Government notifies recommendation of 42nd GST Council Meeting and extends requirement of mandatory E-Invoicing to taxpayers having turnover exceeding Rs.100 crores

by | Nov 18, 2020 | Insight | 0 comments

The Central Government has now, notified these recommendations. Key changes are tabulated below:

Notification

Amendments / Changes

82/2020-Central Tax dated November 10, 2020

 

(Quarterly Return and Monthly Payment Scheme and GSTR-2B)

·     Introduction of optional Quarterly Return and Monthly Payment Scheme (‘QRMPS’) for taxpayers having turnover not exceeding Rs.5 crores.

·     Taxpayers can upload B2B invoices of first and second month through ‘Invoice Furnishing Facility’ (‘IFF’) on or before 13th of succeeding month.

·     Taxpayers need not furnish details already furnished in IFF, again in GSTR-3B.

·     The Government has given legal backing to GSTR-2B (auto drafted statement of ITC).

85/2020-Central Tax dated November 10, 2020

 

(Special Procedure for Quarterly Filers)

Quarterly filers of return can pay tax as follows:

·     35% of tax liability paid through Electronic Cash Ledger in preceding quarter’s return; or

·     Tax liability paid through Electronic Cash Ledger in return for last month of immediately preceding quarter where return was furnished monthly

Note: There is no requirement to deposit tax liability in first or second month where balance in Electronic Cash Ledger is adequate for tax liability for said months or where tax liability is Nil 

87/2020-Central Tax dated November 10, 2020

·     Due date of ITC-04 (Job-work return) for quarter July 2020 to September 2020 has been extended to November 30, 2020

88/2020-Central Tax dated November 10, 2020

(Extension of E-Invoicing)

·     Mandatory issuance of E-Invoice for taxpayers exceeding turnover of Rs.100 crores.

 The aforesaid changes will be effective from January 1, 2021.

 Hope you find the above an interesting read. In case you require any clarification, please feel free to revert.

For instant updates, visit our Twitter handle at https://twitter.com/tax_nitya

 

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Archives

error: Content is protected !!