Key highlight of the Notifications dated 10 November 2020 issued under GST law
by ReinHeads Team | Nov 13, 2020
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Key highlight of the Notifications dated 10 November 2020 issued under GST law
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Dear All,
The Central Board of Indirect Taxes and Customs (‘CBIC’) has issued Notification No. 82/2020 – Central Tax to Notification No. 88/2020- Central Tax on November 10, 2020 for implementing certain changes in law and procedures. Following are the key highlights of the relevant Notifications:
| Key Changes |
Points |
| E-invoicing mandatory from 01.01.2021 if aggregate turnover exceeds Rs. 100 Crores |
- E-invoicing is mandatory with effect from 01 January 2021 for the registered persons having aggregate turnover one hundred crore in the preceding FY or current FY
(Refer Notification No.88/2020 – Central Tax dated 10 November 2020) |
| Due date for Form GST ITC – 04 for the period July 2020 to September 2020 extended till 30 November 2020 |
- Due date for filing of Form GST ITC-04 in respect of goods dispatched to a job worker or received from a job worker, for the period July 2020 to September 2020 extended till 30 November 2020
(Refer Notification No.87/2020 – Central Tax dated 10 November 2020) |
| Due date for filing Form GSTR 1 for each tax periods on or after 01 January 2021 |
Due date for filing Form GSTR 1 by the registered persons for each tax periods on or after 01 January 2021:
| Category of Registered persons |
Due date for GSTR-1 |
| Aggregate Turnover > INR 1.5 crore in preceding FY or the current FY |
11th of the month succeeding such month |
| Aggregate Turnover <= INR 1.5 crore in preceding FY or the current FY |
13th of the month succeeding every quarter |
(Refer Notification No 83/2020 – Central Tax dated 10 November 2020) |
| Amendments in the CGST Rules |
- Due date for monthly filing of Form GSTR-3B is 20th of the succeeding month
- For aggregate turnover up to 5 Crore, filing of Form GSTR-3B is 22nd and 24th of the month succeeding such quarter based on the principal place of business of the registered person
- Details of outward supplies furnished by the supplier in GSTR-1 or using the Invoice Furnishing Facility (‘IFF’) are to be made available electronically to the recipients in Part A of GSTR-2A, in GSTR-4A and in GSTR-6A through the common portal
- Quarterly return filers shall pay tax for the first two months of the quarter by PMT-06 by 25th day of the succeeding month
- Rule 61A has been inserted which provides for the manner of opting quarterly filing of Form GSTR-3B
- Mandatory to specify the number of digits of HSN code for goods or services in Form GSTR -1
- GSTR-2A will also include details pertaining to imports w.e.f. 01 January 2020
(Refer Notification No. 82/2020 – Central Tax dated 10 November 2020) |
| Other points |
- Procedure has been prescribed for registered person who opts to file GSTR 3B quarterly (Refer Notification No. 84/2020 – Central Tax dated 10 November 2020)
- Special procedure has been prescribed for payment of tax by the registered persons who opted for quarterly filing (Refer Notification No. 85/2020 – Central Tax dated 10 November 2020)
- Notification No. 76/2020 – CT dated 15 October 2020, which prescribes the due dates of filing of Form GSTR-3B for the period October 2020 to March 2021 has been rescinded (Refer Notification No. 86/2020 – Central Tax dated 10 November 2020)
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