A flurry of notifications hasbeen issued by the CBIC yesterday on various aspects from return filing to HSN code requirement. A brief summary of them all is as below:
Notification No. 74/2020 –Central Tax:
The registered persons having aggregate turnover of up to 1.5 crore rupees in the preceding financial year or the current financial year shall furnish their return in Form GSTR-1 before the 13th of the month succeeding the end of the quarter beginning from Oct-Dec 2020 quarter.
Notification No. 75/2020 –Central Tax:
The registered persons having aggregate turnover of more than 1.5 crore rupees in the preceding financial year or the current financial yearshall furnish their return in Form GSTR-1 for the months from Oct, 2020 to March,2021 before the 11th of the month succeedingsuch month.
Notification No. 76/2020 –Central Tax:
The due date for furnishing of return in Form GSTR-3B for each of the months from Oct, 2020 to March,2021 is 20th, 22nd or 24th of the succeeding month, as the case may be, based on turnover and principal place of business.
Notification No. 77/2020 –Central Tax:
It is issued to amend N.N 47/2019 –CT thereby making the Annual Return in Form GSTR-9 for the F.Y 2019-20 optional in case of registered persons whose aggregate turnover in a financial year does not exceed two crore rupees.
Notification No. 78/2020 –Central Tax:
W.e.f 01.04.2021, the requirement of mentioning the HSN code in the invoice would be 4 digits for registered persons having aggregate turnover in the preceding financial year upto rupees 5 crores and would be 6 digits for registered persons having aggregate turnover in the preceding financial year more thanrupees 5 crores.
Notification No. 79/2020 –Central Tax:
CGST (Twelfth Amendment) Rules, 2020 have been notified making amendments in various rules. The highlights are as follows: