GST Notifications: CBIC Extended last date of Filing GST Transaction!

CBIC issues 6 New GST Notifications on 09th October 2019 to give outcome to decisions of 37th GST Council Decisions and also to make alterations in Central Goods and Services Tax Rules 2017. Through these Notifications CBIC Notifies Due Date of GSTR 3B And GSTR 1, CBIC further informs that GST Annual Return is voluntary for registered persons whose aggregate turnover is less than Rs. 2 crores.

CBIC offers liberation to registered persons in Jammu and Kashmir by extending due dates of Form GSTR-1, GSTR-7 & GSTR-3B. CBIC restricts ITC to 20% in case of difference with details uploaded by suppliers in GSTR-1 and it further notifies that GSTR 3B is a return under section 39 with retrospective effect from 01-07-2017. Following are the 6 New GST Notifications dated 09th October 2019:

1. Restraint on ITC in case of difference’ GTR 3B is a Return:

• CBIC notifies Central Goods and Services Tax (Sixth Amendment) Rules, 2019 vide Notification No. 49/2019 Central Tax dated 09-10-2019 and made some significant changes as given below-

1. ITC in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers in GSTR-1, shall not exceed 20% of the eligible credit available in respect of invoices or debit notes the details of which have been uploaded by the suppliers in GSTR-1.
2. Amendment in Rule 61(5) has been made with retrospective effect from 01-07-2017 by making GSTR-3B as the return specified under Section 39, wherever the time limit for filing GSTR-1 or GSTR-2 has been extended. This circumvents makes a judgment of the Gujarat High Court in the case of AAP and Company in which it was held that GTR 3B is not a return.

2. Extended due date of Form GSTR-1, GSTR-7 & GSTR-3B for J&K

CBIC notifies due dates for registered persons whose principal place of business is in the State of Jammu and Kashmir for furnishing of FORM GSTR-1 for August 2019, FORM GSTR-7 for July and August 2019 and FORM GSTR-3B for July and August 2019.

3. GST Annual Return voluntarily if Turnover is less than Rs 2 crores: 

Seeks to make the filing of annual return under section 44 (1) of CGST Act for F.Y. 2017-18 and 2018-19 optional for small taxpayers whose aggregate turnover is less than Rs 2 crores and who have not filed the said return before the due date.

4. FORM GSTR-1 Due date if aggregate turnover exceeds Rs. 1.5 crore

Recommend the due date for filing of return in FORM GSTR-1 for registered persons having aggregate turnover more than 1.5 crore rupees for October 2019 to March 2020

5. Due date of FORM GSTR-1 if aggregate turnover is up to Rs. 1.5 crore

Recommend the due date for furnishing FORM GSTR-1 for registered persons having an aggregate turnover of up to 1.5 crore rupees for the quarters from October 2019 to March 2020. 

6. Due date of FORM GSTR-3B for October 2019 to March 2020

Pursues to recommend the due date for filing of return in FORM GSTR-3B for October 2019 to March 2020.

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