Important updates in GST

? The CBIC has notified as per notification 05/2021 that e-invoicing is mandatory from 1st April 2021 for entities with a turnover of more than Rs.50 crores (in any financial year from FY 2017-18 onwards).

? It has been made mandatory for a GST taxpayer having a turnover of more than Rs 5 crore in the preceding financial year, to furnish 6 digits HSN Code (Harmonised System of Nomenclature Code).Earlier, the requirement was 4 digits and 2 digits respectively. 

? The 1st Proviso to Rule 46 of CGST Rules 2017 has been amended, vide Notification No.79/2020-CT dated 15-10-2020, for declaration of HSN code in invoice. Under this amended Proviso, Notification No. 78/2020 – Central Tax, dated 15.10.2020 has been issued to make HSN code mandatory up to 4 digits in the B2B invoices with effect from 01.04.2021 issued by taxpayers whose aggregate turnover in the preceding financial year is upto Rs. 5 crores. For the taxpayers whose turnover in the preceding financial year is more than Rs. 5 crores, HSN code is mandatory up to 6 digits in invoices with effect from 01.04.2021.

? As per Rule 46 of CGST Rule 2017 suggest that any tax invoice should have a 16 character alpha-numeric invoice number unique for a financial year. So, that there is no duplication or repetition of invoices with the preceding financial year.

? From 1st April,2021,it would be mandatory to file Form GSTR1 before Form GSTR 3B to ensure appropriate auto population of ITC information and GST Liability on Form GSTR 3B

? From 1st April,2021 , GST refunds will be paid only through a validated Bank account linked to the PAN and Aadhar number of recipient.

? As per GST Notification 91/2020 due date for compliances and actions by any authority in respect of anti-profiteering measures u/s 171 due from 20.03.2020 to 30.03.2021 is extended to 31.03.2021.