Summary of Recent Notifications Issued by CBIC

The Central Board of Indirect Taxes and Customs (CBIC) issued several notifications related to e-invoicing, filing of GSTR-1 and GSTR-3B. Also, the government made some functional changes on the Goods and Services Tax Network (GSTN) portal.

The CBIC has made e-invoicing compulsory from 1st January 2021, for taxpayers whose turnover exceeds Rs.100 crore. The extended applicability of e-invoicing applies to every taxpayer (other than SEZ unit) who has a turnover exceeding Rs.100 crore in any of the financial years starting from FY 2017-18. 

The quarterly GSTR-1 filers have to file B2B invoices for 1st and 2nd month of the quarter in Invoice Furnishing Facility (IFF). The invoices must be uploaded on or before 13th of 1st month of the following quarter. It is to be noted that the total value for such B2B invoices is restricted to Rs.50 lakh per month. Once the invoices are reported in IFF, no need to report them again in GSTR-1 and they are available to recipients in their GSTR-2A/GSTR-2B.

The HSN codes are mandatory in GSTR-1, businesses with turnover within Rs.5 crore to report four-digit HSN and those with turnover above Rs.5 crore to report six-digit HSN.

Also Read: GST department can soon block generation of invoices by suspicious firms

The CGST rule 61(6) added to provide 20th of the next month as the due date for filing of GSTR-3B for October 2020 to March 2021 for businesses with turnover above Rs.5 crore. Also, the quarterly GSTR-3B filers to pay GST tax in electronic cash ledger on or before 25th of next month for the first and second months of the quarter. 

The GSTN portal has started showing whether the aggregate turnover of a business is more than Rs.5 crore or up to Rs.5 crore at a PAN level in the dashboard. These will help the taxpayer in knowing the applicability of e-invoicing, the applicability of GSTR-9C and due date of filing GSTR-3B.

Also, the system generated GSTR-3B will now include values of GSTR-2B. Earlier, they used to populate liability from GSTR-1 values in table 3.1 only in the system generated GSTR-3B PDF. Still, now they have started providing GSTR-3B PDF with ITC values as well from GSTR-2B. The auto-population in GSTR-3B is expected to come from January 2021.

For any clarifications/feedback on the topic, please contact the writer at dvsr.anjaneyulu@cleartax.in

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