GST NEWS BULLETIN

Functionality to Opt for Composition Scheme & Furnishing LUT Made Available For F.Y. 2021-22

Functionality to opt in for composition scheme and for furnishing Letter of Undertaking (LUT) has been made available for FY 2021-22 in the Dashboard of taxpayers at GST Portal. The eligible taxpayers, who wish to avail the same may furnish the same on the GST portal.

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GST Revenue Collection For February, 2021

Ministry of Finance has declared the gross GST Revenue details on 1st March, 2021 for the month of February, 2021. The gross GST revenue for the month of February, 2021 stood at ₹ 1,13,143 crores. In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of February 2021 are 7% higher than the GST revenues in the same month last year. The GST revenues have crossed ₹ 1 lakh crore fifth time in a row and crossed ₹ 1.1 lakh crore third time in a row post pandemic.

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Extension of due dates for Furnishing GSTR-9 & GSTR-9C for F.Y. 19-20

CBIC has extended the due dates for furnishing GSTR-9 & GSTR-9C for F.Y. 19-20 from 28th February, 2021 to 31st March, 2021 vide Notification No. 04/2021 -Central Tax dated 28th February, 2021.

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