Why October 2020 is Important For GST Compliance Task?

Two important notifications mandating GST compliance have been released recently by the Central Board of Indirect Taxes and Customs (CBIC).

First, In case of turnover of more than Rs 5 crore for taxpayers, the notification related to e-way bill generation facilities will fail to file their GSTR-3B return form, for a consecutive period of two months or more, from 15 will be implemented. October 2020.

If a taxpayer having turnover over ₹ 5 crores and fails to file their GSTR-3B returns for a consecutive period of two months or more, the notification related to E-way bill generation facilities will be restricted. This notification will come into action from 15 October 15, 2020.

Rule 138 E (b) of the CGST Rules, 2017 also states that a person's E-Bill generation facility will be restricted if the person fails to file GSTR-3B returns continuously for two months or more. In the previous meeting, the GST Council meeting has decided that this provision will be applicable for taxpayers whose gross Aggregate Annual Turnover (AATO, PAN-based) is more than Rs 5 crores.

Additionally, In the case where the GSTIN associated with the respective PAN with Aggregate Annual Turnover over Rs 5 Crore has failed to file GSTR-3B Return for two or more tax periods, up to the month of tax period of August 2020, their EWB generation facility will be blocked on the EWB portal. Additionally, in a case where the respective PAN-linked GSTINs having Aggregate Annual Turnover of more than Rs 5 crore have failed to file GSTR-3B returns for two or more tax periods till the tax period of August 2020, their EWB generation facility on the EWB portal will be blocked.

It needs to be mention here that the EWB generation facility for such GSTINs (whether as consignor or consignee or by transporter) will be blocked on EWB Portal after October 15, 2020. To continue with the EWB generation facility on EWB Portal, you need to file your pending GSTR 3B returns promptly. If you are not registered on the EWB portal or have already filed your GSTR-3B Return for August 2020 or your AATO (PAN-based) is below Rs 5 Crore then you don’t have to worry about it.

Secondly, for taxpayers having turnover more than ₹ 5 crores, the due date of filing GSTR-3B for the September month is October 20, 2020. Meanwhile, it needs to be mention here that the due date for filing annual returns for the financial year 2018-19 has been stretched till October 31, 2020. So in the view of the present situation due to pandemic, In any case, the last date for furnishing the annual returns for the financial year 2019-20 will fall after October 31, 2020.

All the taxpayers need to keep the two important dates in mind namely October 15, 2020, and October 20, 2020, regarding the above discussed important GST compliances to avoid penalties and other penal consequences.

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