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GST Compliance Calendar for January 2021

This article contains various Compliance requirements for the Month of January, 2020 under GST Laws. Compliance means “adhering to rules and regulations.” Compliance is a continuous process of following laws, policies, and regulations, rules to meet all the necessary governance requirements without any failure.

Filing of GSTR –3B

    • Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period Due Date No interest payable till Interest payable @ 9% from & till Interest payable @ 18% from
December 2020 20th January 2021
    • Taxpayers having aggregate turnover up to Rs. 5 crores in preceding FY (Group A)
Tax period Due Date No interest payable till Interest payable @ 9% from & till Interest payable @ 18% from
December, 2020 22nd January,

2021

Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
    • Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period Due Date No interest payable till Interest payable @ 9% from & till Interest payable @ 18% from
December,

2020

24th January,

2021

Group B States:  Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi

Filing Form GSTR-1

Tax period Due Date Remarks
October to December, 2020

Quarterly return

13.01.2021 Taxpayers having an aggregate turnover of Up to Rs. 1.50 Crores (< Rs 1.50 Cr) or opted to file Quarterly Return
Monthly return

(December, 2020)

11.01.2020 Taxpayers having an aggregate turnover of More than Rs. 1.50 Crores (> Rs 1.50 Cr) or opted to file Monthly Return

Compliances for Composition taxpayers

Form No. Compliance Particulars Due Date (New)

 

GST CMP-08 3rd Quarter – October to December,  2020 18.01.2021

Non Resident Tax Payers, ISD, TDS & TCS Taxpayers 

Form No. Compliance Particulars Timeline  Due Date
GSTR-5 & 5A Non-resident ODIAR services provider file Monthly GST Return 20th of succeeding month 20.01.2020
GSTR -6 Every Input Service Distributor (ISD) 13th of succeeding month 13.01.2020
GSTR -7 Return for Tax Deducted at source to be filed by Tax Deductor 10th of succeeding month 10.01.2020
GSTR -8 E-Commerce operator registered under GST liable to TCS 10th of succeeding month 10.01.2020

GST Annual Returns

Form No. Compliance Particulars Due Date (New)

 

GSTR-9  (FY 2019-20) Taxpayers having an aggregate turnover of more than Rs. 2 Crores or opted to file Annual Return. 28.02.2021
GSTR-9C (FY 2019-20) Reconciliation Statement/ Audit Report for Taxpayers having a Turnover of more than Rs. 5 crores. 28.02.2021

GST Refund

Form No. Compliance Particulars Due Date (New)

 

RFD -10 Refund of Tax to Certain Persons 18 Months after the end of quarter for which refund is to be claimed

 

  • Key UPDATE(s)
  1. Supreme Court upholds levy of GST on lottery, gambling

The Supreme Court on Thursday upheld the levy of Goods and Service Tax (GST) on sale of lotteries and gambling across the country. A bench comprising justices Ashok Bhushan, R Subhash Reddy and MR Shah ruled that the Central Goods and Services Tax Act, 2017 and the notifications issued there under bringing lottery and gambling under the GST net are valid. The top court said that “while determining the taxable value of supply the prize money is not to be excluded for the purpose of levy of GST”

“The inclusion of actionable claim in definition “goods” as given in Section 2(52) of CGST Act, 2017 is not contrary to the legal meaning of goods and is neither illegal nor unconstitutional,” it held. According to judges, it is well settled that the courts have very limited role to play with regard to taxing policy of the legislature.

  1. QRMP scheme launched for GST payers with turnover up to Rs 5 crore

The government has launched the Quarterly Return filing & Monthly Payment of Taxes (QRMP) scheme for small taxpayers under GST system. Taxpayers with aggregate annual turnover of up to Rs 5 crore in the preceding financial year and have filed their October GSTR-3B (sales) return by November 30, 2020, are eligible for this scheme.

The GST Council in its meeting held on October 5, had said that registered person having aggregate turnover up to Rs 5 crore may be allowed to furnish return on quarterly basis along with monthly payment of tax, with effect from January 1, 2021.

With the launch of the QRMP scheme on December 5, taxpayers up to Rs 5 crore turnover have the option to file their GSTR-1 and GSTR-3B returns quarterly beginning January-March period. Taxpayers can make GST payments through challan every month either by self-assessment of monthly liability or 35 per cent of net cash liability of previous filed GSTR-3B of the quarter. Quarterly GSTR-1 and GSTR-3B can also be filed through an SMS.

3. Quarterly GST returns to ease compliance from January 1

The goods and services tax (GST) taxpayers with a turnover of up to Rs 5 crore will have the option to ease their compliance burden from January 1, as the facility to file GSTR-3B only on a quarterly basis kicks in. Currently, GSTR-3B is filed on a monthly basis along with payment of taxes.

The Quarterly filing of Return with Monthly Payment (QRMP) scheme, which was approved by the GST Council in October, means that instead of a mandatory 16 returns that need to be filed a year (12 GSTR-3B and 4 GSTR-1), the new system would provide for 8 returns (4 GSTR-3B and 4 GSTR-1)

The scheme will cover 92% or 94 lakh GST-registered taxpayers. Currently, there are about 1.2 crore registered taxpayers, including 17 lakh composition dealers.

However, an assessee opting for the scheme will need to pay tax on a monthly basis but will have the option to either discharge the actual liability via the cash ledger or through a pre-filled challan amounting to 35% of the cash paid as taxes in the previous quarter.

4. Auto population of details in Form GSTR-3B from Form GSTR 1 & GSTR 2B

Auto Populated details in Form GSTR 3B: Now, auto-population of system computed details in Form GSTR-3B, has been enabled for taxpayers (filing their Form GSTR-1 on monthly basis), from November 2020 Tax Period onwards. The same will be done based on the following:

Liabilities in tables-3.1 & 3.2 of Form GSTR-3B (except Table-3.1 (d) pertaining to inward supplies liable to reverse charge), are computed by the system on the basis of details of outward supplies as filed in Form GSTR-1 for the tax period

Input Tax Credit (ITC) details and details of inward supplies liable to reverse charge, to be reported in Tables-4 and 3.1 (d) respectively, are computed as per system generated Form GSTR-2B for the tax period

PDF Format of FORM GSTR-3B: The table-wise computation of the values, auto-populated in Form GSTR-3B, is made available in PDF format also on the Form GSTR-3B dashboard. The same can be downloaded by clicking on the “System Generated GSTR-3B” tab.

To read more Click Here

5. CBIC extends Due date of GST compliance till 31 March, 2021

The Central Board of Indirect Taxes and Customs (CBIC) extended the Due Date of GST compliance till 31 March, 2021 during the period from the 20 March, 2020 to the 29 November, 2020. The notification seeks to amend the notification No. 65/2020 Central Tax, dated the 1st September, 2020, which states, “Provided that where, any time limit for completion or compliance of any action, by any authority, has been specified in, or prescribed or notified under section 171 of the said Act, which falls during the period from the 20th day of March, 2020 to the 29th day of November, 2020, and where completion or compliance of such action has not been made within such time, then, the time-limit for completion or compliance of such action, shall be extended up to the 30th day of November, 2020.” Section 171 of CGST Act, 2017, provides that any reduction in the rate of tax on any supply of goods or services or the benefit of the input tax credit shall be passed on to the recipient by way of commensurate reduction in prices. Businesses with monthly turnover of over Rs 50 lakh to pay at least 1% GST liability in cash

Businesses with monthly turnover of over Rs 50 lakh will have to mandatorily pay at least 1 per cent of their GST liability in cash, the Finance Ministry said as it moved to curb evasion by fake invoicing. The Central Board of Indirect Taxes and Customs (CBIC) has introduced Rule 86B in Goods and Services Tax (GST) rules which restricts use of input tax credit (ITC) for discharging GST liability to 99 per cent.

The registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess of 99 per cent of tax liability, in cases where the value of taxable supply … in a month exceeds Rs 50 lakh, the CBIC said. While calculating the turnover threshold, sales from GST exempt goods and zero rates supply would not be included. To read more Click Here

  • GST UPDATES from 01.12.2020 to 31.12.2020
Sl.

 

Notification(s) Notification No. Link(s)
1.

 

GSTR-9 of FY 2019-20 is available now GSTN Update 424 LINK
2. Webinar on online application by Taxpayers for unblocking E-Way Bill generation facility GSTN Update 425 LINK
3. Ignore prompt on liability for inward supplies attracting reverse charge in Table-3.1 (d) GSTN Update 429 LINK
4. Seeks to extend the due dates for compliances and actions in respect of anti-profiteering measures under GST till 31.03.2021. 91/2020-Central Tax dated 14.12.2020 LINK
5. To amend notification No. 12/ 2017- Central Tax (Rate) so as to exempt satellite launch services provided by ISRO, Antrix Co. Ltd and NSIL as recommended by GST Council in its 42nd meeting held on 05.10.2020. 05/2020-Central Tax (Rate) ,dt. 16-10-2020 LINK
6 Communication between Recipient and Supplier Taxpayers on GST Portal GSTN Update 433 LINK
7 Auto-population of e-invoice details into GSTR-1/2A/2B/4A/6A GSTN Update 434 LINK
CS Lalit Rajputhttp://enlightengovernance.blogspot.com/
Company Secretary having 5 years of post-qualification experience in the Compliance Management Services industry by serving Corporates including Listed Companies, Corporate Secretarial Firms, and LLP.

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