CHANGES IN GST EFFECTIVE FROM 1ST JANUARY 2021
E- Incoming
E-Incoming it becomes applicable for Registered person having aggregate turnover over INR 100 crs in any of the financial year starting with FY 2017-18. Starting 1st January, 2021, all Tax Invoices, Credit Notes and Debit Notes will be required to be registered with Invoice Registration portal (IRP) and IRN Number along with QR code shall be mentioned on each of the above documents.
QRMP Scheme
Registered person whose aggregate turnover is up to INR 1.5 crs and has opted for 2020 Quarterly filing of GSTR 84/2020 and Registered person whose total turnover is more than INR 1.5 crore and up to INR crore in the preceding financial year are considered to opt for the scheme if not already opted out. The scheme required filing of Quarterly GSTR-1 & GSTR-3B with option of monthly filing of details of outward supplies up to INR 50 lacs through Invoice Furnishing facility. The payment of tax has to be considered on monthly basis through GST-PMT 06.
Reduction in ITC entitlement for invoices not furnished by supplier from 10% To 5%
Rule 36 (4) stand s amended. Restriction of claim of ITC in respect of invoices/debit notes not furnished by the suppliers has now been reduced from 10% to 5% of the credit available in GSTR-2B.
Restrictions on use of amount available in electronic credit ledger
Restrictions where taxable supply other than exempt supply ande export, in a month exceeds INR 50 lakh. Taxpayer is not allowed to use ITC in excess of 99% of output tax liability. Specified certain exceptions provided to above restrictions.
Validity of e-way bill narrowed by increasing distance from 100 km. to 200 km per day.
Amendment in Rule 138E-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 multi modal shipment in which at least once leg involves transport by ship. For every 200 km, or part there thereafter, one additional day will be allowed.
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