02Jan 2021 by Asmeet No Comments

Important Changes in GST w.e.f. January 01, 2021

GST
Important Changes in GST w.e.f. January 01, 2021 1. E Invoicing for Turnover above Rs 100 crores 88/2020–CT dated November 10, 2020 Amended Notification No. 13/2020 – CT dated March 21, 2020 E-invoicing made applicable to Registered Person (other than SEZ unit, Insurance Company, banking company, financial institution including non-banking financial institution, GTA, supplier of passenger transportation service, supplier of services by way of admission to exhibition of cinematograph films in multiplex screens) whose aggregate turnover in any preceding financial year from 2017-18 onwards exceeds Rs. 100 crore in respect of supply of goods or services or both or for exports. 2. ITC on debit notes Finance Act 2020, Section 16(4) [Eligibility and conditions for taking Input Tax Credit (“ITC”)] Delinks availment of ITC on debit notes with the date of…
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11Oct 2020 by Asmeet No Comments

GST Clarification regarding application if 10% ITC Rule

GST
GST Clarification regarding application if 10% ITC Rule Circular 142/12/2020-GST - Clarifications on applicability of restrictions under Rule 36(4) Cumulative amount of ITC availed during February - August should not exceed 110% of cumulative eligible credit available as per GSTR-1 filed by vendors till due date of September, 2020.
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21Sep 2020 by Asmeet No Comments

Time limit for issuing invoices in case of approval for sale or return out of India falling between 20 Mar 2020 to 30 Oct 2020 extended to 31 Oct 2020

GST
Time limit for issuing invoices in case of  approval for sale or return out of India falling between 20 Mar 2020 to 30 Oct 2020 extended to 31 Oct 2020 GST Notification 66/2020: The time limit for issuing invoices in case of goods goods being sent or taken out of India on approval for sale or return, which falls between 20 March, 2020 to 30 October, 2020 has been extended to 31 October 2020.
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