Central Board of Indirect Taxes and Customs vide notification no. 85/2020 dated 10th November, 2020 issued a special procedure to be followed for payment of 35% tax liability of the first two months.
Mandatory E-invoicing for all the registered persons whose annual aggregate turnover in any of the financial years starting from FY 2017-18 exceeds Rs. 100 crores.
Taxpayer having aggregate annual turnover exceeding Rs. 100 crore in any financial year starting from F.Y. 2017-18 are required to adopt E-Invoicing from 01-01-2021.
Clarification relating to application of sub-rule (4) of rule 36 of the CGST Rules, 2017 for the months of February, 2020 to August, 2020.
Central Board of Indirect Taxes and Customs vide Circular No. 123/42/2019 – GST dated 11th November, 2019, issued clarifications on various issues relating to implementation of sub-rule (4) of rule 36 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the CGST Rules) relating to availment of input tax credit (ITC) in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37of the Central Goods and Services Tax Act, 2017 (hereinafter referred to as the CGST Act) were clarified.