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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 X X X X Extracts X X X X X X X X Extracts X X X X ..... /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 Op ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tional 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) e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xports 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- (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 l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imit). 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 A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 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@yah ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oo.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 X X X X Extracts X X X X X X X X Extracts X X X X
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