CBIC has issued various notifications yesterday i.e on 10th Nov, 2020 amending various rules in respect of return filing. A summary of the same is as below:
Central Goods and Services Tax (Thirteenth Amendment) Rules, 2020 have been notified. Highlights of the same are:
W.e.f 01.01.2021, the due date for monthly GSTR-1 shall be 11th of the succeeding month, whereas, the due date for quarterly filers shall be the 13th of the month succeeding such quarter.
Registered Persons having an aggregate turnover of up to Rs 5 crores in the preceding financial year and who have opted for quarterly return filing under Rule 61A as mentioned above can furnish quarterly GSTR-3B provided:
1. the return for the preceding month, as due on the date of exercising such option, has been furnished;
2. once exercised, such option shall continue unless revised by the registered person.
Default migration has been prescribed for registered persons who have furnished the return for the tax period October, 2020 on or before 30th November, 2020. Such default option can be changed from 05th December, 2020 to 31st January, 2021.
Two options are prescribed for monthly payment of taxes in case of quarterly return filers.
Fixed Sum Method: A facility is being made available on the portal for generating a pre-filled challan in FORM GST PMT-06 for an amount equal to 35% of the tax paid in cash in the preceding quarter where the return was furnished quarterly; or equal to the tax paid in cash in the last month of the immediately preceding quarter where the return was furnished monthly.
Self-Assessment Method: The said persons, in any case, can pay the tax due by considering the tax liability on inward and outward supplies and the input tax credit available, in FORM GST PMT-06.
In case the balance in the electronic cash ledger and/or electronic credit ledger is adequate for the tax due for the first month of the quarter or where there is nil tax liability, the registered person may not deposit any amount for the said month. Similarly, for the second month of the quarter, in case the balance in the electronic cash ledger and/or electronic credit ledger is adequate for the cumulative tax due for the first and the second month of the quarter or where there is nil tax liability, the registered person may not deposit any amount.
N.N 76/2020-CT dated 15th Oct, 2020 notifying due dates for FORM GSTR-3B for the months from Oct, 2020 till March, 2021 has been rescinded.
The time limit for furnishing the declaration in FORM GST ITC-04, in respect of goods dispatched to a job worker or received from a job worker, during the period from July, 2020 to September, 2020 has been extended till the 30th day of November, 2020.
W.e.f 01.01.2021, the provisions of e-invoicing shall be applicable to registered persons having turnover exceeding 100 crore rupees instead of current limit of 500 crore rupees
Circular No. 143/13/2020- GST has been issued on these matters which concur with our views as mentioned above.