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Brief of Notifications issued by CBIC on 10th Nov,2020

CBIC has issued various notifications on 10th Nov,2020, brief of which are given below:-

1. Notification No. 81/2020 – Central Tax

Amendment in Section 39 of CGST Act,2017 as amended by Section 92 of Finance (No.2) Act,2019 has been notified from 10th Nov,2020.

2. Notification No. 82 /2020 – Central Tax

Central Goods and Services Tax (Thirteenth Amendment) Rules, 2020 has been notified which will come into effect from 1st Jan,2021.

3. Notification No. 83/2020 – Central Tax

Due date of filling of GSTR-1 for monthly filer will be 10th of succeeding month and for quarter return filer, due date of filling of GSTR-1 will be 13th of succeeding month.

4. Notification No. 84/2020 – Central Tax

- Taxpayers having turnover upto 5 Crores can furnish a return for every quarter from January, 2021 onwards, and pay the tax due every month in accordance with the proviso to sub-section (7) of section 39 of the said Act. - Taxpayers having turnover above 5 Crores cannot file return on quarterly basis as per amended rule 61A.

For the registered person who have furnished the return for the tax period October, 2020 on or before 30th November, 2020, it shall be deemed that they have opted as per table given in the said notification.

The registered persons may change the default option electronically, on the common portal, during the period from the 5th day of December, 2020 to the 31st day of January, 2021

5. Notification No. 85/2020 – Central Tax

Taxpayers who opt to file quarterly return, procedure to pay monthly tax liability by 25th of succeeding month in form PMT-06 has been notified vide this notification.

6. Notification No. 86/2020 – Central Tax

Notification No. 76/2020-Central Tax dt. 15th October, 2020 has been rescinded.

7. Notification No. 87/2020 – Central Tax

The time limit for furnishing the declaration in FORM GST ITC-04, in respect of goods dispatched to a job worker or received from a job worker, during the period from July, 2020 to September, 2020 till the 30th day of November, 2020.

8. Notification No. 88/2020 – Central Tax

With effect from the 1st day of January, 2021, Turnover threshold of Rs. 500 Crores for applicability of E-invoice shall be substituted by Rs. 100 crore.