GST Recent Changes w.e.f. 01-01-2021
( Notification No. 82 to 88 – Central Tax dated 10-11-2020 )
GSTR-1
- Taxpayers filing GSTR-1 quarterly basis will be allowed to upload B2B invoices on monthly basis through IFF by 13th of next month Due date of GSTR-1 Monthly : 11th of next month Quarterly : 13th of next month ending quarter
GSTR-3B
- Turnover exceeding Rs. 5 Crore in previous FY needs to file GSTR-3B on MONTHLY basis - Turnover upto Rs. 5 Crore in previous FY has option to file GSTR-3B on QUARTERLY basis - Select the option to file quarterly GSTR-3B between 5th Dec’20 to 31st Jan’21 - Taxpayers filing quarterly GSTR-3B needs to deposit 35% of GST paid throughcash ledger in previous quarter in each 1st & 2nd month of the quarter through form GST PMT-06 by 25th of next month.
E-Invoice
- Limit for mandatory e-invoice has been reduced from Rs. 500 Crore to Rs. 100 crore - E-invoicing’ is a system in which B2B invoices are authenticated electronically by GSTN for further use on the common GST portal
ITC-04
- Last date to file form ITC-04 for period July’20 to Sept’20 has been extended till 30-11-2020. - Form ITC-04 is to be filed by those taxpayers who send their goods to job worker.
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