#E-Invoicing in #GST - #Update - a podcast by BPA Educators

Notification No.  Topic/Section/ Rules of CGST Act/ Rules  Change effective from January 01,2021  E-invoicing made mandatory if aggregate #turnover exceeds Rs. 100 Crores  88/2020–CT dated November 10, 2020  Amended Notification No. 13/2020 – CT dated March 21, 2020  E-invoicing made applicable to #Registered #Person (other than SEZ unit, #Insurance #Company, #banking #company, #financial #institution including non-banking #financial institution, GTA, supplier of #passenger #transportation #service, #supplier of services by way of #admission to #exhibition of #cinematograph films in #multiplex #screens) whose aggregate turnover in any preceding financial year from 2017-18 onwards exceeds Rs. 100 crore in respect of supply of goods or services or both or for exports.  Gist of important #changes made vide CGST (Fourteenth Amendment) Rules  94/2020-CT dated December 22, 2020  #Reduction in ITC #entitlement for invoices not furnished by supplier from 10% to 5%  Rule 36(4) amended (effective from January 1, 2021)  Restriction on #claiming ITC in respect of invoices/debit notes not furnished by the suppliers has now been reduced from 10% to 5% of eligible credit available in GSTR-2B.  Restricting use of ITC #amount for discharging output tax liability in GST  New Rule 86B introduced (effective from January 1, 2021)  It is applicable where value of #taxable supply other than exempt supply and export, in a month exceeds INR 50 lakh.  Taxpayer is not allowed to use ITC in excess of 99% of output tax liability.  Certain #exceptions provided to above #restrictions are:  If the registered person has paid more than INR 1 lakh as income tax under the Income-tax Act, 1961 in each of the last two financial years.  If the registered person has received a refund amount of more than INR 1 lakh in the preceding financial year on account of export under LUT/Bond or inverted tax structure.  If the registered person has discharged his liability towards output tax through the electronic cash ledger for an amount which is in excess of 1% of the total output tax liability, applied cumulatively, upto the said month in the current financial year  If the registered person is the Government Department, Public Sector Undertaking, Local Authority or Statutory Body.  Validity of e-way bill narrowed by increasing distance from 100 km. to 200 km. per day  Rule 138 amended (effective from January 1, 2021)  E-way bill will now be valid for 1 day for every 200 km of travel, as against 100 km earlier, in cases other than Over Dimensional Cargo or multimodal shipment in which at least one leg involves transport by ship.  For every 200 km. or part thereof thereafter, one additional day will be allowed.  Time limit for filing Form GSTR-1  83/2020– CT dated November 10, 2020  Extends the time limit for #furnishing the details of outward supplies in Form GSTR-1  Quarterly GSTR-1:  If opted in for/ by default #Quarterly Return Filing and Monthly Payment of Taxes:  The 13th day of the next month #succeeding such quarter  Monthly GSTR-1:  S. No.  Month for which GSTR-1 is to be filed  Due date  1  January 2021  11.02.2021  2  February 2021  11.03.2021  3  March 2021  11.04.2021

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