GST Compliance from the New Financial Year 2020-21:

(1) HSN 6 Digit:

From 1st April 2021, the Government has made mandated 6 Digit HSN code on Tax Invoice for the taxpayer whose turnover is more than INR 5 crore and 4 Digits HSN Code for taxpayers having turnover is less than INR 5 crores for business to business (B2B) supplies.

In case of non-compliance of the above provisions, penalty of INR 25,000/- in terms of Section 125 of Central Goods and Services Tax Act, 2017 and State Goods and Services Tax Act, 2017, individually can be imposed.

(2) Export of Goods or Service without payment of GST under Letter of Undertaking i.e. LUT for 2021-22: 

Exporters should apply for LUT for the F.Y.2021-22 in order effect their export of goods or services without payment of GST outside India or SEZ in terms of the relevant provisions of the Integrated Goods and Services Tax Act, 2017.

(3) Applicability of E-Invoice: 

E-Invoice has been made mandatory w.e.f.01.04.2021, for the companies having Aggregate Turnover more than 50 crore in any financial year from F.Y.2017-18 to F.Y. 2020-21.

(4) Dynamic QR Code for B2C supply: 

From 01.04.2021, Dynamic QR Code has been made mandatory for B2C Supply for the taxpayers having turnover more than INR 500 crore. Kindly note that in this case, the penalty for non-compliance has been relaxed upto 31.3.2021.