TMI BlogRecent Updates & Due DatesX X X X Extracts X X X X X X X X Extracts X X X X ..... Recent Updates & Due Dates - By: - Ashwarya Agarwal - Goods and Services Tax - GST - Dated:- 16-9-2020 - - The GST law and GSTN portal has been changing a lot in recent times. Some of such important changes and upcoming due dates are highlighted below for your quick reference: E-Invoicing w.e.f 1st October 2020 Tax payer having Aggregate Turnover (PAN based) more than Five Hundred C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rores in the preceding FY shall be required to mandatorily follow the e-invoicing mechanism w.e.f 1 st October 2020 , as prescribed for their B2B invoices / CN / DN . Under this mechanism, the taxpayer will continue to create their GST invoices / CN / DN on their own Accounting/ Billing/ ERP Systems. These invoices / CN / DN will now be reported to Invoice Registration Portal (IRP) . ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... On reporting, IRP returns the e-invoice with a unique Invoice Reference Number (IRN) after digitally signing the e-invoice and adding a QR Code. After generating the IRN as above from the portal, the invoice can be issued to the recipient with IRN (in the form of QR code) on the face of invoice. The invoice with IRN on it will only be considered as valid invoice. GSTR 2B The n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ew auto-populated statement of Invoices The GSTN portal has come up with an improved version of GSTR 2A with a new name called GSTR 2B . The new feature of this auto-populated form GSTR 2B is that it is a STATIC data as compared to GSTR 2A which was dynamic. This form will also mark the invoices for which ITC is not available. These 2 important features are explained as below: The det ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ail of ITC available for a particular month will be covered from the filing date of GSTR-1 for the preceding month (M-1) up to the filing date of GSTR-1 for that particular month (M). For instance, GSTR-2B generated for August 2020 will contain documents filed by their suppliers from 12 a.m. on 12th August 2020 up to 11:59 p.m. on 11th September 2020. Any invoice uploaded by the supplier on or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after 12 th September 2020 will reflect in GSTR 2B generated for September 2020. The GSTR 2B shall mark invoices for which ITC shall not be available in the following two scenarios: Where the time limit to avail input tax credit on an invoice or debit note has expired under section 16(4) of the CGST Act (earlier of 30th September of the year following the financial year or date of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filing annual returns). The state of the supplier and place of supply is the same, whereas the recipient is located in another state. END of COVID relief for 110% ITC Notification 30/2020 CT dt. 03.04.2020 had provided a relief that condition of Rule 36(4) in claiming ITC in GSTR 3B (i.e. 110% of ITC as per GSTN portal ) was not applicable for filing of GSTR 3B for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the month February to August 2020 . This adjustment shall applicable cumulatively in GSTR 3B to be filed for the month September 2020. The time has come and taxpayer should cautiously comply with this condition cumulatively at the time of filing of GSTR 3B for the month of September 2020. Auto-populated GSTR 3B An auto-drafted pdf statement of GSTR 3B shall be made availab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le to the taxpayer filing their GSTR 1 MONTHLY. This statement shall contain details of outward supply auto-filled on the basis of GSTR 1 filed by the taxpayer for that particular month. Referring to this auto-drafted statement in advance shall help taxpayer in avoiding any mismatch in data as per GSTR 1 GSTR 3B . Last date for claiming ITC of 2019-20 As per provision the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovision of GST law, the last date for claiming ITC of any invoices or debit note pertaining to FY 2019-20 shall be the due date for filing of GSTR 3B for the month September 2020 (i.e. 20 th October 2020 ); Last date Annual Return ( GSTR 9 ) and Reconciliation Statement ( GSTR 9C ) Last date for filing of GSTR 9 GSTR 9C for the FY 2018-19 is 30 th September 2020. Fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ling of GSTR 9 is optional for taxpayer having aggregate turnover upto 2 Crores Filing of GSTR 9C is optional for taxpayer having aggregate turnover upto 5 Crores . Adhaar authentication for GST Registration Notification 62/2020 CT dt. 20.08.2020 amends the GST law to introduce Adhaar authentication of the person applying for GST registration. Now the date of applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation for registration shall be date on which the adhaar authentication is completed. In case the taxpayer does not opt for adhaar authentication or fails to complete the adhaar authentication process, he shall be subjected to physical verification of the place of business in the presence of the said applicant. General Extension Anti Profiteering There is a general extension of comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liance dates where, any time limit for completion or compliance of any action, by any authority or by any person, has been specified in, or prescribed or notified under sec 171 of the said Act, which falls during the period from the 20.03.2020 to 29.11.2020 , and where completion or compliance of such action has not been made within such time, then, the time limit for completion or compliance o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f such action, shall be extended upto 30 th November 2020 ; ( Notification 35/2020-CT amended by Notification 65/2020-CT dt. 01.09.2020) - - 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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