The Government issued the following Notifications on 15th October 2020 to give effect to the announcements and decisions of the recently held GST Council meeting.
|74/2020 – CT||Due Date of quarterly GSTR 1 for Oct-Dec 2020 and Jan-Mar 2021: 13th of next quarter (turnover < 1.5 crores)|
|75/2020 – CT||Due Date of monthly GSTR 1 for Oct 20 to Mar 21: 11th of next month (turnover > 1.5 crores)|
|76/2020 – CT||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.
|77/2020 – CT||Taxpayers with turnover < 2 crores: Option given not to file an annual return for FY 2019-20|
|78/2020 – CT||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)|
|79/2020*- CT||Various amendments made to CGST Rules, 2017 (elaborated below) and various forms|
|06/2020- IGST||Notifies no. of digits of HSN code required on invoices|
*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.