Archives 2020

Salient features of Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme

20/11/2020

1. 1. Who can opt for the scheme: Following registered person (hereinafter RP) can file quarterly returns and pay tax on monthly basis w.e.f. 01.01.2021 :

1. 1. • An RP who is required to file Form GSTR 3B with AATO of up to Rs 5 Cr. in the previous financial year is eligible. If AATO crosses Rs 5 Cr. during a qtr., RP will become in-eligible for the Scheme from next quarter.
      • Any person obtaining a new registration or opting out of Composition Scheme can also opt for this Scheme.
      • The option to avail this Scheme can be availed GSTIN wise. Therefore, few GSTINs for that PAN can opt for the Scheme and remaining GSTINs can remain out of the Scheme.

1. 1. Changes on the GST Portal: For qtr. Jan., 2021 to March, 2021, all RPs whose AATO for the FY 2019-20 is up to Rs 5 Cr. and have furnished the return in Form GSTR-3B for the month of October, 2020 by 30^th 2020, will be migrated by default in the GST system as follows:

1. 1. When can a person opt for the scheme:

1. 1. • Facility can be availed throughout the year, in any quarter.
      • Option for QRMP Scheme, once exercised, will continue till RP revises the option or his AATO exceeds Rs 5 Cr.
      • RPs migrated by default can choose to remain out of the scheme by exercising their option from 5^th, 2020 till 31^st Jan., 2021.

1. 1. The RPs opting for the scheme can avail the facility of Invoice Furnishing Facility (IFF), so that the outward supplies to registered person is reflected in their Form GSTR 2A & 2B.

1. 1. Payment of tax under the scheme:

1. 1. • RPs need to pay tax due in each of first two months (by 25^th of next month) in the Qtr, by selecting “Monthly payment for quarterly taxpayer” as reason for generating Challan.
      • RPs can either use Fixed Sum Method (pre-filled challan) or Self-Assessment Method (actual tax due), for monthly payment of tax for first two months, after adjusting ITC.
      • No deposit is required for the month, if there is nil tax liability.
      • Tax deposited for first 02 months can be used for adjusting liability for the qtr. in Form GSTR-3B and can’t be used for any other purpose till the filing of return for the qtr.

1. Click here for details of Notification and CBIC Circular.

Thanking you

GST Updates on e-invoicing

17/11/2020

From 1-1-2021, Government has mandated e-invoicing for the taxpayers with aggregate turnover exceeding Rs. 100 Cr. (in any preceding financial year from 2017-18 onwards).
To view the updates on e-invoice – enablement, testing, help options & resources, please CLICK HERE.

Update on Blocking of E-Way Bill (EWB) generation facility, after 1st December, 2020

16/11/2020

1. In terms of Rule 138E (a) and (b) of the CGST Rules, 2017, the E-Way Bill (EWB) generation facility of a taxpayer is liable to be restricted, in case the taxpayer fails to file their FORM GSTR-3B returns / Statement in FORM GST CMP-08, for tax periods of two or more.
2. From 1^st December, 2020, onwards, the blocking of EWB generation facility would be made applicable to all the taxpayers (irrespective of their Aggregate Annual Turnover (AATO)) In terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, on the EWB Portal.
3. Thus, on 1^st December 2020, the System will check the status of returns filed in Form GSTR-3B or the statements filed in Form GST CMP-08, for the class of taxpayers to whom it applies, and restrict the generation of EWB in case of:

1. • Non filing of two or more returns in Form GSTR-3B for the months up to October, 2020; and
   • Non filing of 02 or more statements in Form GST CMP-08 for the quarters up to July to September, 2020

4. This blocking will take place periodically from 1^st December’ 2020 onwards.
5. To avail continuous EWB generation facility on EWB Portal, you are therefore advised to file your pending GSTR 3B returns/GST CMP-08 statements immediately.
6. For details of blocking and unblocking EWB Click on below links

• https://tutorial.gst.gov.in/userguide/returns/index.htm#t=FAQs_unblockingewaybill.htm
• https://docs.ewaybillgst.gov.in/Documents/faq_block_latest.pdf  or
• https://docs.ewaybillgst.gov.in/Documents/Unblockver1.pdf

Note: Please ignore this update if you are not registered on the EWB portal.

Thanking you,

13/11/2020

1. 1. Certain notified taxpayers have to prepare and issue their invoices by obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’).

1. 1. Upon successful generation of IRN, details of such e-invoices will be auto-populated in respective tables of GSTR-1. The details of e-invoices available for auto-population along with status of auto-population can also be downloaded as excel file.

1. To effect this, certain tabs/labels are being added on GSTR-1 dashboard and screens. (Those taxpayers for whom e-invoicing is not applicable may ignore these changes.)

1. 1. For the period of October, 2020, the e-invoice details would be processed incrementally from 13th November, 2020. The processing of details of e-invoices/IRNs generated till 31st October, 2020 is expected to take upto 10 days.

1. 1. The processing of documents, dated in October, 2020, has no effect on filing of GSTR-1 for October. The taxpayers are advised not to wait for auto-population but file GSTR-1 for October, on their own (if not filed already). However, there is an option to download the details of October-dated documents through excel file:‘Download details from e-invoice (Excel)’ button (available at the bottom portion of GSTR-1 dashboard).

1. 1. Taxpayers are requested to verify the documents present in the excel and may share feedback on GST Self Service Portal , on below aspects:
      1. All documents reported to IRP are present in excel
      2. Status of each e-invoice/IRN is correct
      3. All the details of document are populated correctly
   2. For the period of November, 2020, the e-invoices generated (i.e. the documents dated in the Month of November) will be auto-populated into GSTR-1 in incremental manner and the process for whole month will be completed by 2nd Dec, 20 (i.e. on T+2 basis).

1. The detailed advisory with methodology of auto-population etc. is made available on the GSTR-1 dashboard (‘e-invoice advisory’) and also e-mailed to relevant taxpayers.

Due dates for filing of Form GSTR-3B for the Tax Periods from October, 2020 till March, 2021

12/11/2020

1. 1. Government of India, Ministry of Finance (Department of Revenue), CBIC, vide Notification No. 82/2020 – Central Tax, dated 11th Nov., 2020, has added sub rule (6) to Rule 61 of the Central Goods and Services Tax Rules, 2017, to provide for staggered filing of Form GSTR-3B, for the tax periods from October, 2020 till March, 2021. The details are as under:

1. This is for information and necessary action please.

Thanking you,