CBIC yesterday issued notifications on various aspects, a brief summary of them all is as below:
Notification No. 74/2020 –Central Tax: The registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year shall furnish their return in Form GSTR-1 before the 13thof the month succeeding the end of the quarter beginning from Oct-Dec 2020 quarter.
Notification No. 75/2020 –Central Tax: The registered persons having aggregate turnover of more than1.5 crore rupees in the preceding financial year or the current financial yearshall furnish their return in Form GSTR-1 for the monthsfrom Oct, 2020 to March,2021 before the 11thof the month succeedingsuch month.
Notification No. 76/2020 –Central Tax: The due date for furnishing of return in Form GSTR-3B for each of the months from Oct, 2020 to March,2021 is 20th, 22ndor 24thof the succeeding month, as the case may be, based on turnover and principal place of business.
Notification No. 77/2020 –Central Tax: It is issued to amend N.N 47/2019 –CT thereby making the Annual Return in Form GSTR-9 for the F.Y 2019-20 optional in case of registered persons whose aggregate turnover in a financial year does not exceed two crore rupees.
Notification No. 78/2020 –Central Tax: W.e.f 01.04.2021, the requirement of mentioning the HSN code in the invoice would be 4 digits for registered persons having aggregate turnover in the preceding financial year upto rupees 5 crores and would be 6 digits for registered persons having aggregate turnover in the preceding financial year more thanrupees 5 crores.
CGST (Twelfth Amendment) Rules, 2020 have been notified making amendments in various rules. The highlights are as follows:
Rule 67A has been amended to allow filing of NIL CMP 08 for any tax period by short messaging service facility.
For the financial year 2019-20, Audit u/s 35(5) & Reconciliation Statement in Form GSTR-9C has been made applicable for only those registered persons whose aggregate turnover exceeds 5 crore rupees.
Rule 142(1A) has been amended to make the issuance of Form DRC-01A by the proper officer optional.
Format of Form GSTR-2Ahas been amended to include the details of import of goods and inward supplies of goods received from SEZ units/developers.
Current Form GSTR-9 as well as Form GSTR-9C would continue for the year 2019-20 as well.
Form GSTR-9 to include only the values pertaining to the year for which the annual return is being filed and the values pertaining to the preceding financial year to be ignored.
In case of Tables 6B, 6C, 6D& 6Eof Form GSTR-9, the input tax credit pertaining to capital goods to be shown separately for F.Y 2019-20.
For F.Y 2019-20, Table 8A of Form GSTR-9 would auto-populate the details from Form GSTR-2A generated as on 1stNov, 2020.
Tables 15,16,17 & 18 of Form GSTR-9 would be optional for F.Y 2019-20 as well.
The relaxations provided in reporting figures in case of certain tables of Form GSTR-9C for F.Y 2017-18 & F.Y 2018-19 would continue for F.Y 2019-20 as well.
CA Tarun Kumar Gupta
FCA, B.com, LL.b, DISA