Deadlines Ended to 31st March 2021
Annual Return
The due date to furnish GSTR-9 and GSTR-9C (whose turnover during a financial year exceeds INR 5 crores) for FY 2019- 20 has been extended till 31-03-2021 vide notification number 04/2021-central tax dated 28-02-2021.
Option for composition scheme
The functionality to opt for composition has been made available for FY 2021-22 in the dashboard of taxpayers at GST Common Portal. The eligible taxpayers, who wish to avail the composition scheme may opt-in for composition on or before 31st March 2021.
Link: https://taxup2date.in/2021/03/24/opting-in-for-composition-scheme-for-financial-year-2021-22/
Renewal of LUT
Every registered exporter who desires to export the goods or services without the IGST shall apply for renewal of LUT at the end of the financial year, for the next FY 2021-22 in order to continue making the exports without the payment of IGST.
Compliances that have to be complied by the registered taxpayers under the provisions of the GST Law as on April 1, 2021.
| Invoice Series |
As per the provisions of GST law, a consecutive document series (i.e. invoices, credit/debit note, delivery challan, receipt voucher, etc.) unique for a financial year is to be maintained. In view of this provision, a new document series would be required for FY 2021-22. |
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| E-Invoice |
The registered person having an aggregate turnover of more than 50 Crore would be required to generate E-invoice. Notification No. 05/2021- Central Tax dated March 8, 2021 |
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| QR Code | Vide notification number 89/2020-Central Tax dated 29-11- 2021, has waived the penalty for non-compliance of QR code provisions for the period Dec 2020 to March 2021, provided registered person complies with the same from 01- 04-2021.
Further, vide circular 146/02/2021 dated 23-02-2021, it has been clarified that registered person having aggregate turnover more than 500 crore would require to mention dynamic QR code on B2C invoices w.e.f. 1 April, 2021. |
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| HSN Code Requirements |
compulsorily mentioning of 4 & 6 digit HSN/SAC Code on supply of goods or services on the tax invoices w.e.f. April 1, 2021:
The penalty of Rs. 50,000/- (Rs. 25,000/- each for CGST and SGST) can be levied for non-mentioning or mentioning the wrong HSN/ SAC Code under Section 125 of the CGST Act. The above change of mentioning HSN/SAC code is also required to be captured in Table 12 of Form GSTR-1. |