GST updates for July 2021


GST Updates for the month of 

July 2021

 

     1. New functionalities deployed on the GSTN portal in the month of July 2021

  • Ø  Submission of a complaint in case of misuse of PAN.
  • Ø  Restricting taxpayers to opt for Composition Scheme based on the AATO.
  • Ø  Filing of Nil Form GSTR-1 (Quarterly) through SMS.
  • Ø  Filing of Form GSTR-1 on cancellation of registration.
  • Ø  Timelines for filing of Application for Revocation of Cancellation of Registration in Form GST REG-21-timelines for filing of application for revocation of cancellation is now changed to 90 days (as was earlier) on the GST Portal w.e.f. 01.07.2021, from date of Order of Cancellation of Registration in Form GST REG-19.
  • Ø  Information regarding late fee payable provided in Form GSTR-10.
  • Ø  Auto-population of data in Form GSTR-11 on basis of Forms GSTR-1 / 5 filed by their suppliers.
  • Ø  Auto population of GSTR-3B liability from IFF and Form GSTR 1.

 

           2. Dynamic Quick Response Code (QR)

Dynamic Quick Response Code QR is applicable whose aggregate turnover exceeds Rs 500 crores rupees in any of the financial year from 2017-18 onwards. It is not required to be displayed on invoices issued for exports. It is used to enable the recipient / customer to scan and pay the amount to be paid to the merchant /supplier in respect to the said supply.

 

3.  Filing of Annual returns by composition taxpayers. – Negative Liability in GSTR-4

Composition taxpayers are reporting negative liability appearing in their GSTR-4  since FY 2019-20, taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while GSTR-4 Return is required to be filed on annual basis after end of a financial year.

Taxpayers should fill up table 6 of GSTR-4 mandatorily but if they don’t fill after payment through CMP-08,then a negative liability will show and to correct it  a ticket may be raised to nullify the amount available in negative liability statement.

 

Read more: https://taxgrip.blogspot.com/2021/07/filing-of-annual-returns-by-composition.html

 

4.Mandatory to furnish bank details within a specified time limit and a functionality to check the status and update the bank account details

 As per Rule 10A of (Goods and Service Tax Network) GSTN, it is mandatory to furnish the bank statement within 45 days from the date of registration or else it may get cancelled if the details are not updated within the time limit. A functionality to check status of bank account details update for the taxpayers who have taken new registration at GST Portal but have not yet furnished the same, has been introduced in the GST portal. 

 

Read more: https://taxgrip.blogspot.com/2021/08/mandatory-to-furnish-bank-details.html

 

5.Compliance burden reduced for GST taxpayer

 Taxpayer with Aggregate annual turnover (AATO) upto Rs 5 Cr.  is not required to file GSTR-9C the reconciliation statement for the Financial year 2020-21.

Taxpayer with Aggregate annual turnover (AATO) exceeding 5 Cr can self-certify the GSTR-9C the reconciliation statement for the Financial year 2020-21 onward instead of getting it certified by a Chartered or Cost Accountant.

 

Disclaimer: The facts and opinions written in this column are those of the author and have been prepared on the basis of relevant provisions and information available at the time of preparation. The article does not constitute any professional advice or formal recommendation. The author has under taken utmost care to disseminate true and correct views and does not accept liability of any errors or omissions.

Having rich experience in various profiles related to Taxation, Audit, Accounting, etc., within India and Abroad.

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