GST provisions applicable from 1st April 2021
Introduction
GST provisions applicable from 1st April 2021 are discussed here in this article. There is a long list of the new provisions. Gradually it is getting riskier to avoid GST compliances. Department is quite active and in many cases, you may have to spend the time and resources for a clerical error.
E- invoices-
E-invoicing is already implemented for the taxpayers having a turnover of more than Rs. 500 crores. From 1st April it is mandatory for the taxpayers with a turnover of more than Rs. 50 crores. It is mandatory only for B2B supplies. There are some myths about the e-invoicing. You will still make invoices using your normal software. The only need is to register those invoices with IRP portal. We can call it an instant reporting of invoices. You can read the FAQ’s on e invoices here.
Normal invoice is changed with e invoices. Now if we skip e invoicing it means that we have not issued the invoice. The buyer may miss the ITC on the invoice issued. On the other hand the supplier may also be liable for penalty for non compliance of invoicing provisions.
Mentioning of HSN code in GST return-
It is mandatory to mention the HSN code in the GST return. The taxpayers having turnover up to Rs. 5 crores are required to mention 4 digits of HSN codes. The taxpayers having a turnover of more than Rs. 5 Crores are required to mention the 6 digits of the HSN code. It is applicable from 1st April 2021.
If you already have a premium membership, Sign In.
CA Shafaly Girdharwal
CA
New Delhi, India
CA Shaifaly Girdharwal is a GST consultant, Author, Trainer and a famous You tuber. She has taken many seminars on various topics of GST. She is Partner at Ashu Dalmia & Associates and heading the Indirect Tax department. She has authored a book on GST published by Taxmann.
