Circular No.ES/360/2020-21
TO: MEMBERS OF THE COUNCIL
Sub: Sensitization of taxpayers regarding major decisions of the 42nd GST Council
Dear Member,
The Central Board of Indirect Taxes & Customs (CBIC) vide its communication dated 7th October 2020 has informed that during the 42nd GST council meeting held on 5th October 2020, the GST Council has approved the following proposals.
The proposed timelines for implementation of the said decisions are given in the table below:-
|
S. No. |
Decision |
w.e.f |
|
1. |
Due date of furnishing quarterly GSTR-1 by quarterly taxpayers to be revised to 13th of the month succeeding the quarter |
1.1.2021 |
|
2. |
Auto-population of liability from own GSTR-1 to GSTR-3B for monthly tax payers |
1.1.2021 |
|
3. |
Quarterly Returns and monthly tax payment facility for taxpayers with aggregate annual turnover below Rs.5 crores |
1.1.2021 |
|
4. |
Auto-population of ITC from suppliers’ GSTR-1 through the newly developed facility in GSTR-2B for taxpayers |
1.1.2021 (Monthly) |
|
1.4.2021 (Quarterly) |
||
|
5. |
Mandatory filing of GSTR-1 before GSTR-3B |
1.4.2021 |
|
6. |
Revised requirement for declaring HSN for goods and SAC for services in invoices and in GSTR-I: |
1.4.2021 |
|
a. 6 digits of HSN/SAC for taxpayers with aggregate annual turnover upto Rs.5 crores |
||
|
b. 4 digits of HSN/SAC for B2B supplies for taxpayers with aggregate annual turnover upto Rs.5 crores |
||
|
c. 8 digits of HSN for notified class of supplies for all taxpayers |
The relevant communication from CBIC is attached herewith for your information.
Thanking you,
Yours faithfully,
S.BALARAJU
EXECUTIVE DIRECTOR
