- ·For example: - The option for the following quarter can exercise as follows: -
|Sl. No.||For the quarter||Option can exercise|
|1.||April, 2021 to June, 2021|| During 1stFeb, 2021 to 30th April,2021|
| 2.||July, 2021 to Sept, 2021||During 1stMay, 2021 to 31stJuly,2021|
| 3.||Oct,2021to Dec,2021||During 1stAugust, 2021 to 31stOct,2021|
| 4.||Jan, 2021 to March,2021||During 1stNov, 2021 to 31stJan,2021
The person opted for quarterly filing of GSTR-1 have the facility (Invoice Furnishing Facility-IFF) electronically on the common portal to furnish the details of such outward supplies totheregistered person. This facility is not mandatory and isanonly optional facility for the first and second months of a quarter. Not exceeding the value of fifty lakh rupees each month.The due date for such GSTR-1 is 1stday of the month till 13thday of the succeeding month.
- ·For Example: - For the quarter (January – March 2021)
- ·For the month of January, from 1stFebruary till 13thFebruary
- ·For the month of February, from 1stMarch till 13thMarch.
Invoices furnished using the Invoice Furnishing Facility in the first two months are not required to be furnished again in Form GSTR-1.
Registered persons can opt for the optionto opt for Quarterly/Monthly return from 5th of December 2020 to 31st of January 2021.
2. Restriction onthefiling of GSTR-1 with effect from 01.01.2021
In following situationsaRegistered person has been restricted to file GSTR-1 or Invoice Furnishing Facility (IFF):
- ·GSTR-3B not furnished forthepreceding 2 months
e.g., If GSTR-3B not furnished for Jan’21 and Feb’21 then the respective GSTN is not able to furnish GSTR-1 or Invoice Furnishing Facility (IFF) for the month of Mar’21.
- ·Where the Registered person has been restricted from using the amount available in Electronic Credit Ledger (ECL) to pay liability towards tax in excess of 99% of such tax liability as per Rule 86B of CGST Rules,2017 and has not filed GSTR-3B for preceding tax period.
e.g. If GSTR-3B has not been filed for the month of Jan’21 due to restriction as per Rule 86(B) then respective GSTN is not able to furnish GSTR-1 or Invoice Furnishing Facility (IFF) for the month of Feb’21.
3. Restriction of payment through ITC with effect from 01.01.2021- Rule 86(B)
Payment of taxes throughtheutilization of balances from Electronic Credit Ledger (ECL) has been restricted upto 99% of such tax liability. However, this rule is not applicable for exempt supply, Zero-rated Supply and where the taxable supply is upto 50 lacs in a month.
Following are further exceptions in which the rule will not apply:
(a) the said person or the proprietor orKarta or the managing director or any of its two partners, whole-time Directors, Members of Managing Committee of Associations or Board of Trustees, as the case may be, have paid more than one lakh rupees asanincome tax under the Income-tax Act, 1961(43 of 1961) in each of the last two financial years for which the time limit to file return of income under subsection (1) of section 139 of the said Act has expired; or
(b) the registered person has received a refund amount of more than one lakh rupees in the preceding financial year on account of unutilised input tax credit under clause (i) ofthefirst proviso of sub-section (3) of section 54; or
(c) the registered person has received a refund amount of more than one lakh rupees in the preceding financial year on account of unutilised input tax credit under clause (ii) ofthefirst proviso of sub-section (3) of section 54; or
(d) the registered person has discharged his liability towards output tax through the electronic cash ledger for an amount which is in excess of 1% of the total output tax liability, applied cumulatively, upto the said month in the current financial year; or
(e) the registered person is –
(i) Government Department; or
(ii) a Public Sector Undertaking; or
(iii)a local authority; or
(iv) a statutory body:
4. E-Invoicingmandatory for businesses having aggregate turnover above Rs.100 crore with effect from 01.01.2021
The threshold limit fore-invoicinghas been reduced totheaggregate turnover of 100cr. of any of precedingthefinancial year 2017-18 onwards.
The registered person falling in the threshold limit of 100 cr. will be required to report for the invoice registration portal (IRP)with effect from 01-Jan-2021.
E-invoicingis not Applicable for:
E-invoicingis Applicable for:E-invoicingis required for B2B transaction and exports forthefollowing documents:
- ·Debit Notes
- ·Credit Notes
5. E-way Bill Amendments with effect from 01.01.2021
Reduction inthevalidity of E-way Bill period w.e.f 01-01-2021
Now the travelling distance in a day has been increased to 200 kms in a day from 100 kms in a day against E-way Bill. Thus only 1 day will be permissible for transportation of goods under cover of E-way Bill for 200 kms.
6. Restrictions ontheavailment of ITC with effect from 01.01.2021
Rule 36(4) has been amended. The restriction on availment of ITC has been reduced from 10% to 5%. Now,therecipient can take credit upto 105% of the eligible credit available on invoices/Debit Note which hasbeen furnished by the supplier in GSTR-1 w.e.f 01-01-2021.
Important: Please note that the
information on this page / site is provided as general information
for better understanding for the user and does not constitute tax,
legal, or other professional advice and must not be used as such.
Please consult your professional adviser(s) if you have any questions
/ doubts regarding the above.