Highlights Of Notifications & Circulars Issued In October 2020

Highlights Of Notification & Circulars Issued In October 2020
The Government Issued The Following GST Notifications In October 2020​:
Sr. No. Notification No. Details
1 73/2020 – CT dated 1/10/2020 Regular invoices issued instead of E-invoice during October 2020 is deemed to be valid if IRN is obtained from the e-invoicing portal within 30 days from the date of issue of the invoice.
2 74/2020 – CT dated 15/10/2020 Due Date of quarterly GSTR 1 for Oct-Dec 2020 and Jan-Mar 2021: 13th of next quarter (turnover < 1.5 crores)
3 75/2020 – CT dated 15/10/2020 Due Date of monthly GSTR 1 for Oct 20 to Mar 21: 11th of next month (turnover > 1.5 crores)
4 76/2020 – CT dated 15/10/2020 Due Date of monthly GSTR 3B: turnover < 5 crores – 22nd/ 24th of next month depending on the state Mode of discharging tax, interest liability prescribed
5 77/2020 – CT dated 15/10/2020 Taxpayers with turnover < 2 crores: Option given not to file an annual return for FY 2019-20
6 78/2020 – CT dated 15/10/2020 HSN digits to be reflected on invoices; turnover up to 5 crores – 4 digits (for B2B); turnover above 5 crores – 6 digits (for B2B and B2C)
7 79/2020*- CT dated 15/10/2020 Various amendments made to CGST Rules, 2017 (elaborated below) and various forms
8 06/2020- IGST dated 15/10/2020 Notifies no. of digits of HSN code required on invoices
9 80/2020 – CT dated 28/10/2020 Time limit to furnish an annual return for FY 2018-19 extended till 31 December 2020

GST Circulars Issued During October, 2020

Sr. No. Circular No. Details
1 142 dated 9 October 2020 Clarification of issues relating to the application of sub-rule (4) of Rule 36 of CGST Rules, 2017, cumulatively, for the month of February 2020 to August 2020

*Notification No. 79/2020:

  1. Filing of NIL returns through SMS facility: GSTR 1, GSTR 3B, GST CMP-08 can be filed through registered mobile number.
  2. GST audit threshold enhanced: The GST audit threshold has been increased to 5 crores for taxpayers having turnover for FY 2018-19 and FY 2019-20.
  3. Restrictions for the generation of E-way bill relaxed: Currently, taxpayers who have not filed returns for two consecutive periods are unable to generate an E-way bill. This provision has been relaxed for return periods from February 20 to August 20 in the wake of Covid-19
  4. GSTR 2A functionalities enhanced to show data related to import of goods where Bill of Entry is filed; goods received from SEZ units/ developers where Bill of Entry is filed; return filing date of GSTR 1 and GSTR 5 to be reflected; status of GSTR 3B (whether filed or not) to be reflected; amendment period, if any to be reflected.

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