Tax, the government has released the Central Goods and Services Tax (Thirteenth Amendment) Rules, 2020. In the amendments made, CBIC also notifies new rules for Inward/Outward Supplies, GST Returns & New GST Form-2B. Read all the amendments that have been made here.
3. CBIC Extends the time Limit for Furnishing GSTR-1
Vide Notification No. 83/2020 – Central Tax, the Ministry of Finance has extended the time limit for furnishing the details of outward supplies in FORM GSTR-1 of the Central Goods and Services Tax Rules, 2017 for each of the tax periods, till the eleventh day of the month succeeding such tax period, provided that the time limit for furnishing the details of outward supplies in FORM GSTR-1 of the said rules for the class of registered persons required to furnish a return for every quarter under proviso to sub-section (1) of section 39 of the said Act, shall be extended till the thirteenth day of the month succeeding such tax period. This notification shall come into force with effect from the 1st day of January 2021.
4. CBIC Notifies New Rules for Monthly/Quarterly Filing of GSTR-1
Vide Notification No. 84/2020 – Central Tax, CBIC notifies that registered persons having an aggregate turnover of up to five crore rupees in the preceding financial year, and who have opted to furnish a return for every quarter, under sub-rule (1) of rule 61A of the Central Goods and Services Tax Rules, 2017 shall furnish a return for every quarter from January 2021 onwards, and pay the tax due every month in accordance with the proviso to sub-section (7) of section 39 of the said Act.
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.
For the registered person falling in the class specified in column (2) of the Table below, 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 as mentioned in column (3) of the said Table.
|
SL No. |
Class of registered person |
Deemed Option |
|
(1) |
(2) |
(3) |
|
1. |
Registered persons having an aggregate turnover of up to 1.5 crore rupees, who have furnished FORM GSTR-1 on a quarterly basis in the current financial year |
Quarterly return |
|
2. |
Registered persons having an aggregate turnover of up to 1.5 crore rupees, who have furnished FORM GSTR-1 on monthly basis in the current financial year |
Monthly return |
|
3. |
Registered persons having an aggregate turnover of more than 1.5 crore rupees and up to 5 crore rupees in the preceding financial year |
Quarterly return |
5. CBIC Notifies Tax Deposit Amount for persons who have opted to furnish a return for every quarter
Vide Notification No. 85/2020 - Central Tax, the Central Government, on the recommendations of the Council, has notified that registered persons, who have opted to furnish a return for every quarter or part thereof, may pay the tax by way of making a deposit of an amount in the electronic cash ledger equivalent to:
i. thirty-five percent of the tax liability paid by debiting the electronic cash ledger in the return for the preceding quarter where the return is furnished quarterly; or
ii. the tax liability paid by debiting the electronic cash ledger in the return for the last month of the immediately preceding quarter where the return is furnished monthly:
6. CBIC rescinds notification related to due dates of filing GSTR-3B
Vide Notification no. 86/2020 – Central Tax, CBIC rescinds Notification No. 76/2020-Central Tax, dated the 15th October 2020 vide which CBIC had notified Due dates of filing of GSTR-3B for the period October 2020 to March 2021.
7. Due date for filing ITC-04 for July 2020 to September 2020 extended
Vide Notification No. 87/2020 – Central Tax, the due date for filing ITC-04 (Job worker return), in respect of goods dispatched to a job worker or received from a job worker, during the period July 2020 to September 2020 has been extended to 30th November 2020.
8. GST E-invoicing mandatory from 01.01.2021 if TO exceeds Rs. 100 Crores
Vide Notification No. 88/2020 - Central Tax, CBIC has notified that E-invoicing is mandatory from 01.01.2021 for every taxpayer (other than SEZ unit) whose aggregate turnover (TO) in any of the Financial Year from 17-18 exceeds Rs. 100 Crores.
A New GST Form-2B - Auto Drafted ITC Statement has been inserted by CBIC after Form-2A. Read about the particulars and format of the new GST Form-2B here
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