For the month of March 2021, the auto-population of e-invoices into GSTR-1 (of March 2021) is still in progress and is likely to take some more time.
Hence, CBIC notified taxpayers who are reporting e-invoices, are hereby advised not to wait for the complete auto-population, and instead proceed with preparation and filing of GSTR-1 for March 2021 (by the due date), based on actual data as per their records.
News and Updates
CBIC vide notification dated March 29, 2021 has issued the ‘Bill of Entry (Forms) Amendment Regulations, 2021’ and amended the time limit for filing the bill of entry by the authorised person.
CBIC vide notification dated March 30, 2021 announced that Penalty for non-compliance with QR Code on B2C transactions waived further for 3 months that is till June 30, 2020.
Hence, companies having turnover above 500 Cr. can initiate adding dynamic QR Code on B2C invoices from 1st July 2021.
CBIC vide notification dated March 08, 2021 further lowered the threshold for mandatory e-invoicing to ₹50 crore, from ₹100 crore. E-invoice shall be implemented for taxpayers having Aggregate Turnover above 50 crores and above (during any of the last 4 previous years) from 1st April 2021. Ultimately, the Government intends to cover each of the GST assessees.
W.e.f. 1st January, 2021, two options are available to the Taxpayers who are under (QRMP) Scheme for tax payment for first 02 months of a quarter
- Fixed Sum Method: Portal can generate a pre-filled challan in Form GST PMT-06 based on his past record.
- Self-Assessment Method: The Tax due is to be paid on actual supplies after deducting the Input Tax Credit available.
CBIC has given detailed process of calculation to be made under Fixed Sum Method which is given in the enclosed file.
CBIC has issued advisory on GSTR 9C that reconciliation statement to be filed in Form GSTR-9C requires the tax rate wise declaration of transactions for the concerned financial year. In the said form, tax amount pertaining to tax rates 1%, 1.5% and 7.5% in section III (table 9 and 11) and section V may be made in row/ under label ‘Others’ of the said tables, wherever applicable.
The GSTR 9C offline utility is upgraded from Version 1.6 to Version 1.7. The tool is available in the portal. Those who are working on GST Audit, please make sure to update in the latest version tool.
CBIC has issued advisory on GSTR 9 for the taxpayers that values are reported upto two decimal places in the GSTR-9 offline utility. The error “Error! Invalid Summary payload” after uploading the JSON created from the Offline Utility of GSTR-9 is reported due to reporting values upto three decimal places instead of two decimals.
CBIC has launched Quarterly Return Filling and Monthly Payment Scheme (QRMP). Key takeaways are:
- Taxpayers upto Rs. 5 Cr turnover in the preceding financial year and have filled their October GSTR 3B by November 30, 2020 are eligible for this scheme.
- They have the option to file their GSTR-1 and GSTR-3B returns quarterly beginning January-March period.
- They can make GST payments through challan every month either by self-assessment of monthly liability or 35 per cent of net cash liability of previous filed GSTR-3B of the quarter.
- Quarterly GSTR-1 and GSTR-3B can also be filed through an SMS
CBIC vide Press Release dated October 24, 2020 further extended the due dates for Filling Annual Return (From GSTR-9/9A) and Reconciliation Statement (Form GSTR 9C) for the FY 2018-19 from October 31, 2020 to December 31, 2020.
CBIC vide Press Release dated September 30, 2020 informed that the companies will not attract any penalty if taxpayers having aggregate turnover of Rs 500 Crore and above move goods without e-invoicing, provided that they get invoice reference number (IRN) for such invoices within a month of the date of invoice.
The relief has been provided for the month of October 2020 only.