Short Summary of Six CGST Notifications & One IGST Notification Issued on 15-10-2020

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Short Summary of Six CGST Notifications & One IGST Notification Issued on 15-10-2020

 

CT Notification No. 74: 

 

It Prescribes the due date for furnishing FORM GSTR-1 for the quarters for October, 2020 to December, 2020 and January, 2021 to March, 2021 for registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year

 

 

CT  Notication No. 75 : 

 

It Prescribes the due date for furnishing FORM GSTR-1 for each of the months from October, 2020 to March, 2021 for registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial year.

 

 

CT Notificatiin No. 76:

 

It Prescribes the staggered date for filing of FORM GSTR-3B for the months of October, 2020 to March, 2021 and prescribes the mode and last date for discharge of tax liability as per FORM GSTR-3B.

 

 

CT Notification No. 77:

 

It Seeks to make filing of annual return for FY 2017-18, 2018-19 and 2019-20 optional for small taxpayers whose aggregate turnover is less than Rs 2 crores and who have not filed the said return before the due date.

 

 

CT Notificatiin No. 78: 

 

It Notifies the number of digits of HSN code required on tax invoice.

 

 

CT Notification No. 79:

 

It is with regard to Central Goods and Services Tax (Twelveth Amendment) Rules, 2020, Amendment to Rule 46, 67A, 80, 138E, 142 and various Forms

 

IGST Noti fixation No. 06

 

It notifies the number of digits of HSN code required on tax invoice.

 

 

In Short, the key impact in general is as under:

  1. The HSN codes is made compulsory at 4/6 digits from 1st April 2021.
  2. Turnover limit for GST audit of Rs. 5 crore will apply to FY 2019-20 also.
  3. Annual return for small taxpayers below Rs. 2 crore turnover remains optional for the FY 2019-20 as well.
  4. DRF 01A is optIonla as the word “Shall” is replace by the word  “May”.
  5. Changes in the forms & Rules. 

 

 

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