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IRIS GST

23 Dec, 5 tweets, 1 min read

Notification 94/2020- Key Extracts CGST(Fourteenth Amendment) Rules 2020

GSTR 1 to be blocked in case of non-filing of GSTR 3B

Where a taxpayer fails to file GSTR 3B for two subsequent months, not just his EWB but also his GSTR 1 be blocked.

In case of quarterly return filers, the taxpayer who missed to file GSTR 3B for the preceding quarter shall not be permitted to file GSTR 1 or Invoice Furnishing Facility (IFF) of subsequent quarter

A taxpayer whose is restricted to avail ITC as per rule 86B shall also not be permitted to file GSTR 1 where he has not filed GSTR 3b for the preceding tax period.
Know more about Unblocking of GSTIN : bit.ly/38IpGbY

Know more about QRMP : bit.ly/3fG11cX

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IRIS GST

@IRISGST

23 Dec

#GST #Notification 94/2020- Key Extracts CGST(Fourteenth Amendment) Rules 2020

Restriction on Utilization of Input Tax Credit (#ITC ) – Newly inserted Rule 86B

Rule 86B shall be affected from 1st Jan 2021 wherein restriction has been placed on setting off more than 99% of tax liability from ITC where the value of taxable supplies other than exempt supply and zero rated supply exceeds Rs. 50 lakhs in a month.

Though few exceptions have been provided to this rule which are as follows:

(i)Where the taxpayer has paid Income Tax exceeding Rs. 1 lakh in two preceding financial year.
(ii)Where taxpayer has received refund exceeding Rs. 1 lakhs u/s 54 of CGST Act 2017.

Read 4 tweets

IRIS GST

@IRISGST

23 Dec

#GST #Notification 94/2020- Key Extracts CGST(Fourteenth Amendment) Rules 2020

Cancellation of #GSTIN made more stringent

With insertion of new clauses to Rule 21 - Officer can proceed for cancellation of GSTIN
Clause (e) - where a taxpayer avails Input Tax Credit (ITC) exceeding than that permissible in Section 16.
(Section 16 is eligibility and conditions for claiming ITC)

*Clause (f) * -where the liability declared in GSTR 3B is less than that declared in GSTR 1 in a particular month.

Read 7 tweets

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