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

  • Buyer will not be able to Claim ITC.

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)
  • Buyer will not be able to Claim ITC.

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.

Author Bio

Qualification: Post Graduate
Company: PRAKASH THAKKAR & Co.
Location: VADODARA, Gujarat, India
Member Since: 03 Dec 2019 | Total Posts: 1
Registered Valuer (IBBI and Income Tax - Wealth Tax), Accounting Professional, CA Finalist (1st Group Cleared) View Full Profile

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2 Comments

  1. Rohit Kapoor says:

    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.

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