Updated: Oct 6, 2020
Extended beyond the transition period of 5 years i.e. beyond June 2022, for such period as may be required to meet the revenue gap.
Present GSTR-1 and GSTR-3B returns to be continued till 31st March 2021;
GSTR-3B will be auto-populated in the following manner:
- Outward liability will be auto-populated from GSTR-1, w.e.f. 1st January 2021; and
- ITC will be auto-populated from GSTR-2B, w.e.f. 1st January 2021 (for monthly filers) and w.e.f. 1st April 2021 (for quarterly filers);
GSTR-1 would have to be mandatorily filed before GSTR-3B w.e.f. 1st April 2021.
GSTR-1 by quarterly taxpayers to be filed by 13th of the month succeeding the quarter w.e.f. 1st January 2021;
W.e.f. 1st January 2021, taxpayers with aggregate annual turnover < Rs. 5 cr., would be allowed to file GSTR-3B returns on a quarterly basis. However, payments will be monthly.
Such quarterly taxpayers would, for the first two months of the quarter, have an option to pay 35% each month of the net cash tax liability of the last quarter using an auto-generated challan.
To be paid/disbursed in a validated bank account linked with the PAN & Aadhaar of the registrant w.e.f. 1st January 2021.
Declaration of HSN for goods and SAC for services for reporting in invoices and in GSTR-1 to be revised w.e.f. 01.04.2021: