24
March
2021
GST Compliances Before and After 31st March
0
Since we are into the last week of the financial year ending 31st March 2021, there are various tasks which we need to complete before 31st March 2021 as well as various tasks we need to start with effect from 01st April 2021. We have collated some important GST compliances which we must need to be adhered to:
| GST Topic | Compliance Requirement | Effective/Due Date |
| Annual Return | The due date for Annual Return for FY 2019-20 in form GSTR9 and corresponding Audit Report in GSTR9C (For suppliers having aggregate turnover above Rs 5 Crore) was extended by the CBIC vided Notification No. 4/2021- Central Tax dated February 28, 2021. | The last date is 31st March 2021 |
| Letter of Undertaking (LUT) | Renewal of LUT for FY 2021-22 for every registered vendor making export and SEZ supplies without paying IGST shall apply for LUT to the Jurisdictional Commissioner in form RFD-11 on GST portal. | By 31st March 2021 |
| Fresh Invoice/Document Series | New/unique series of invoices to be raised for FY 2021-22 as per Rule 46(b) of the CGST Rules so that there is no duplication or repetition of invoices with the preceding financial year | 01st April 2021 |
| Opting for Composition Scheme | For eligible taxpayers facility for opting for composition dealer is made available for FY 2021-22 | By 31st March 2021 |
| E-invoicing | Vide Notification No. 05/2021– Central Tax dated 8th March 2021, the aggregate turnover limit for e-invoicing has been further reduced to Rs 50 Cr w.e.f. 01st April 2021. | 01st April 2021 |
| Applicability of QR code | Suppliers having turnover above Rs 500 Crores are required to show a dynamic QR code available through the digital display or marked on the invoices. In case payment is made through any other electronic mode then the cross-reference of the same on the invoice shall be made. Non-compliance will entail a penalty under GST provisions. | 01st April 2021 |
| HSN Code | W.e.f. 01st April 2021 vide Notification No. 78/2020 – Central Tax, dated 15th October 2020 it is mandatory to put 4 digit HSN code in case turnover is less than Rs 5 Crore for B2B invoices and 6 digit in case turnover is more than Rs 5 Crore in all invoice i.e. B2B and B2C. | 01st April 2021 |
