Notifications issued to Implement the Decisions of 42nd GST Council Meeting

Notifications issued to Implement the Decisions of 42nd GST Council Meeting

by | Oct 16, 2020

Notifications issued to Implement the Decisions of 42nd GST Council Meeting

Dear All,

The Central Board of Indirect Taxes and Customs (‘CBIC’) on recommendation of the GST Council, has issued various notifications for implementing the changes in law, procedures and returns. We have hereinbelow summarized the key aspects of the notifications issued by the CBIC:

Notification No.

Key Changes

  
74/2020 – CT dated 15 October 2020 Due date for filing GSTR-1 by the registered persons having Aggregate Turnover (‘AT’) of up to INR 1.5 crores in the preceding Financial Year (‘FY’) or the current FY will be:

S. No. Quarter for which GSTR 1 is to be filed Time period to furnish such information
1 October 2020 to Dec 2020 13th Jan 2021
2 Jan 2021 to March 21 13th April 2021
 
75/2020 – CT dated 15 October 2020 Due date for filing GSTR 1 by the registered persons having AT more than INR 1.5 crores in the preceding FY or the current FY will be:

Month for which GSTR 1 is to be filed Time period to furnish such information
October 2020 to March 2021 11th of the month succeeding such month
 
76/2020 – CT dated 15 October 2020 Due date for filing GSTR 3B by the registered persons having AT more than INR 5 crores in the preceding FY or the current FY, shall be:

Month for which GSTR 3B is to be filed Time period to furnish such information
October 2020 to March 2021 20th of succeeding such month
 
77/2020 – CT dated 15 October 2020 Filing of the Annual Return Form (i.e., GSTR-9) for FY 2017-18, FY 2018-19 and FY 2019-20 is optional for registered persons having AT in a FY not exceeding INR 2 crores  
78/2020 – CT and 06/2020 –Integrated Tax dated 15 October 2020 Number of digits of HSN/ SAC required to be mentioned on tax invoice (w.e.f. 1 April 2021):

 

a.    6 digits level HSN/ SAC – for registered persons with AT more than INR 5 crores

b.    4 digits level HSN/ SAC – for registered persons with AT up to INR 5 crores

 

Further, the registered persons with AT up to INR 5 crores, may not mention the number of digits of HSN Code in a tax invoice issued by them in respect of supplies made to unregistered persons

  
79/2020 – CT dated 15 October 2020 The Government has extended the exemption for the registered persons having AT up to INR 5 crores from getting the books of accounts audited (i.e., Form GSTR-9C). Accordingly, registered persons having AT exceeding INR 2 crores but less than INR 5 crores would be required to file GSTR 9 only and there would be no requirement to file GSTR 9C for FY 2018-19 and FY 2019-20  

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