GST NEWS BULLETIN

Highest Ever GST Revenue Collection in March, 2021

Ministry of Finance has declared the gross GST Revenue details on 1st April, 2021 for the month of March, 2021. The gross GST revenue collected in the month of March, 2021 stood at a record Rs. 1,23,902 crores.

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Applicability of E-invoicing Provisions w.e.f. 1st April 2021 For Registered Persons Having Aggregate Turnover Exceeding Rs. 50 Crores

E-invoicing provisions were implemented from 1st October, 2020 for taxpayers having aggregate turnover in any preceding financial years from F.Y. 2017-18 onwards exceeding Rs. 500 crores. However, vide Notification No. 88/2020- Central Tax dated November 10, 2020, the aggregate turnover limit for e-invoicing was reduced to Rs. 100 crores w.e.f. January 1, 2021.
Now, vide Notification No. 05/2021- Central Tax dated March 8, 2021, the aggregate turnover limit for e-invoicing provisions has been further reduced to Rs. 50 crores w.e.f. April 01, 2021.

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Mandatory Quoting of HSN/ SAC on Tax invoice from 1st April 2021

The Central Board of Indirect Taxes (“CBIC”) had issued Notification No. 78/2020 – Central Tax, dated October 15, 2020 to mandate 4/6 digit HSN/SAC Code on supply of goods or services on the tax invoices w.e.f. April 1, 2021

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Exemption From Mentioning Dynamic QR Code on B2C Invoices Extended Till 30th June 2021

The CBIC vide Notification No. 06/2021 – Central Tax dated March 30, 2021 amended Notification No. 89/2020 – Central Tax dated November 29, 2020 to extend the waiver of penalty leviable under Section 125 of the CGST Act, 2017 (i.e. general penalty) for non-compliance of provisions* of Notification No. 14/2020–Central Tax dated March 21, 2020 (Provisions of Mentioning of Dynamic QR Code in GST Invoices) between the period from December 1, 2020 to June 30, 2021, subject to the condition that the said person complies with the provisions of the said notification from July 1, 2021.

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Government Defers Implementation of Mandatory Use of Accounting Software Having Audit Trail till 31st March, 2022

MCA vide Notification No. F. No. 1/19/2013-CL-V-Part III dated April 01, 2021 issued ‘Companies (Accounts) Second Amendment Rules, 2021’ to defer the implementation of mandatory use of accounting software having Audit Trail as provided under proviso to Rule 3 of the Companies (Accounts) Rules, 2014 till March 31, 2022. Rule 3(1) of the Companies (Accounts) Rules, 2014 now reads as under:

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