Notification No. 81/2020
In exercise of the powers conferred by clause (b) of sub-section (2) of section 1 of the Finance (No. 2) Act, 2019 (23 of 2019), the Central Government hereby appoints the 10th day of November, 2020, as the date on which the provisions of section 97 of the said Act shall come into force.
Notification No. 82/2020
Title – Option for quarterly filing of GSTR-1 would be made available to the taxpayers.
With effect from – January 1st, 2021
The registered persons required to furnish GSTR 3B return quarterly under proviso to sub-section (1) of section 39 may furnish the details of such outward supplies for the first and second months of a quarter, up to a cumulative value of fifty lakh rupees in each of the months, – using invoice furnishing facility (IFF) from the 1st day of the month succeeding such month till the 13th day of the said month.
The details furnished using the IFF, shall not be furnished again in FORM GSTR-1 for that quarter.
The details furnished through IFF shall include only B2B supplies along with relevant DNs and CNs.
W.e.f. 01.01.2021, FORM GSTR-2A shall also include details furnished through IFF and also details of the integrated tax paid on the import of goods or goods brought in domestic Tariff Area from SEZ unit or a SEZ developer on a bill of entry.
FORM GSTR-2B has been given legal backing.
Rule 61 has been amended and FORM GSTR-3B has been notified as the monthly and quarterly return and FORM GSTR-3 has been done away with.
The due dates for monthly GSTR-3B is the 20th of the succeeding month while that of the quarterly GSTR-3B is the 22nd or 24th of the month succeeding such quarter based on the principal place of business of the Registered Persons.
Quarterly return filers shall pay tax for the first two months of the quarter by using PMT-06 by 25th day of the succeeding month.
The amount paid as above shall be credited in the electronic cash ledger and has to be debited while filing GSTR-3B quarterly.
Rule 61A has been inserted to provide for the manner of opting quarterly GSTR-3B. Such option has to be exercised from the 1st day of the second month of the preceding quarter till the last day of the first month of the quarter for which the option is being exercised. In simple words, quarterly option for Apr-Jun 2021 can be exercised from 01.02.2021 till 30.04.2021.
A Registered person shall not be eligible to opt for furnishing quarterly return in case the last return due on the date of exercising such option has not been furnished.
A registered person, whose aggregate turnover exceeds 5 crore rupees during the current financial year, shall opt for furnishing of return on a monthly basis, from the first month of the quarter, succeeding the quarter during which his aggregate turnover exceeds 5 crore rupees.
HSN Codes have to be mandatorily specified in FORM GSTR-1 as per proviso to Rule 46.
Notification No. 83/2020
With effect from – January 1st, 2021
The due date for monthly GSTR-1 shall be 11th of the succeeding month, whereas, the due date for quarterly filers shall be the 13th of the month succeeding such quarter.
Notification No. 84/2020
Registered Persons having an aggregate turnover of up to Rs 5 crores in the preceding financial year and who have opted for quarterly return filing under Rule 61A can furnish quarterly GSTR-3B provided:
- The return for the preceding month, as due on the date of exercising such option, has been furnished;
- Once exercised, such option shall continue unless revised by the registered person.
Default migration has been prescribed for registered persons who have furnished the return for the tax period October, 2020 on or before 30th November, 2020. Such default option can be changed from 05th December, 2020 to 31st January, 2021.
Notification No. 85/2020
Two options are prescribed for monthly payment of taxes in case of quarterly return filers.
Fixed Sum Method: A facility is being made available on the portal for generating a pre-filled challan in GST PMT-06 for an amount equal to 35% of the tax paid in cash in the preceding quarter where the return was furnished quarterly; or equal to the tax paid in cash in the last month of the immediately preceding quarter where the return was furnished monthly.
Self-Assessment Method: The said persons, in any case, can pay the tax due by considering the tax liability on inward and outward supplies and the input tax credit available, in GST PMT-06.
In case the balance in the electronic cash ledger and/or electronic credit ledger is adequate for the tax due for the first month of the quarter or where there is nil tax liability, the registered person may not deposit any amount for the said month. Similarly, for the second month of the quarter, in case the balance in the electronic cash ledger and/or electronic credit ledger is adequate for the cumulative tax due for the first and the second month of the quarter or where there is nil tax liability, the registered person may not deposit any amount.
Notification No. 86/2020
In exercise of the powers conferred by section 168 of the Central Goods and Services Tax Act, 2017 (12 of 2017), read with sub-rule (5) of rule 61 of the Central Goods and Services Tax Rules, 2017, the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations on the Council, hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 76/2020-Central Tax, dated the 15th October, 2020, published in the Gazette of India, Extraordinary, vide number G.S.R. 636(E), dated the 15th October, 2020, except as respects things done or omitted to be done before such rescission.
Notification No. 87/2020
The time limit for furnishing the declaration in GST ITC-04, in respect of goods dispatched to a job worker or received from a job worker, during the period from July, 2020 to September, 2020 has been extended till the 30th day of November, 2020.
Notification No. 88/2020
With effect from – January 1st, 2021
The provisions of e-invoicing shall be applicable to registered persons having turnover exceeding 100 crore rupees instead of current limit of 500 crore rupees.
