GST News and Updates – March 2020

E-Invoicing

  • CGST Notifications 13/2020 and 14/2020 extends the due dates to implement E-Invoicing and QR Code to 1st October 2020.

  • Also, Taxpayers in classes such as Insurance, Banking companies, Financial institution, Non-banking financial institution, GTA, Passenger transportation service, etc will be exempted from issuing E-Invoices or capturing QR code.

GSTZen E-Invoicing application

GSTZen has developed E-Invoice software that will help you create E-Invoices through an Excel connector or your ERP. Our articles and demo videos provide a detailed explanation of how the tool works.

Excel Connector

Organizations with no ERP can use GSTZen’s Excel Connector to create E-Invoices.

GSTZen’s Billing Application

You may directly create invoices in GSTZen’s billing application and create E-Invoices.

SAP Business One Integration

GSTZen’s integration with SAP B1 lets you create E-Invoices directly in SAP

Database Connector

GSTZen’s database connector will sync with your database such as Microsoft SQL server, Oracle, PostgreSQL, MySQL and create E-Invoices

Tax Rates

  • CGST Notification rate 02/2020 reduces the tax rates on aircraft Maintenance, Repair, and Overhaul (MRO) services to 5% from the earlier 18% with full ITC.

  • According to the CGST Notification rate 03/2020, all Matches will attract 12% GST as opposed to the earlier 5% on Handmade matches and 18% on other matches GST rates.

Due Dates

  • In view of hardship caused by COVID-19, the Government has extended GSTR-3B return filing due dates for March, April, and May 2020 filing periods to 30th June 2020. The government waives late fee and penalty for all taxpayers and interest for taxpayers with annual turnover below Rs 5 Crore. For taxpayers with annual turnover above Rs 5 crore, the government has reduced the rate of interest charged on delayed payment to 9%. These announcements are yet to be notified officially.

  • CGST Notification 15/2020 extended the due date to file Form GSTR 9 and Form GSTR 9C returns for the financial year 2018-19 to 30th June 2020.

  • For the taxpayers in Jammu and Kashmir, CGST Notification 20/2020 extends the due date to file GSTR 7 return for the period of July 2019 to February 2020 to 24th March 2020.

  • CGST Notification 21/2020 extends the due dates to file GSTR 1 for taxpayers in Jammu and Kashmir for the period of July to December, 2019 to 24th March, 2020.

  • Due dates to submit GSTR 3B for taxpayers in Union territory of Jammu and Kashmir and Ladakh for the period of July 2019 to February 2020 is extended to 24th March 2020 via CGST Notification 25/2020.

Other Laws and Procedure updates

  • CGST Notification 08/2020 modified Rule 31A stating the value of the supply of lottery will be 100/128 of the face value of the ticket or of the price, whichever is higher.

  • The Place of Supply for aircraft Maintenance, Repair, and Overhaul (MRO) services will be the location of the recipient of service

  • Since the merge of Union territories Daman & Diu and Dadra & Nagar Haveli, taxpayers with registrations in either of these cities can transfer their existing GSTIN registration and ITC balance to the new Union territory within 31st May 2020 as per the CGST Notification 10/2020.

  • CGST Notification 09/2020 states that foreign airline companies do not have to submit Form GSTR 9C if their Indian Business operations submit the statement of receipts and payments for the financial year for each GSTIN by the 30th September of the next year.

  • GSTN introduced a special procedure under CGST Notification 11/2020 for corporate debtors who are undergoing corporate insolvency resolution process under the provisions of the Insolvency and Bankruptcy Code, 2016 to enable them to comply with the provisions of GST Laws during the CIRP period.

  • Taxpayers who were unable to avail the option of special composition scheme under Notification No. 2/2019-Central Tax (Rate) by filing FORM CMP 08 do not have to file their GSTR 1 for 2019-20.

  • CGST Notification 16/2020 introduced FORM GST RFD 01 since 23rd March 2020.

  • CGST Notification 17/2020 makes Aadhar authentication optional for new GST registrations since 1st April 2020.