AKGVG Tax Updates

Latest Amendments in GST

Mandatory to issue E-Invoices by Taxpayers having Aggregate Turnover exceeding INR 50 Crores

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

4/6 digits HSN/ SAC Code mandatory to mention in Tax invoice from 1st April 2021

The Central Board of Indirect Taxes (“CBIC”) 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

Further, a proviso was inserted to provide that 4 digits of HSN Code is optional in respect of supplies made to unregistered persons i.e., B2C supplies for a registered person having aggregate turnover up to INR 5 crores in the previous financial year.

Relevant Notification Link:- Read more

Extension for waiver of Penalty for Non-Compliance with Provision of Mentioning Dynamic QR Code on B2C Invoices by Taxpayers having Turnover Exceeding INR 500 Crores

QR Code for B2C invoices was introduced for registered persons having aggregate turnover exceeding INR 500 crores in any financial year, starting from F.Y. 2017-18. However, its implementation was deferred till November 30, 2020.

Further, the penalty for non-compliance of QR Code provisions was waived off from December 1, 2020 till March 31, 2021 if complied from April 1, 2021.
The penalty for non-compliance of above provision has been further waived till 30th June, 2021 if complied from July 1, 2021 vide Notification No. 06/2021- Central Tax dated March 30, 2021.

Relevant Notification Link:- Read more

Opt-in or Opt-out from Quarterly Return Monthly Payment Scheme for F.Y. 2021-22

The window to opt-in or opt- out of the QRMP Scheme for the first quarter of FY 2021-22 i.e., From April 1, 2021 to June 30, 2021 is open now at GST Portal.

Other Important Amendments

Accounting Software to mandatorily have feature to record Audit Trail

The Ministry of Corporate Affairs (MCA) has mandated that every company which uses accounting software for maintaining its books of accounts, shall use only such accounting software which has a feature of recording audit trail of each and every transaction put through after April 1.

Further, the companies are now mandated to create an edit log of each change made in books of accounts along with the date when such changes were made and ensuring that the audit trail cannot be disabled.

Relevant Notification Link:- Read more