1. E-Invoicing is Mandatory for Registered Person under GST if Supply (Turnover) (U/s 7(1) of CGST Act 2017) for the FY 2020-21 Exceeds Rs. 50 Crores. (Notification No. 05/2021 – Central Tax Dated 08/03/2021.)
2. Regular Registered Person wanting to opt for Composition Scheme for FY 2021-22 may apply for change on or before 31/03/2021.
3. Registered Person Wanting to opt IN/Out for QRMP Scheme for FY 2021-22 may apply for change between March-21 to May-21.
4. Refund time limit of FY 2018-19 can be claimed before 31st March 2021 (2 Years’ Time Limit) by applying RFD-01.
5. Registered Person who want to Export/Supply to SEZ units without payment of tax are required to obtain/Renew LUT for FY-2021-22 on or before 31st March, 2021 for FY 2021-22.
6. HSN/SAC CODE IS MANDATORY w.e.f. 01st APRIL, 2021
HSN/SAC CODE: Notification No. 78/2020 – Central Tax Dated 15/10/2020
| Supply (U/s 7(1) of CGST Act 2017) for FY 2020-21 | HSN/SCN Code | Consequences |
|---|---|---|
| If Supply for previous financial year (i.e. FY 2020-21) is Less than or Equal to Rs. 5 Crores
– B2B Transaction – Export/SEZ Sales – B2C Transaction |
4 Digits (Mandatory) 4 Digits (Mandatory) Voluntary |
Note: While Taking ITC on Purchases and other Expenses, kindly verify in the invoice/bill that supplier has mentioned HSN or SAC code of 4 digits as the case may be. If HSN or SAC Code is Not Mentioned up to 4 Digits ITC will not be available. |
| If Supply for previous financial year (i.e. FY 2020-21) is More than Rs. 5 Crores | 6 Digits (Mandatory) |
Note: While Taking ITC on Purchases and other Expenses, kindly verify in the invoice/bill that supplier has mentioned HSN or SAC code of 4 digits as the case may be. If HSN or SAC Code is Not Mentioned up to 4 Digits ITC will not be available. |
no one know supplier turnover- then how is possible 4 o r 6 digit HSN is ineligible
Sorry for late reply
irrespective of turnover limit available/known to you or not, you need to see that tax invoice issued for GST has HSN/SAC of 4 digits.
Dear Sir,
can you please confirm the relevant date for claiming ITC for FY 2018-19. I have read in some articles that definition of relevant date has changed for ITC. Eg- For April 2018 the refund shall be claimed till April 2020. Please suggest what is the last date to apply for refund for FY 2018-19 entire year.
Sorry for late reply
relevant date incase of refund under GST is different for Direct Export (i.e. without LUT), Refund of ITC incase of Zero rated Supply (I.e. under LUT), Supply to SEZ and Deemed Export. so kindly see the relevant provision before making application refund application.