|Sl.No.||Class of registered persons who have Opted for||Having principal place of business in the State/ UT of||Due date of filing of Form GSTR- 3B, from January, 2021, onwards|
|1||Monthly filing of Form GSTR-3B||All States and UTs||20th of the following month|
|2||Quarterly filing of Form GSTR-3B||States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana and Andhra Pradesh, the Union territories of Daman and Diu, Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands and Lakshadweep||22nd of the month following the quarter|
|States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand and Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi||24th of the month following the quarter|
The government said it is not possible to bring petrol and diesel under the ambit of GST before 8-10 days as the states would lose a large amount of revenue. The states and centre earn upto 5 lakh crores from the tax revenue on petrol and diesel.
Presently 60% tax is collected on petroleum products but the highest tax slab present under the GST regime is 28%. This would result in a shortfall of 2.5 lakh crore in revenue for both the states and the centre.
If petrol or diesel price is Rs 100 (per litre) then the tax component is Rs 60 which includes Rs 35 for Centre and Rs 25 for respective states. Besides out of the Rs 35 tax per litre, 42% goes to states
In the third phase of e-invoicing rollout, the government has made e-invoicing mandatory for entities whose turnover is above 50 Cr from 1st April 2021. E-invoicing would be applicable for business to business transactions. E-invoicing was rolled out for entities with 500 crore and more turnover from October 1 last year and later extended to entities with 100 crore and above from January 1 this year. The government had earlier planned to extend e-invoicing to all entities from April 1, 2021, but has refrained, taking care of interest of small entities. Notification no. 05/2021-Central Tax dated 08.03.2021 brought it into effect.
E-invoicing is aimed at bringing in more transparency in sales reporting, minimizing errors and mismatches, automating data entry work, and improving compliance. It will help prevent tax evasion once it is made mandatory for small and medium firms in phases.
The 1st Proviso to Rule 46 of CGST Rules 2017 has been amended, vide Notification No.79/2020 Central Tax dated 15-10-2020, for declaration of HSN code in invoice.
As per the amendment, it is mandatory to report minimum 4 digit or 6 digit of HSN Code in Table-12 of GSTR 1 on the basis of aggregate turnover on PAN in the previous financial year.
|Turnover upto 5 Crore||Turnover above 5 Crore|
|Minimum 4 digit reporting of HSN Code||Minimum 6 digit reporting of HSN Code|
|Mandatory reporting of all B2B supplies and exports (including supplies made to SEZ units and developers and Deemed Exports)||Mandatory reporting of all B2B supplies and exports (including supplies made to SEZ units and developers and Deemed Exports)|
|Optional reporting of HSN on B2C supplies (minimum 4 digit)|
The gross GST revenue collected in the month of February 2021 is ₹ 1,13,143 crore of which CGST is ₹ 21,092 crore, SGST is ₹ 27,273 crore, IGST is ₹ 55,253 crore (including ₹ 24,382 crore collected on import of goods) and Cess is ₹ 9,525 crore (including ₹ 660 crore collected on import of goods).
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. During the month, revenues from import of goods was 15% higher and the revenues from domestic transactions (including import of services) are 5% higher than the revenues from these sources during the same month last year.
The GST revenues crossed ₹ 1 lakh fifth time in a row and crossed ₹ 1.1 lakh crore third time in a row post pandemic. This is a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance.
Taxpayers are required to select their business activity only once, as – Manufacturer, wholesaler/Distributor/Retailer, service providers & others post login based on highest turnover amongst them. It can be changed later.
The Ministry of Micro, Small, and Medium Enterprises (MSME) notified that GSTIN is not Mandatory for MSME Udyam Registration.
The Central Government amended in the notification of Government of India, Ministry of Micro, Small and Medium Enterprises number S.O. 2119 (E), dated the 26th June, 2020.
The government had earlier made PAN and GSTIN mandatory wef 1st April 2021 for MSME Udyam Registration. The condition has now been relaxed and exemption from the requirement of having GSTIN shall be as per the provisions of the Central Goods and Services Tax Act, 2017 has been provided.