IMPORTANT GST CHANGES APPLICABLE FROM 01st April 2021 AND THINGS TO DO BEFORE 31st March 2021.
1. E-WAY BILL
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|
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.