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GST UPDATE

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GST UPDATE

1. Extension of Turnover Limit for GSTR-9 & 9C for FY 19-20.

Limit of Rs 2 Crores for Annual Return and Limit of Rs 5 crores for GST audit extended to FY 2019-20 also.

2. HSN code mandatory to be shown in invoice from 01/04/2020.

LIMIT OF TURNOVER

B2B SUPPLIES

B2C SUPPLIES

Turnover in Preceding Financial Year Upto 5 Crores

4 Digits

 Optional

Turnover in Preceding Financial Year More than 5 Crores

6 Digits

 6 Digits

3. Due dates of GSTR 3B notified for period from Oct 20 to March 21.

Limit of Turnover

Category 1 state

Category 2 states

Turnover up to 5 Crores

22nd of Next Month

24th of Next Month

Turnover exceeding Rs 5 Crores

20th of Next Month

4. Due dates of GSTR 3B notified for period from Oct 20 to March 21.

Monthly Filers of GSTR 1

11th of Next Month

Quarterly Filers of GSTR 1

13th of Next Month Succeeding the Quarter

5. Change in GSTR 1 HSN Summary Table

The column of “Total Value” shall be removed and new column “ Rate of Tax” shall be inserted. I.e. Taxpayer shall have to report details of rate also in HSN summary table. The rate shall be auto-populated on basis of HSN details entered by taxpayer.