Recent important Updates in GST
There have been some changes in GST in the month of May 2021. Same has been discussed below -
- Requirement of Rate of Tax in HSN table of form GSTR 1
- Generation of form GSTR 2B for the month of May 2021
- Extension of the due date of filing Revocation application of Cancellation
The aforesaid changes have been discussed in detail as under –
1. Requirement of quoting Rate of Tax and removal of total value from HSN summary (Table 12) of GSTR 1
Modification has been made in HSN summary (Table 12) of GSTR 1 wherein requirement to quote Rate of tax has been introduced and total value has been removed while furnishing GSTR 1.
Below is the screenshot of the modified requirement
2. Generation of GSTR 2B for May 2021
Vide Notification No. 12/2021-CT and 13/2021-CT, both dated 1st May 2021 the Due date for furnishing of GSTR-1 and Invoice Furnishing Facility (IFF) for April 2021, has been extended to 26th and 28th May 2021, respectively. Consequently, GSTR-2B for April 2021 will be generated after the Due dates, on 29th May 2021.
Taxpayers willing to file FORM GSTR-3B for April 2021 before GSTR-2B generation may do so on self-assessment basis. Notification No. 13/2021-CT dated 1st May 2021 prescribes a cumulative limit under Rule-36(4) for ITC claimed in periods April & May 2021.
Legal Provision - Rule-60(7) of CGST Rules-2017 prescribes for generation of auto-drafted statement containing the details of input tax credit in FORM GSTR-2B for counter-party recipients. As per Rule-60(8) of CGST Rules-2017, FORM GSTR-2B shall be made available to the recipients after the Due date of filing GSTR-1/IFF by the suppliers.
3. Extension of the due date of filing Revocation application of Cancellation
In view of Notification No. 14/2021 dated 1st May 2021, the timeline for filing the 'Application for Revocation of Cancellation' has been extended for those applicants, for whom the due date to file the same falls between 15 April to 30th May, 2021. Now, they can file the said application till 31st May, 2021
CAclubindia
