November, 2020 – Issue No. III


Recent changes with respect to GST returns:

  • GST E-invoicing mandatory from 01.01.2021 if turnover exceeds Rs. 100 Crores;
  • Due date for filing ITC-04 for July 2020 to September 2020 extended upto 30.11.2020;
  • CBIC notifies procedure for filing Quarterly GSTR 3B;
  • CBIC notifies new rules for filing Monthly/Quarterly GSTR 1;
  • CBIC extends time for filing GSTR-1. Monthly filers – by 11th of next month. Quarterly filers – by 13th of the month succeeding the quarter; previous notifications superseded.
  • CBIC notifies new rules for Inward/Outward Supplies, GST Returns & new form GSTR 2B;
  • CBIC notifies 10.11.2020 as the date changes made in Section 39 of CGST Act 2017 comes into effect.

Quarterly Return Monthly Payment Scheme – Clarifications issued.
Sabka Vishwas Scheme in J&K extended up to 31.12.2020.


If the difference between cost of the home and the circle rate (stamp duty value) set by the government is more than 10%, any excess income is accounted for as the buyer’s income. Now, for homes under the price of Rs. 2 crores, this differential is increased from 10% to 20% until 30 June 2021.


Basic Customs duty of 5% levied on specified goods used in the manufacture of Open cell of Liquid Crystal Display (LCD) and Light Emitting Diode (LED) TV panels.

Anti-dumping duty levied on imports of acrylic fibre from Thailand is removed.

Definitive anti-dumping duty imposed on “Clear Float Glass” imported from Malaysia.

Anti-dumping duty imposed on “flax fabrics (having flax content more than 50%)” imported from China PR and Hong Kong.

Anti-dumping duty levied on imports of “Carbon Black used in rubber applications” from China PR and Russia extended upto 31.12.2020.


Formulation of New Foreign Trade Policy – Stakeholders are requested to send their suggestions/inputs at –  https://bit.Iy/3khHEI2.

LLP Settlement Scheme was extended up to 31.12.2020 in September; accordingly, default period covered under the scheme is extended upto 30.11.2020.
17 Returns/Reports under Foreign Exchange Management Act, 1999 discontinued.

Atmanirbhar Bharat 3.0 announced. Excerpts from the press release:

  • A new Scheme “Aatmanirbhar Bharat Rozgar Yojana” launched;
  • Emergency Credit Line Guarantee Scheme for MSMEs, businesses, MUDRA borrowers and individuals extended till March 31, 2021 and additional credit up to 20%;
  • Production Linked Incentive worth Rs. 1.46 Lakh crore offered to 10 champion sectors;
  • Rs. 18,000 Crore Additional outlay for PM Awaas Yojana – Urban;
  • Relaxation of Earnest Deposit Money & Performance Security on Government Tenders;
  • Increase in differential between circle rate and agreement value to 20% providing Income Tax relief for Developers & Home Buyers;
  • Rs. 6,000 crore equity investment in debt platform of National Investment and Infrastructure Fund (NIIF);
  • Rs. 65,000 Crore for subsidized fertilizers provided to support agriculture;
  • Additional outlay of Rs. 10,000 Crore has been provided for PM Garib Kalyan Rozgar Yojana;
  • Rs. 3,000 crore boost to be given for project exports through assistance given by India to developing countries;
  • Rs. 10,200 crore additional budget stimulus will be provided for capital and industrial expenditure.
  • Rs. 900 crore is being provided for Research and Development of Indian COVID Vaccine.

In view of the full lockdown announced by the TN Govt from 10th may 2021 to 24th june 2021, we, at TITA, will be working from home. For any queries, clarification, filing of replies, applications, appeals and other compliances including GST Returns, please mail to us at and we will do the necessary.