8 important changes in GST according to the latest amendments

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Since 1st April of 2021 there are few changes which must have to be done which should be done before the date of 31/3/2021

HSN code:- all the taxpayers whose turnover are up to the amount of 5crore in the preceding year then they must have to show the 4 digits of HSN code on the tax invoice on the sale invoice of B2B and optional for the B2C.But for that taxpayer whose turnover is more than 5crores than they have to show their the 6 digits of HSN code on the tax invoice weather the purchaser are B2B or B2C In the both cases showing the HSN code is mandatory.

E-way bill: according to latest amendments into GST one of those are about e-way bill and that is as per latest amendment by the finance act 2021 u/s 129 of CGST Act under detention and seizure,  if the transporter don’t have e-way bill of the existing goods then it will be penalized as 200% of the tax payable.

Input tax credit:-  As per the  amendment by finance act 2021 the input tax credit will provide to only those taxpayers whose invoices of sale has uploaded in the GSTR- 1 and should be filed within the due date and also those invoices should be reflect in the GSTR-2b of the taxpayer. The mismatch will be not acceptable between GSTR-1 and GSTR-3b. If the mismatch indentified by the jurisdiction officer than they can send notice to the taxpayer and after getting the notice if the taxpayer don’t reply within the prescribed time period or the officer will be not get satisfied with the reply than they can do cancel the GST registration of that taxpayer.

E-invoice: – E-invoicing will be mandatory for the all registered taxpayer if their limit of turnover exceeds the amount of 50crores in the previous year since 2017-18 onward.

Opt for composition levy: – which taxpayer wants to opt for composition levy for the F.Y 21-22 then they can only apply on the date of 31st march 2021

GST refund: – The taxpayers can claim the GST refund of the prior F.Y 2018-19

Filing of GSTR-9 and GSTR-9C of F.Y 2019-20:- according to the notification the date of filing the gstr9 (the taxpayer who have turnover more than 2crore) and gstr9c (the taxpayer whose turnover ids more than 5crore) the can file their annual return on 31 march 2021 as the date are extended from 28 February2021 to 31 march 2021.

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