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:
- Filing of NIL returns through SMS facility: GSTR 1, GSTR 3B, GST CMP-08 can be filed through registered mobile number.
- 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.
- 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
- 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.