05.04.2021: Through the official twitter handle, CBIC has re-reminded about four new changes in GST.
Vide Notification No. 05/2021- Central Tax Dated 08.03.2021, the CBIC has reduced turnover eligibility for E-invoice from Rs. 100 Crore to Rs. 50 Crore. The new provisions will be in force from 1st April, 2021.
GSTN has recently twitted about some upcoming changes in GSTR-1 which are as under:
1. Column “Total Value” to be removed from Table-12 (HSN wise summary of outward supplies) of Form GSTR-1.
2. A new entry “Rate of Tax” to be inserted in place of Column “Total Value”. Thus, HSN code to be reported Rate Wise.
3. Changes in reporting of number of digit of HSN code as per Notification No. 78/2020- Central Tax and 79/2020- Central Tax Dated 15/10/2020.
The CBIC has extended the due date for filing GSTR-9 and 9C of F.Y. 2019-20 to 31st March, 2021. Earlier due date was 28th February, 2021.
Department has issued below circular prescribing Standard Operating Procedure (SOP) to be followed in case of suspension of GST Registration due to discrepancy between “GST payable and actual GST paid”. To protect yourself from this type of notice or suspension of registration, please reconcile your books with all GST Returns and pay short-fall in tax with interest. Remember that if you have not filed your GSTR-9/9C for relevant year, the details as available in GSTR-1/ GSTR-3B/ GSTR-2A will be final.
The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament today, which is the first budget of this new decade and also a digital one in the backdrop of unprecedented COVID-19 crisis. Laying a vision for Aatma Nirbhar Bharat, she said this is an expression of 130 crore Indians who have full confidence in their capabilities and skills. She said that Budget proposals will further strengthen the Sankalp of Nation First, Doubling Farmer’s Income, Strong Infrastructure, Healthy India, Good Governance, Opportunities for youth, Education for All, Women Empowerment, and Inclusive Development among others.
With the insertion of Clause(aa) in Section 16(2) of the CGST Act by the Finance Act, 2021, now it is clear that Input Tax Credit (ITC) claimed on the basis of invoices which are not uploaded by the supplier in his GSTR-1, is required to be reversed and tax/interest/penalty has to be paid under section 73(5) of the CGST Act.
(1.) ITR filing exemption to citizens aged 75 years and above (only if income from pension and interest).
(2.) New period for re-opening of assessment for transparent tax system : Reopening of assessment period reduced from 6 years to 3 years except in the cases where tax evasion is 50 lakh or more (re-opening of assessment period is 10 years in these cases).
(3.) Constitution of Dispute Resolution Committee (for taxpayers having taxable income of 50 lakh and above and disputed income is 10 lakh).
Government has launched Quarterly Return Monthly Payment (QRMP) Scheme in GST in order to accomplish the target of Ease of Compliance and Ease of Doing Business. To avail the benefit of this scheme, government has notified due dates, after which we can avail this scheme in next quarter. So, for the quarter January- March, 2020, the due date to opt QRMP Scheme is 31st January, 2021.
Rule 86B of the CGST Rules has been challenged in Gujarat High Court in the case of AAP and Co. v/s Union of India. This has been challenged by Advocate Mr. Avinash Poddar and notice has been issued to CBIC (respondent) returnable on 24th February, 2021.