⚛️ Quarterly filing of GSTR-1 & GSTR-3B and no monthly filing required for taxpayers with aggregate turnover of less than Rs. 5 Crores from 1st January, 2021. However, payment of tax would be made monthly through challan.
Due date of furnishing quarterly GSTR-1 by quarterly taxpayers having aggregate turnover less than 5 crores to be revised to 13th of the month instead of 10th of month succeeding the quarter w.e.f. 01.1.2021;
⚛️ Roadmap for auto-generation of GSTR-3B from GSTR-1s by:
i. Auto-population of liability from own GSTR-1 w.e.f. 01.01.2021; and
ii. Auto-population of input tax credit from suppliers’ GSTR-1s through the newly developed facility in FORM GSTR-2B for monthly filers w.e.f. 01.01.2021 and for quarterly filers w.e.f. 01.04.2021;
c) In order to ensure auto population of ITC and liability in GSTR 3B as detailed above, FORM GSTR 1 would be mandatorily required to be filed before FORM GSTR3B w.e.f. 01.04.2021.
⚛️ For taxpayers with aggregate turnover of more than Rs. 5 Crores, HSN code to be mentioned at 6-digit level and for those with aggregate turnover of less than Rs. 5 Crores making Business to Business supplies, HSN code to be mentioned at 4-digit level.
⚛️ From 1st January, 2021, refund would be disbursed to only those bank accounts which are validated with PAN and Aadhar. Further, refund applications can now be signed through Aadhar authentication via OTP.
⚛️ Satellite launch services are to be exempted to promote start-ups making satellites.
⚛️ With respect to compensation to States with revenue shortfall, another meeting would be held on 12th October 2020 to reach ultimatum.
Ref: Media briefing by Finance Minister Nirmala Sitharaman.