The GST law and GSTN portal has been changing a lot in recent times. Some of such important changes and upcoming due dates are highlighted below for your quick reference. Changes includes Implementation of E-Invoicing w.e.f 1st October 2020, Implementation of GSTR 2B – The new auto-populated statement of Invoices, END of COVID relief for 110% ITC, Implementation of Auto-populated GSTR 3B, Article explains Last date for claiming ITC of 2019-20, Adhaar authentication for GST Registration and General Extension for Anti Profiteering.
Tax payer having Aggregate Turnover (PAN based) more than Five Hundred Crores in the preceding FY shall be required to mandatorily follow the e-invoicing mechanism w.e.f 1st October 2020, as prescribed for their B2B invoices / CN / DN.
The GSTN portal has come up with an improved version of GSTR 2A with a new name called GSTR 2B. The new feature of this auto-populated form GSTR 2B is that it is a STATIC data as compared to GSTR 2A which was dynamic. This form will also mark the invoices for which ITC is not available. These 2 important features are explained as below:
The detail of ITC available for a particular month will be covered from the filing date of GSTR-1 for the preceding month (M-1) up to the filing date of GSTR-1 for that particular month (M). For instance, GSTR-2B generated for August 2020 will contain documents filed by their suppliers from 12 a.m. on 12th August 2020 up to 11:59 p.m. on 11th September 2020. Any invoice uploaded by the supplier on or after 12th September 2020 will reflect in GSTR 2B generated for September 2020.
The GSTR 2B shall mark invoices for which ITC shall not be available in the following two scenarios:
Notification 30/2020 – CT dt. 03.04.2020 had provided a relief that condition of Rule 36(4) in claiming ITC in GSTR 3B (i.e. 110% of ITC as per GSTN portal) was not applicable for filing of GSTR 3B for the month February to August 2020. This adjustment shall applicable cumulatively in GSTR 3B to be filed for the month September 2020.
The time has come and taxpayer should cautiously comply with this condition cumulatively at the time of filing of GSTR 3B for the month of September 2020.
An auto-drafted pdf statement of GSTR 3B shall be made available to the taxpayer filing their GSTR 1 MONTHLY. This statement shall contain details of outward supply auto-filled on the basis of GSTR 1 filed by the taxpayer for that particular month.
Referring to this auto-drafted statement in advance shall help taxpayer in avoiding any mismatch in data as per GSTR 1 & GSTR 3B.
As per provision the provision of GST law, the last date for claiming ITC of any invoices or debit note pertaining to FY 2019-20 shall be the due date for filing of GSTR 3B for the month September 2020 (i.e. 20th October 2020);
Last date Annual Return (GSTR 9) and Reconciliation Statement (GSTR 9C)
Last date for filing of GSTR 9 & GSTR 9C for the FY 2018-19 is 30th September 2020.
Notification 62/2020 – CT dt. 20.08.2020 amends the GST law to introduce Adhaar authentication of the person applying for GST registration. Now the date of application for registration shall be date on which the adhaar authentication is completed.
In case the taxpayer does not opt for adhaar authentication or fails to complete the adhaar authentication process, he shall be subjected to physical verification of the place of business in the presence of the said applicant.
There is a general extension of compliance dates where, any time limit for completion or compliance of any action, by any authority or by any person, has been specified in, or prescribed or notified under sec 171 of the said Act, which falls during the period from the 20.03.2020 to 29.11.2020, and where completion or compliance of such action has not been made within such time, then, the time limit for completion or compliance of such action, shall be extended upto 30th November 2020;