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TMI BlogCrucial Compliances in GST w.e.f. 1.4.2021X X X X Extracts X X X X X X X X Extracts X X X X ..... Crucial Compliances in GST w.e.f. 1.4.2021 - By: - OmPrakash jain - Goods and Services Tax - GST - Dated:- 1-4-2021 - - Crucial Compliances in GST w.e.f. 1.4.2021 1. E-Invoice─M andatory ─ Issuance of E-Invoice is M andatory, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ( 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... v)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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 377; 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). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 recon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ciliation 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: [email protected] - Reply By KASTURI SETHI as = Dear Sir, Your article is timely and very useful. It will help in timely compliance. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thanks regards K.L.SETHI Dated: 1-4-2021 - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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