October, 2020 – Issue No. III

GST

Taxpayers having aggregate turnover above Rs. 5 Crore in preceding financial year are advised to ensure that all their due returns have been filed. Such taxpayers who have 2 or more GSTR-3B returns pending will not be able to generate Part A of the E-way Bill from 15.10.2020.

GSTR Changes for the period OCT, 2020 to MAR, 2021:

  • GSTR-1 – Aggregate turnover in current/pervious year ≤ Rs.1.5 crores – Quarterly return, due date  – 13th of the month following quarter end.
  • GSTR-1 – Aggregate turnover in current/pervious year > Rs.1.5 crores – Monthly return, due date –  11th of following month.
  • GSTR-3B – Aggregate turnover in previous year ≤  Rs.5 crores – Due  date – 22nd of following month  & 24th of following month.
  • GSTR-3B – Aggregate turnover in previous year > Rs.5 crores – Due date – 20th of following month.

Annual Return 2019-20:

  • GSTR 9 – Threshold exemption – Aggregate Turnover < Rs. 2 crores.
  • GSTR 9C- Threshold exemption – Aggregate Turnover ≤ Rs. 5 crores.

Changes in invoicing:

  • Aggregate turnover in previous year ≤ Rs. 5 Crores – 4 digit HSN Code to be mentioned in invoice
  • Aggregate turnover in previous year > Rs. 5 Crores – 6 digit HSN Code to be mentioned in invoice

Nil CMP-08 can be filed through SMS.

New Form GSTR-2A introduced.

CUSTOMS

Anti Dumping Duty on “Plain Medium Density Fibre Board of thickness 6mm and above”  imported from China PR, Malaysia, Sri Lanka & Thailand extended upto 20.01.2021.

Hazardous goods, Ammunition, Explosives and other combustible materials and articles, to be disposed of as soon as possible after seizure.

Anti Dumping Duty on “Front Axle Beam and Steering Knuckles meant for heavy and medium commercial vehicles” imported from China PR extended upto 30.11.2020.

Faceless assessment – Measures announced to avoid delay in clearances and assessments of Bills of Entry.

DGFT

Date of submission of documents for Export Obligation fulfilment is extended up to 31.12.2020, where such EO is expiring/has expired between 01.02.2020 to 31.10.2020.

Procedure for application of Scrips under Scheme for Rebate of State Levies (RoSL) prescribed.

Alcohol Based Hand Sanitizers – Free exports.

Air Conditioners with refrigerants under HS code 841510 – Prohibited imports.Application for Preferential Certificate of Origin (CoO) for exports under GSP, GSTP, India-Malaysia CECA, India-Singapore CECA to be made through the e-CoO platform from 15.10.2020. Transition period of three months granted for exports under GSP.

COMPANIES ACT
Private Placement to qualified institutional buyers – special resolution may be passed once in a year for all such allotments.
open

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 tita@tita.net.in and we will do the necessary.