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Crucial Compliances in GST w.e.f. 1.4.2021
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....rucial Compliances in GST w.e.f. 1.4.2021<br>By: - OmPrakash jain<br>Goods and Services Tax - GST<br>Dated:- 1-4-2021<br><br>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/....
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....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 78/2020-CT 15.10.2020 Up to ₹ 5/- Crore Opt....
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....ional for supplies made to unregistered persons, i.e., B2C supplies More than ₹ 5/- crores 6 78/2020-CT 15.10.2020 In case of specified chemicals 8 90/2020-CT 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) ex....
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....ports 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/....
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....- (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 Opting for 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 li....
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....mit). 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 4/2021-CT 28.2.2021 ₹ 5 crores─Reconciliation Statement─GSTR-9C─Rule 80(3)* 31.3.2021 79/2020-CT 15.10.2020 *By the Finance Ac....
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....t, 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. -------- Om Prakash Jain, Jaipur Tel 9414300730. E-mail: opjain02@yaho....
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....o.co.in Reply By KASTURI SETHI as = Dear Sir, Your article is timely and very useful. It will help in timely compliance. Thanks & regards K.L.SETHI Dated: 1-4-2021<br> Scholarly articles for knowledge sharing by authors, experts, professionals ....