IMPORTANT CHANGES
EFFECTIVE FROM 1.1.2021 UNDER GST
The Goods and Services Tax Act,
2017 came into force with effect from 1.7.2017 in
The Central Government is amending GST Rules as and when required in order to increase revenue to exchequer and east of doing business to mercantile public.
The GST collections are high during January, April, July and October of every year. This hike is due to filing of Quarterly return whose turnover is below Rupees 1.5 Crores and opted for Quarterly return filing Option and also because of filing of Quarterly return filing of Composition opted persons and payment of GST at composition rates during the above months.
The Quarterly return taxpayers filing FORM GSTR-1 (whose turnover is below rupees 1.5 Crores and not opted for monthly return filing option) returns before the last day of the month succeeding the quarter i.e. on or before 30th April, 31st July, 31st October and 31st January and paying GST.
The return filing dates were advanced to 13th day
of the month of the succeeding quarter instead of above dates.
The FORM GSTR-1 by quarterly taxpayers must be filed on or before 13.1.2021 for the quarter period October to December 2020.
The Central Government has decided the following in respect of filing of FORM GSTR-3B.
Due dates for filing of Form GSTR-3B for
the Tax Periods from October, 2020 till March, 2021
1.
Government
of
|
Sl. No |
Taxpayers with aggregate
turnover (PAN based) in the previous financial year |
And Taxpayers having
principal place of business in the State/ UT of |
Due date of filing of
Form GSTR 3B, from October, 2020 till March, 2021 |
|
1 |
More than Rs. 5 Crore |
All States and UTs |
20th day of the following
month |
|
2 |
Up to Rs. 5 Crore |
States of Chhattisgarh,
Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu,
Telangana and Andhra Pradesh , the Union territories of Daman and Diu, Dadra
and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep |
22nd day of the following
month |
|
3 |
Up to Rs. 5 Crore |
States of Himachal Pradesh,
Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim,
Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam,
West Bengal, Jharkhand and Odisha, the Union territories of Jammu and
Kashmir, Ladakh, Chandigarh and Delhi |
24th day of the following
month |
QUARTERLY RETURN FILING AND MONTHLY PAYMENT
The Central Government has also introduced Quarterly
Return filing and Monthly Payment of GST Dues.
Salient features of Quarterly Return filing & Monthly
Payment of Taxes (QRMP) Scheme issued on 20/11/2020
1. Who can opt for the
scheme: Following registered person
(hereinafter RP) can file quarterly returns and pay tax on monthly basis w.e.f.
01.01.2021 :
·
An RP (Registered
Person) who is required to file Form GSTR 3B with AATO of up to Rs 5 Cr. in the
previous financial year is eligible. If AATO crosses Rs 5 Cr. during a quarter,
RP will become in-eligible for the Scheme from next quarter.
·
Any person obtaining
a new registration or opting out of Composition Scheme can also opt for this
Scheme.
·
The option to avail
this Scheme can be availed GSTIN wise. Therefore, few GSTINs for that PAN can
opt for the Scheme and remaining GSTINs can remain out of the Scheme.
2. Changes on the GST Portal: For quarter January, 2021 to March, 2021, all RPs
whose AATO for the FY 2019-20 is up to Rs 5 Cr. and have furnished the return
in Form GSTR-3B for the month of October, 2020 by 30thNov., 2020,
will be assigned by the GST System as follows:
|
Sl. No. |
Class of RPs with AATO of |
Return Option assigned by GST System |
|
1 |
Up to Rs 1.5 Cr., who have furnished Form GSTR-1 on quarterly basis in current FY |
Qtrly |
|
2 |
Up to Rs 1.5 Cr., who have furnished Form GSTR-1 on monthly basis in current FY |
Monthly |
|
3 |
More than Rs 1.5 Cr. and up to Rs 5 Cr. in preceding FY |
Qtrly |
3.
When can a person
opt for the scheme:
1. Facility can be availed throughout the year, in any
quarter.
2. Option for QRMP Scheme, once exercised, will continue
till RP revises the option or his AATO exceeds Rs 5 Cr.
3. RPs assigned by GST System can choose to remain out of
the scheme by exercising their option from 5thDec., 2020 till 31st Jan.,
2021.
4. The RPs opting for the scheme can avail the facility of
Invoice Furnishing Facility (IFF), so that the outward supplies to registered
person is reflected in their Form GSTR 2A & 2B.
5.
Payment of tax
under the scheme:
·
RPs (Registered
Persons) need to pay tax due in each of first two months (by 25th of
next month) in the Quarter, by selecting “Monthly payment for quarterly
taxpayer” as reason for generating Challan.
·
RPs can either use
Fixed Sum Method (pre-filled challan) or Self-Assessment Method (actual tax
due), for monthly payment of tax for first two months, after adjusting ITC.
·
No deposit is
required for the month, if there is nil tax liability.
·
Tax deposited for
first 02 months can be used for adjusting liability for the qqarter in Form
GSTR-3B and can’t be used for any other purpose till the filing of return for
the quarter.
FURNISHING OF SUPPLY DETAILS
Invoice
Furnishing Facility (IFF) for Taxpayers under QRMP Scheme
1. An Invoice Furnishing Facility (IFF) facility has been
provided to taxpayers under QRMP Scheme (Quarterly filers of Form GSTR-1 and
also of Form GSTR-3B returns), as per sub-rule (2) of Rule-59 of the CGST
Rules, 2017. Taxpayers who have opted for quarterly filing
frequency under the scheme can file their details of outward supplies (B2B
invoices only) for first two months of a quarter (M1 and M2 respectively of a
Quarter) in IFF. For e.g. for Apr-June qtr., B2B invoices only for the months
of April (M1) and May (M2) can be filed in IFF by a taxpayer.
2. The IFF is a facility similar to Form GSTR-1, and it allows
filing of details of B2B invoices in following tables only:
a. 4A,
4B, 4C, 6B, 6C - B2B Invoices
b. 9B - Credit / Debit Notes (Registered) - CDNR
c. 9A - Amended B2B Invoice - B2BA
d. 9C - Amended Credit/ Debit Notes (Registered) – CDNRA
3. The option to upload details in IFF can be availed till
13th of the subsequent month. Any invoices remaining to be furnished, can be
filed using the IFF in the subsequent month IFF or in the quarterly Form
GSTR-1. For e.g. for Apr-June qtr., B2B invoices for the month of April (M1)
can be filed in IFF by a taxpayer till 13th May. Any IFF which is not filed
till the due date of 13th of the subsequent month will expire.
4. To file the IFF form for M1 and M2 of the month, login to
GST Portal and navigate to Returns > Services > Returns Dashboard
> File Returns and then select the Financial Year &
Return Filing Period (M1/M2 of a quarter) and click on SEARCH button
to file the IFF forms for M1 or M2 month.
5. IFF is an optional facility provided to taxpayers under
QRMP scheme to pass on Input Tax Credit (ITC) to their recipients for M1 and M2
months of a quarter. However, filing of Form GSTR-1 for M3 month of a quarter
is mandatory.
·
Records uploaded in
IFF by the Supplier will reflect in Form GSTR-2A/2B of the Recipient.
·
Supplier Taxpayers
can also upload details in their IFF, through JSON file,
generated using Returns Offline Tool.
·
Records filed in IFF
need not be filed again in Form GSTR-1 of that quarter.
·
Only the
details saved in IFF can be deleted/edited using RESET
button. Once submitted or filed, these details can’t be deleted.
FORM GSTR-1 FILING
CONDITIONS
Similarly the filing of FORM
GSTR-1 by taxpayers are restricted with certain conditions as shown below:
(a) a registered person shall not be allowed to furnish the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1, if he has not furnished the return in FORM GSTR-3B for preceding two months;
(b) a registered person, required to furnish return for every quarter under the proviso to sub-section (1) of section 39, shall not be allowed to furnish the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1 or using the invoice furnishing facility, if he has not furnished the return in FORM GSTR-3B for preceding tax period;
(c) a registered person, who is restricted from using the amount available in electronic credit ledger to discharge his liability towards tax in excess of ninety-nine per cent. of such tax liability under rule 86B, shall not be allowed to furnish the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1 or using the invoice furnishing facility, if he has not furnished the return in FORM GSTR-3B for preceding tax period.”.
E-WAY BILL EXTENSION OF DISTANCE PER DAY
As per the notification dated 22
December 2020, No. 94 /2020. the validity period of e-waybill is changed
from 100 KM per day to 200 KM per day from
01/01/2021. The E-Way Bill validity will be calculated upto the time of
unloading at the business premises.
E-INVOICING FOR TAXPAYERS
E-Invoicing for taxpayers with TO Rs
100-500 Crores is enabled with effect from 1.1.2021. E-invoicing for taxpayers with turuover above Rs.500 Crores already enabled.
GEPP [VERSION 1.01] – TOOL
GePP, a simple and user-friendly
form based Excel tool to enter the invoices one by one and generate the IRN
Numbers is released in e-Invoice Portal.