With the amendment by Finance Act 2021, u/s 129 of the CGST Act under detention, seizure, and release of goods and conveyance in transit, the penalty applicable will be 200% of the tax payable.

2. Input Tax Credit (ITC)

With the amendment by Finance Act 2021, ITC will be available to the taxpayer, only if the supplier has uploaded the invoice in GSTR-1 and filed it within the due date and the invoice is reflecting in the GSTR-2B of the taxpayer.

Also, if there is a mismatch in GSTR-1 and GSTR-3B, the notice will be issued to the taxpayer, and if the Jurisdiction Officer is not satisfied with the Assessee’s reply, or the assessee does not reply within the prescribed time period, the Jurisdiction officer can proceed for Cancellation of the GST Registration.

3. HSN Code

As per Notification No. 78/2020 – Central Tax dated 15th October 2020. A registered person having aggregate turnover in the previous financial year, shall mention the number of digits of the HSN code as specified below:

Sr. No. Aggregate Turnover Digits of HSN Code
1. Less than or equal to Rs. 5 Crore 4
2. More than Rs. 5 Crore 6
3. In case of Export of Goods/Service 8

4. E-Invoice

As per Notification No. 05/2021 – Central Tax dated 08th March 2021, E-Invoice will be mandatory to all the registered person whose aggregate turnover crossed Rs. 50 Crores in any previous financial year from 2017-18 onwards.

5. Opt-in for Composition Scheme

A regular registered person wanting to opt for Composition Scheme for the F.Y. 2021-22 may apply on or before 31st March 2021.

6. Obtain or Renew Letter of Undertaking (LUT) for the F.Y. 2021-22

A registered person who wants to Export or Supply to SEZ units without payment of tax may apply for the LUT for the F.Y. 2021-22.

7. GST Refund

Refund for the F.Y. 2018-19 (2 years time limit) can be claimed on or before 31st March 2021.

8. GSTR-9 and GST-9C for the F.Y. 2019-20

As per Notification No. 04/2021 – Central Tax dated 28.02.2021 the due date to file GSTR-9 (for the taxpayers having aggregate turnover more than Rs. 2 crores) and GSTR-9C (for the taxpayers having aggregate turnover of more than Rs. 5 crores) has been further extended from 28th February 2021 to 31st March 2021.

Author Bio

Qualification: LL.B / Advocate
Company: Jhaveri Associates
Location: Jamnagar, Gujarat, India
Member Since: 27 Mar 2021 | Total Posts: 1

More Under Goods and Services Tax


  1. Vibhor Sanghi says:

    If Application for refund of GST is been filed before 31st March,2021 for F.Y. 2018-19 can it refiled or corrected after 31st Marc,2021??

  2. Nirav Vadodaria says:

    Wah Naitik Bhai good work for professional and the assesse.Keep it up in future also whenever any changes is there kindly inform through this platform

  3. Om Prakash Jain says:

    You have mentioned 8-digit code for ‘Export of Goods/Service’. Kindly give reference to notfn in this regard.
    Om Prakash Jain 9414300730/0141-3584043

    1. Kinjal Mehta says:

      In notification 90/2020, no where it has mentioned export of goods or service. They have just mentioned category of supply for which 8 digit code is compulsory. Thus, we cannot say that for all export irrespective of turnover 8 digit HSN is mandatory.

  4. SUSHIL Sureka says:

    Very concise, easy to understand explanation of changes, in common men’s language. Wish the law was also drafted like this.
    But what draconian provisions for input tax credit, which was promised to be seamless. They are making the tax payer’s life more and more miserable.

  5. Rashmi Shende says:

    7. GST Refund –
    Refund for the F.Y. 2018-19 (2 years time limit) can be claimed on or before 31st March 2021.
    What will be the exact due dates for different categories under which GST refunds being filed for F.Y. 2018-19??

    1. Naitik Jhaveri says:

      2 years time limit to apply for the GST Refund u/s 54 of CGST Act

      1. Refund on Export or deemed export of goods or services – Date of dispatch/loading/passing the frontier
      2. Unutilised ITC under clause (ii) of the first proviso to sub-section (3) – Due date of furnishing return u/s 39 (w.e.f. 01.02.2019)
      3. Excess Payment – Date of payment

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April 2021