Recent important changes/ developments under GST.

 The following are the recent important changes/ developments under GST.

 

Auto Populated details in Form GSTR 3B

Now, auto-population of system computed details in Form GSTR-3B, has been enabled for taxpayers (filing their Form GSTR-1 on monthly basis), from November 2020 Tax Period onwards. The same will be done based on the following:

·         Liabilities in tables - 3.1 & 3.2 of Form GSTR-3B (except Table-3.1 (d) pertaining to inward supplies liable to reverse charge), are computed by the system on the basis of details of outward supplies as filed in Form GSTR-1 for the tax period

·         Input Tax Credit (ITC) details and details of inward supplies liable to reverse charge, to be reported in Tables-4 and 3.1 (d) respectively, are computed as per system generated Form GSTR-2B for the tax period

 

PDF Format of FORM GSTR-3B

The table-wise computation of the values, auto-populated in Form GSTR-3B, is made available in PDF format also on the Form GSTR-3B dashboard. The same can be downloaded by clicking on the “System Generated GSTR-3B” tab.

Salient features:

·         These system computed auto populated values are only for assisting the taxpayers in filing their Form GSTR 3B. Taxpayers have to ensure the correctness of the values being reported and filed in Form GSTR-3B.

·         The system will prompt the taxpayers with an alert in cases where the variance of the edited values from the auto-populated values is higher than a particular threshold. Taxpayers can change/ edit the auto populated values in Form GSTR-3B.

·         In case taxpayer has not filed Form GSTR-1 for the period, system generated summary will display the respective values as ‘Not filed’. Similarly, if Form GSTR-2B is not generated for the period, system generated summary will display the respective values as ‘Not generated’.

·         If the taxpayer has entered & saved any values in Form GSTR-3B before auto-population by the system, the saved values will not be changed/over-written by the system.

·         Table 5 and 6.2 of FORM GSTR-3B is not part of the PDF & will not be auto-populated by the system.

 

Annual return for the FY 2019-20

Annual return for the FY 2019-20 is now available on GST Portal for all eligible taxpayers post computation of table 8A of GSTR-9.

 

Advisory on Quarterly Return with Monthly Payment scheme

On the recommendations of the GST Council, a new scheme of Quarterly returns with monthly payments [QRMP] will be introduced from 1st January 2021. Under this scheme, taxpayers, whose Aggregate Annual Turnover (AATO) is upto Rs. 5 Cr in previous financial year and current financial year, would be given an option to file their return/statement - FORM GSTR-1 and FORM GSTR-3B quarterly with a simple payment challan for the first two months of the quarter.

The GSTN has issued an advisory in this regard which is being enclosed for your ready reference.

 

Waiver from recording UIN in the invoices for the months of April, 2020 to March, 2021

CBIC has issued Circular No. 144/14/2020-GST dated December 15, 2020 for waiver from the recording of UIN on the invoices for the months of April 2020 to March 2021.

As per the Circular, waiver is hereby given from recording the UIN on the invoices issued by the suppliers pertaining to the refund claims filed for the quarters from April, 2020 to March, 2021, subject to the condition that the copies of such invoices which are attested by the authorized representative of the UIN entity shall be submitted to the jurisdictional officer.

Earlier, vide Circular No. 63/37/2018-GST dated 14th September, 2018 & Corrigendum to the said Circular dated 6th September 2019, waiver from recording of UIN on the invoices issued by retailers/other suppliers were given to UIN entities till March, 2020.

 

Extension of due date of compliance which falls during the period from "20.03.2020 to 30.03.2021 in case of Anti-Profiteering Authority

The CBIC has issued Notification No. 91/2020- Central Tax dated 14-12-2020 to provide breather to anti-profiteering authority.

As per the Notification, where, any time limit for completion or compliance of any action, by any authority, has been specified in, or prescribed or notified under section 171 [Anti-profiteering] of the CGST Act, which falls during the period from the 20th day of March, 2020 to the 30th day of March, 2021, and where completion or compliance of such action has not been made within such time, then, the time-limit for completion or compliance of such action, shall be extended up to the 31st day of March, 2021.

Comments: Thus, it can be said neither the tax payer nor the jurisdictional GST officers get any relief out of the latest GST Notification issued and the relief is restricted only to the Anti-Profiteering Authority.

contributed by :-CA Chitresh Gupta