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Crucial Compliances in GST w.e.f. 1.4.2021
1. E-Invoice─Mandatory─Issuance of E-Invoice is Mandatory, w.e.f. 1.4.2021, for all registered person whose aggregate turnover crossed ₹ 50 Crores in any preceding financial year from 2017-18 onwards (notfn Nos.5/2021-CT dated 8.3.2021, 70/2020-CT dated 30.9.2020 & 13/2020-CT dated 21.3.2020).
2. HSN/SAC Code on Invoice─Mandatory to mention 4/6/8-digit HSN/SAC Code on Invoice w.e.f. 1.4.2021, as per following table;
Aggregate Turnover in the preceding F.Yr. | No. of Digits of HSN/ SAC Code over Invoice | Notfn No. | Date |
Up to ₹ 5/- Crore | 4 | 15.10.2020 | |
Up to ₹ 5/- Crore | Optional for supplies made to unregistered persons, i.e., B2C supplies | ||
More than ₹ 5/- crores | 6 | 15.10.2020 | |
In case of specified chemicals | 8 | 1.12.2020 | |
The mentioning of 4/6/8 Digit HSN/ SAC code, are also required to be captured in Table 12 of Form GSTR-1.
Aggregate Turnover means the aggregate value of,
i) all taxable supplies,
ii) exempt supplies,
iii) exports of goods or services or both and
iv)inter-State supplies of persons having the same Permanent Account Number, to be computed on all India basis,
but excludes,
- central tax, State tax, Union territory tax, integrated tax and cess,
- the value of inward supplies on which tax is payable by a person on reverse charge basis.
Penalty for non compliance.─A penalty of ₹ 50,000/- (CGAT ₹ 25000/- + SGST ₹ 25000/-) u/s 125, CGST Act, 2017 can be levied for non-mentioning/wrong mentioning HSN/SAC Code.
3. Composition Scheme─F.Y. 2021-22─Opting for─Apply up to 31.3.2021 in case a registered person wants for Optingfor Composition Scheme for the F.Y. 2021-22.
4. GST Refund for the F.Y. 2018-19─Claim up to 31.3.2021 (within 2 years time limit).
5. Annual Return GSTR-9 and GST-9C─F.Y. 2019-20─Due dates for Annual Return are as under;
For taxpayers having aggregate turnover more than | Due date | Notfn No. | Date |
₹ 2 crores─Annual Return GSTR-9 | 31.3.2021 | 28.2.2021 | |
₹ 5 crores─Reconciliation Statement─GSTR-9C─Rule 80(3)* | 31.3.2021 | 15.10.2020 |
*By the Finance Act, 2021 as per the amendment, only GSTR-9-annual returns on a self-certification basis needs to be filed and;
i) the mandatory requirement of furnishing a reconciliation statement duly audited by specified professional has been done away with and
ii) filing of the annual return on self certification basis has been provided.
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Om Prakash Jain, Jaipur Tel 9414300730. E-mail: [email protected]