RECENT UPDATES UNDER GST-NOVEMBER 2020
This article highlights the recent updates which has taken place in GST Portal and GST Compliances.
GST PORTAL UPDATES:
1. Auto populated Form GSTR-3B:
From the month October onwards, for the benefit of the taxpayers GST Network has introduced auto-populated Form GSTR-3B in PDF Format.
From October 2020 tax period onwards, this facility is made available in Form GSTR-3B dashboard. Taxpayers will be now able to access the form in a pdf format.
Navigation: Login to GST Portal > Returns Dashboard > Select Return period > GSTR-3B> System Generated 3B.
2. GST Taxpayers can now see their aggregate turnover:
Now from GST portal aggregate turnover can be checked for the preceeding financial year. Recently, Goods and Services Tax Network (GSTN) launched many new features on the Portal and one among them is showing aggregate annual turnover for the previous financial year along after logging into the portal.
GST COMPLIANCE CALENDAR:
|Due Date||Return/ Compliance||Remarks|
|07 Nov 20||TDS/ TCS Payment- IT||Due date for Payment of TDS/ TCS for Oct 20|
|11 Nov 20||GSTR1 (Oct 20)||Return of Outward Supplies- Monthly Return|
|12 Nov 20||GSTR2B (Oct 20)||Auto Drafted ITC Statement available for download|
|20 Nov 20||GSTR3B (Oct 20)||
Last Date for Payment of Tax and Return
Taxpayers with Turnover More Than 5 Crore
|22 Nov 20||GSTR3B (Oct 20)||Last Date for Payment of Tax and Return Taxpayers with Turnover Less Than 5 Crore having Principal Place of Business in Chhattisgarh, MP, Gujarat, Daman & Diu, Dadra & Nagar Haveli, Maharashtra, Karnataka, Goa, Lakshadweep, Kerala, Tamil Nadu, Puducherry, Andaman & Nicobar Islands, Telangana, Andhra Pradesh.|
|24 Nov 20||GSTR3B (Oct 20)||Last Date for Payment of Tax and Return Taxpayers with Turnover Less Than 5 Crore having Principal Place of Business in J&K, Laddakh, HP, Punjab, Chandigarh, Uttarakhand, Haryana, Delhi, Rajashthan, UP, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, WB, Jharkhand and Odhisha|
|31 Dec 20||GSTR 9/9C (FY 18-19)||GST Audit and Annual Return last date.|
|31 Dec 20||GSTR 9A||Annual Return for Composition Taxpayers|
In the 42nd meeting which was held in the month of October, any registered person having aggregate turnover upto Rs.5 Crores maybe allowed to furnish return on quarterly basis along with the monthly payment of tax.
1. Monthly Payment of Tax
Under Quarterly Return Monthly Payment (QRMP) ,the registered by depositing the due amount in Form GST PMT-06 will be required to pay the tax due in each of the first two months of the quarter within the 25th day of the month succeeding such month.
Taxpayers while generating the challan has to choose “Monthly payment for quarterly taxpayer”
The registered person so opting for this can use any of the following two options provided below for monthly payment of tax during the first two months –
a) Fixed Sum Method:
For generating a pre-filled challan in Form GST PMT-06, a facility is made available on the portal for amount equal to:
– 35% of the tax paid in cash in the preceeding quarter where the return was furnished quarterly; or
– the tax paid in cash in the last month of the immediately preceding quarter where the return was furnished monthly.
b) Self-Assessment Method:
In any case, the registered person can pay in the form GST PMT-06,the due tax by taking into condsideration the inward and outward supplies and the input tax credit available.
In order to ascertain the ITC avavilable for the month, an auto populated input tax credit statement has been made available in the Form GSTR-2B for every month.
In case if there is balance in the Electronic cash ledger or electronic credit ledger for the tax due for the first month or second month of the quarter or where there is Nil Liability, the registered person may not deposit any amount for the said the month
Quarterly filing of FORM GSTR-3B
Such registered persons would be required to furnish FORM GSTR-3B, for each quarter, on or before 22nd or 24th day of the month succeeding such quarter.
Applicability of Interest
For registered person making payment of tax by opting Fixed Sum Method
No interest would be payable in case the tax due is paid in the first two months of the quarter by way of depositing auto-calculated fixed sum amount by the due date.
GST E-invoicing from January 1, 2021 for taxpayer with turnover more than Rs. 100 Crores
ITC 04 due date extended for Sep 20 quarter to 30 Nov 2020
Quarterly return Monthly payment scheme introduced for taxpayers with aggregate turnover less than Rs 5 crores w.e.f. 1 Jan 2020
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