GST Update 03 Jan 2020

Some amendments vide the Finance (No. 2) Act, 2020, made effective from 1 January 2020.

  Penalty of 10% of the amount profiteered may be imposed, if the profiteered amount is not deposited within 30 days of passing of order.

  Government to have power to increase the threshold for registration, for dealers only trading in goods, from an aggregate turnover of INR 20 lakhs to an amount not exceeding INR 40 lakhs.

  Assessees may now transfer any amount in the electronic cash ledger (in the form of tax, interest or penalty) to the electronic cash ledger of IGST, CGST, SGST / UTGST or cess, subject to conditions.

  Individuals and managing personnel (of a person other than an individual) applying for registration would be required to furnish their Aadhar number for obtaining registration. In case Aadhar number is not available, an alternate identification should be provided.

  Commissioners under Central tax and State tax have been empowered to extend the due date for filing of annual returns under Section 44.

  Commissioners under Central tax and State tax have been empowered to extend the due date for filing of returns under Section 52 (for e-commerce operators).

  The Government may prescribe a class of persons who shall provide prescribed modes of electronic payment for the recipient of supply.

  Various amendments to Section 10 (Composition scheme) to expand the scope of the scheme, introduce new tax rates and add clarification though two explanations.

Various amendment to Form INV-01 for e-invoicing.

The following fields are now mandatory.

  Version number and Invoice Reference Number.

  Invoice type and subtype code.

  Invoice number and date.

  Previous invoice number and date in case of amendments.

  Supplier and buyer information – name, GSTIN and address.

  Payee name, bank name, IFSC, account number and payment mode.

  Dispatch details, bill-to and ship-to details.

  Product details – description, quantity, GST rate, amount per item and GST.

  Total amount, total tax amount, invoice value, amount paid and due for payment.

  Digital signature and Tax scheme (GST in this case).

  Batch number.

Extension for filing of Form GST TRAN-1 and Form GSTR TRAN-2.

Assessees who faced technical difficulties in filing of Form GST TRAN-1, may now file the same by 31 Match 2020. Also, such assessees may file Form GST TRAN-2 by 30 April 2020.

Validity to be mentioned by SEZ unit / developer for obtaining registration.

Period of validity (from and to) required to be mentioned by SEZ unit / SEZ developer applying for GST registration.