Crucial Compliances in GST w.e.f. 1.4.2021

[OmPrakash jain]

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	78/2020-CT	15.10.2020
Up to ₹ 5/- Crore	Optional  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) 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,

1. central tax, State tax, Union territory tax, integrated tax and cess,
2. 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 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 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	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 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]

Discussions to this article

[KASTURI SETHI]

Dear Sir,

Your article is timely and very useful. It will help in timely compliance.

Thanks & regards

K.L.SETHI