Notified Amendments in declaring HSN/SAC in Tax Invoice & GSTR-1

This update is regarding amendments notified in declaring HSN/SAC in Tax Invoice and GSTR-1:

1. HSN/SAC mandatory on Tax Invoices w.e.f.01-04-2021:

S. No Aggregate Turnover in the preceding Financial Year HSN/SAC to be mentioned

  • 1. more than Rs.5crores HSN Code of 6 Digits is mandatory for all tax invoices (B2B & B2C)
  • 2. up to Rs.5crores HSN Code of 4 Digits is mandatory for all B2B tax invoices.
    üOptional for B2C tax invoices

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Implication of above amendment

HSN/SAC has to be mentioned on Tax Invoices for all B2B & B2C transactions

2. Rate of Tax column added in GSTR-1 for each HSN/SAC furnished in HSN summary of outward supplies:

In column 6 of Table 12 -Rate of Tax to be declared instead of Total Value in GSTR-1of May’21and onwards

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Implication of above amendment

There is a requirement to incorporate HSN wise entries in accounting ledgers of accounting software. So that required information i.e., HSN with the rate of tax can be derived for GSTR-1.

Following Information/fields should be available from accounting records to prepare GSTR1:
HSN Description UQC Total Quantity Total Taxable Value Rate % GST-IGST/CGST/SGST

GST-9 & GSTR-9C Annual Compliance – Shift of Goal Post!

CBIC has extended due date for furnishing the annual return in form GSTR 9, GSTR 9A and Audit report in GSTR 9C for FY 2017-18 till 30.11.2019.

Following are the Important dates for compliances which are as under:-

  1. Annual Return for FY 2017-18 and GST Audit report last date is now 30.11.2019.

 

  1. Annual Return for FY 2018-19 and GST Audit Report last date is 31.12.2019

 

  1. For Taking ITC for FY 2018-19 the last date is 20.10.2019, the due date of filing 3B for September 2019 Month.
  1. CHARTERED ACCOUNTANTThe due date for filing a non-audit Income Tax return is 31.08.2019

 

  1. The due date for  audit assessee and tax audit assessee is 31.09.2019

 

  1. Implementation of new GSTR form RET 01, ANX 1 and ANX 2 staring from 1.10.2019

 

  1. The advance tax payment date is 15.09.2019.

 

  1. Preparation of Balance of all companies is by 1st week of September 2019

Since UDIN is to be generated while signing Balance sheet by Auditor.

 

*Note:- Government may change the utility of any form any time

Reach Certicom @ +91- 98800 52923

Clarification to Taxpayers on filing GSTR 9C form

Turnover for filing Form GSTR- 9C: Form GSTR-9C is needed be filed by individual taxpayer with aggregate turnover more than Rs 2 crore in a financial year. Annual turnover includes transactions done between 1st April, 2017 to 31st March 2018, both the dates included. For an instance, if Business A has an accumulated transaction of 2.1Cr between 1st Apr 2017 & 31st Mar 2018 & Business B has accumulated transactions worth 1.9Cr for the same period, Business A must file GSTR-9c whereas Business B is exempted.

Seeing an error message while opening the Excel sheet? The shared Excel Sheet is compatible with Microsoft Excel 2007 & later. Kindly ensure you have the right version of the software installed

About providing Membership Number: While filing Part B of Form GSTR-9C, it is advisable to auditors to provide their Membership number without the 0 in the beginning. For example, if the number is “016”, the auditor should enter just “16” in the aforesaid part of the membership number field, not 016.

All the taxpayers are requested to file their FORM GSTR 9C at the earliest, to avoid last minute rush and to avoid payment of late fee.

For more details visit Certicom.