Monthly GST Bulletin October 2020 Edition
GST Notifications in September 2020
N No. 72/2020-CT dated 30.09.2020
Central Government vide Notification No. 72/2020 dated 30.09.2020 has made the following changes in CGST Rules 2017:
- Rule 46 of CGST Rules 2017: Rule 46 provides the list of particulars which a tax invoice should carry. To this list, another point has been added through this notification. Now onwards E-invoice issued as per Rule 48(4), it should contain Quick Reference Code which is having embedded IRN (Invoice Reference Number) in it.
- Proviso inserted to Rule 48(4) of CGST Rules: The proviso added vide this amendment notification says that the Commissioner on the recommendation of GST Council, would have the power to exempt certain classes of the person from issuing E-invoice as required by Rule 48(4), for a certain specified period of time or with certain conditions. The said exemption shall be granted by issuing notifications in the regard specifying therein the conditions and restrictions to which such exemptions would be subject to.
- New Sub-rule 138(A)(2) substituted replacing the old one: Rule 138A of CGST Rules specifies the documents which a person in charge of the conveyance needs to carry along with for verification. The substituted sub-rule (2) to 138A says that for the purpose of verification to be done by the proper officer, instead of a hard copy of the tax invoice, the person in charge of the conveyance may produce the Quick Reference Code (QR) having the IRN (Invoice Reference Number) embedded in it.
Video link at 5:42 mins
N No. 71/2020 CT dated 30.09.2020
Dynamic QR Code on B2C Invoices deferred to 01-12-20
Central Government vide N No. 71/2020 (CT) dated 30.09.20 has also postponed the implementation of Dynamic QR Code on B2C Invoices to 01st December 2020.
Video Link at 6:48 mins
N No. 70/2020 CT dated 30.09.2020
E-invoice criteria changed and required to be issued for Exports also
Vide N No. 70/2020 (CT) dated 30.09.20, Central Government has made changes to the eligibility criteria for issuing E-invoice. Before the issue of this notification, e-invoice under Rule 48(4) of CGST Rules 2017 was required to be issued by the registered person whose turnover in the financial year was Rs 500 crore.
Now this notification inserts words “any preceding Financial Year from 2017-18 onwards” as a result of which E-invoice shall be issued by registered person whose turnover in any of the financial years from 2017-18 has exceeded five hundred crore rupees.
The Notification has also effected another change in terms that E-invoice shall also be required to be issued for exports supply.
Video Link at 7:34 mins
N No. 69/2020 CT dated 30.09.2020
GST Annual Return FY 18-19 Date Extended
The desperately and eagerly awaited news of the extension of GST Annual Return for Financial Year 2018-19 finally arrived at noon of the last filing date i.e. 30.09.2020. CBIC informed vide tweet that the date of filing of GST Annual Return has been extended by another month to 31st October 2020.
CBIC stated in its tweet that as the model code of conduct was applicable due to the elections announced in the state of Bihar, therefore due clearances were sought from the election commission, and after obtaining that the due date for filing Annual Return in GSTR 9 and GSTR 9C for Financial Year 2018-19 has been extended from 30th September 2020 to 31st October 2020.
Later during the day, the extension of the annual return was notified vide Notification No. 69/2020 (Central Tax) dated 30.09.2020.
Video Link at 8:43 mins
N No. 68/2020 CT dated 21.09.2020
Late filing fees for GSTR 10 Reduced
Central Government vide N No. 68/2020 (CT) dated 21.09.2020 has reduced the late fees u/s 47 of CGST Act 2017 levied for late filing of GSTR 10 provided the GSTR 10 is filed between the period from 22-09-20 to 31-12-20.
GSTR 10 is a return that is to be filed by the person whose GST registration is canceled or surrendered and such return is to be filed within three months from the date of cancellation or date of cancellation order whichever is later.
Video Link at 9:09 mins
N No. 67/2020 CT dated 21.09.2020
Late filing fees for GSTR 4 reduced
Central Government vide N No. 67/2020 CT dated 21.09.2020 has reduced the late fees levied u/s 47 of CGST Act 2017 for late filing of GSTR 4 for the period from July 17 to March 20, provided these pending GSTR 4 returns are furnished between the period 22-09-20 to 31-10-20.
The reduced late fees shall be Rs. 500 per return in case there is a tax payable in the return and the late fees shall be nil in case there is no tax payable in the corresponding GSTR 4 return.
GSTR 4 is an annual return to be filed by dealers registered under the composition scheme. GSTR 4 was to be filed on a quarterly basis prior to FY 2018-19.
In case the pending returns are not filed within the prescribed time window of 22-09-20 to 31-10-20, then normal late fees specified under section 47 of the CGST Act would be levied which is Rs. 200 per day subject to a maximum amount of Rs. 5000. So this is a great amnesty scheme for composition dealers to clear the log of pending returns with reduced late fees burden.
Video Link at 9:59 mins
N No. 66/2020 CT dated 21.09.2020
Extension regarding the removal of goods to be sold on approval basis
Vide N No. 66/2020 (CT) dated 21.09.2020, Central Government has granted relief by invoking specially introduced section 168A of CGST ACT once again which grants the power to extend the time limits prescribed for action which could not be complied with or completed due to Force Majure.
As per Sec 31(7) of the CGST Act, where the goods which are sold on approval basis are removed before supply takes places, the invoice in such case shall be issued before or at the time of supply or within six months from the date of removal, whichever is earlier. In case this time limit of issuing invoice falls between the period 20-03-20 to 30-10-20 but couldn’t be completed during the period, then such a time limit for compliance or completion of such action has been extended to 31-10-2020.
Video Link at 11:00 mins
N No. 65/2020 CT dated 01.09.2020
Compliance or completion of Action under Anti-profiteering provisions extended
Central government vide N No. 65/2020 (CT) dated 01.09.2020 has extended the time limit for completion of any action or compliances to be done by the authority as per Section 171 of the CGST Act which is regarding anti-profiteering measures to 30th Nov 20 if such compliance or completion of action was falling due between the period from 20-03-20 to 29-11-20 but couldn’t be completed within that period.
The relaxation due to COVID 19 pandemic vide this notification has been granted to the authority which could not complete its action or compliances regarding Anti-profiteering measures as provided under Section 171 of the CGST Act, 2017.
Video Link at 11:58 mins
