GST-UPDATES

 

Notification No 82,83,84,85 and 86/2020:  Below updates are effective from 01.01.2021: GSTR-1 related: - Quarterly return filers can file their first and second month B2B invoices in Invoice Furnishing Facility (IFF) on or before 13th of 1st month in next qtr - Total value for such B2B invoices is capped to 50 lakhs per month - No need to report invoices again in GSTR-1 if already reported in IFF - Due date of GSTR-1 for quarterly filers is 13th of 1st month in next qtr - HSN/SAC codes shall be mentioned mandatorily in GSTR-1 ( <5Cr- 4 digit, >5Cr- 6 digit) GSTR-2 related: - The invoices reported in IFF shall be made available to recipient in their GSTR-2A/2B - Notified FORM GSTR-2B GSTR-3B related: - Rule 61(6) was inserted to provide due date for filing GSTR-3B for the months of Oct 2020 to Mar 2021 as 20th of next month if TO > 5 Crores - Quarterly return filers shall deposit tax in electronic cash ledger on or before 25th of next month for first and second months  87/2020:  - Due date for filing ITC-04 (Job worker return) for the period July 2020 to September 2020 is extended to 30th November 2020 88/2020: E-invoicing is mandatory from 01.01.2021 for every taxpayer (other than SEZ unit) whose aggregate TO in any of the FY from 17-18 exceeds 100 Crores