Quarterly return filers can file their first and second month B2B invoices

GSTR-1 related:-

  • Quarterly return filers can file their first and second-month B2B invoices in Invoice Furnishing Facility (IFF) on or before 13th of 1st month in next qtr
  • The total value of such B2B invoices is limited to 50 lakhs per month.
  • No need to report invoices again in GSTR-1 if already reported in IFF
  • The due date of GSTR-1 for quarterly filers is the 13th of 1st month in the next quarter.
  • HSN/SAC codes shall be mentioned mandatorily in GSTR-1 ( <5Cr- 4 digit, >5Cr- 6 digit)
gstr 2

GSTR-2 related:-

  • The invoices reported in IFF shall be made available to recipient in their GSTR-2A/2B
  • Notified FORM GSTR-2B

GSTR-3B related:-

  • Rule 61(6) was inserted to provide due to date for filing GSTR-3B for the months of Oct 2020 to Mar 2021 as 20th of next month if TO > 5 Crores
  • Quarterly return filers shall deposit tax in electronic cash ledger on or before 25th of next month for first and second months
  • The due date for filing ITC-04 (Job worker return) for the period July 2020 to September 2020 is extended to 30th November 2020
  • E-invoicing is mandatory from 01.01.2021 for every taxpayer (other than SEZ unit) whose aggregate TO in any of the FY from 17-18 exceeds 100 Crores

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W.e.f 1st Jan’ 2021, the following shall apply:

  • GSTR-1 Due date for quarterly taxpayers – 13th of next month of the quarterIn case of GSTR-3B
  • Tax liability shall be auto-populated from GSTR-1 and ITC from GSTR-2A/GSTR-2B
  • Form GSTR-1 must be filed before GSTR-3B
  • Quarterly return filing with monthly payment option for individuals whose TO in PFY is less than 5 Crores.
gstr 3b

2. W.e.f -1 April 2021, the following shall apply:

  • 6 Digit HSN/SAC is mandatory if TO is more than 5 Crores
  • 4 Digit HSN/SAC is compulsory for all B2B supplies if TO is less than 5 Crores
  • 8 digit HSN is mandatory for notified persons

3. Existing GSTR-1 and GSTR-3B mechanism is extended till 31.03.2021

4. Refund to be disbursed in a validated bank account linked with PAN & Aadhar of the registrant.

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