Important Changes in GST you must know

Important Changes in GST You Must Know

Important Changes in GST You Must Know: There are few changes made in GST from 1st April 2021, that is, things to do before 31st March 2021.

  • E-Way Bill: As per the Finance Act’s Amendment 2021 of u/s 129 of the CGST Act under detention, release, and seizure of goods and conveyance in transit, the new penalty applicable from 1st April 2021 is 200 % of the total tax payable.
  • ITC (Input Tax Credit): As per the Finance Act’s Amendment 2021, Input Tax Credit is available to taxpayers but only if the supplier has uploaded the invoice in GSTR-1 and filled it within the due date. The invoice will reflect in the taxpayer’s GSTR – 2B.

The GST registration might get cancel for any of these cases:

  1. If they found any mismatch found in the taxpayer’s GSTR – 1 and GSTR -2B.
  2. Then a notice will be issued to the taxpayer to satisfy the Official Jurisdiction with their Assessee’s reply; if the taxpayer cannot satisfy the Jurisdiction, the Assessee or the taxpayer failed to reply within the prescribed period, then the Official Jurisdiction will cancel the GST registration.3.

Table of Content

HSN Code

According to Notification No. 78/2020 – Central Tax dated 15th October 2020: A registered person needs to mention the number of digits of their HSN Code. The latter have aggregate turnover in the previous Financial Year.

The HSN Codes are mentioned below:-

Sr. No. Aggregate Turnover Digits of HSN Code
1. Less than or equals five Crore rupees. 4
2. More than five Crore rupees 6
3. If the taxpayer has Export of Goods and Service 8


According to Notification No. 05/2021 – Central Tax dated 08th March 2021: If any registered person who had an aggregate turnover of rupees 50 Crore or more in any previous Financial Year from 2017-18, for those E-voice will be mandatory.

Composition Schemes Opt-in

If the registered person wants to or opt for the “Composition Scheme,” they can apply before 31st March 2021. The Composition will be provided for Financial Year 2021-22.

Obtain or Renew Letter of undertaking for the Financial Year 2021-22

If the registered person wants to Export or Supply to SEZ units without paying the tax, they can apply before 31st March 2021 for LUT. The Composition will be provided for Financial Year 2021-22.

GST Refund

If the registered person wants a refund for Financial Year 2018-19 (time limit of 2 years), they can claim that refund before 31st March 2021.

GSTR – 9 and GSTR – 9C for Financial Year 2021-22

According to Notification No. 04/2021 – Central Tax dated 28th February 2021: GSTR – 9 is for the taxpayer having an aggregate is more than Rs. 2 Crore, and GSTR – 9C is for the taxpayers who have a total aggregate turnover of more than Rs. 5 Crore.

Their due dates to file their GSTR – 9 and GSTR -9C respectively extend from 28th February 2021 to 31st March 2021.

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