SUMMARY OF NOTIFICATIONS ISSUED UNDER GST ON 15.10.2020-PART 2

The government has come up with the various notifications for providing exemptions to certain category of persons from filing GSTR 9,GSTR-9A & GSTR-9C, mandating a registered person for mentioning of HSN Code in the Tax invoice, etc.

All the above notifications are compiled here.

Notification 77/2020-Central Tax dated 15.10.2020

By this notification the government has given exemption for the registered persons from filing annual return for the FY 19-20 for the registered persons having aggregate turnover less than 2 Crore.

Therefore, the registered person is not required to file GSTR 9, GSTR 9A & GSTR 9C if the aggregate turnover is less than 2 Crores.

Notification 78/2020-Central Tax dated 15.10.2020 and Notification 06/2020-Integrated Tax dated 15.10.2020

This notification mandates a registered person to mention the HSN Code for the all products sold the HSN Digits to be mentioned are as under:

S.No.	Aggregate Turnover in the preceding FY	Number of digits of HSN Code
1	Up to rupees five crores	4
2	more than rupees five crores	6

The only exemption is given to the registered persons having turnover less than 5 Crores is that they need not mention the HSN code in the Tax Invoice in respect of supplies made to unregistered persons.

Notification 78/2020-Central Tax dated 15.10.2020

The government has made few important announcements in this notification

1. The registered person who opted to pay tax under composition scheme can now file NIL GST CMP 08 through SMS (Earlier this facility was only available to the registered persons who are required to file NIL GSTR 1 & GSTR 3B)

2. The Government has extended the Exemption for the registered persons having turnover less than 5 Crores from getting the books of accounts audited (GSTR 9C) .Which means the registered person having aggregate turnover more than 2 Crore but less than 5 Crores is required to file GSTR 9 but is not required to file GSTR 9C.

SOURCE : GST NOTIFICATIONS DATED 15.10.2020

Disclaimer : TAXGyaAan is meant purely for the educational purpose of Tax Laws and Regulatory Updates. It will not be treated as professional advice. This Blog should not be substituted for professional advice. For specific Queries, please post in the comments section.

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