GST Updates on GSTR Forms, ITC & e Invoicing under GST

Updated on February 2nd, 2024

The Central Government CBIC has announced a series of New Notifications regarding Form GSTR-1, GSTR-2A, GSTR-3, ITC & e Invoicing under GST. In this article, we have thrown some light on these Notifications and have simplified them for you to understand better these latest GST updates.

GSTHero is a trusted & reliable source to obtain the most authentic updates & information, being a GSP that works closely with the GSTIN.

So here is a detailed & segregated explanation of the Latest Notifications- No 82, 83, 84, 85, and 86/2020 that have rolled out on 10/11/2020-

GSTR-1 Related GST updates

Note- The GSTR-1 & GSTR-2 Updates are focused more on the Quarterly Tax Filers.

  • Quarterly GST Return filers can file their first and second month's B2B invoices in the Invoice Furnishing Facility (IFF) on or before the 13th of 1st month of the subsequent quarter
  • The total value of such B2B invoices is capped at 50 lakhs per month
  • The taxpayers are not required to report invoices again in GSTR-1, if they have already reported the same in IFF (Invoice Furnishing Facility)
  • The due date of GSTR-1 for quarterly filers, is set to be the 13th of 1st month of the subsequent quarter
  • HSN/SAC codes need to be mentioned mandatorily in GSTR-1 as follows - Turnover more up to Rs. 5 Cr: 4 Digit HSN, Turnover more above Rs. 5 Cr: 6 Digit HSN

Read more GST updates

GSTR-2A/2B Related GST updates

  • The invoices that are reported in IFF will be made available to the recipients in their GSTR-2A/2B for further filing & reconciliation
  • Notified FORM GSTR-2B

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GSTR-3B Related update

  • A New Rule- Rule 61(6) is inserted to set the due date for filing GSTR-3B for the months of Oct 2020 to Mar 2021 as the 20th of next month i.e. December 20th, 2020 (If Turnover is more than 5 Crores)
  • Quarterly return filers will have to deposit tax in their Electronic Cash Ledger on or before the 25th of the succeeding month for the first and second months of the Quarter

Input Tax Credit Related update

Form ITC 04 Job Work A Complete Guideline
  • The Government has extended the due date for filing ITC-04 (Job Work Return) for the period July 2020 to September 2020, to November 30th, 2020.Taxpayers need to file their ITC-04 before November 30th, 2020, to avoid penalties & interests.

e-Invoicing Related update

E-Invoice solution to ensure 100% ITC
  • e-Invoicing is mandatory from 01.01.2021 for every taxpayer (other than SEZ unit) whose aggregate Turnover in any of the FY from 17-18 exceeded Rs.100 Crores.
  • Meaning that the government is officially implementing e-Invoices on all businesses having an annual aggregate turnover of Rs.100 Crores & more.
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