Key amendments from 1st January 2021. Amendments in notifications on ITC Claim, QRMP Scheme, GSTR-3B auto population, EWB Validity, cancellation of GSTIN and a lot more
E-invoicing has been the biggest and one of the most talked-about changes when it comes to GST in 2020. Read all about E-invoicing and its applicability with following heads/parameters...
Annual GST Return - Everything you want to know about GSTR9, GSTR9A, GSTR9B, GSTR9C filing. A statement that every taxpayer needs to file annually.
GST is a dynamic law and is changing frequently. Stay updated with the latest GST News and Notifications. All the GST updates at one place!
Here’s an elaborate recap of the year 2020. All the happenings and changes on the GST front and at IRIS GST | GST system changes in 2020. Read more...
GST Compliance Calendar - January 2021. Here’s IRIS GST’s official GST Compliance Calendar for January 2021. Download and Pin it and never miss a GST Due-date.
Latest GST Updates You Need to Be Aware of before the year ends. These changes introduce radical changes and stringent controls in the process of GST cancellation, ITC claim, EWB validity and GSTR 1 filing etc.
Composition Scheme under GST for Restaurant and Hotel Services. Anyone can voluntarily opt for this scheme if they come under the set GST guidelines. Composition Scheme under GST Regime. Read more...
Auto-population of GSTR 3B from GSTR 1 and GSTR 2B | Auto-population is another attempt to ease of compliance burden – Auto-population of GSTR 3B from GSTR 1 and 2B. Read more…
Latest Updates – E-way Bill System. After all the e-invoicing updates, now the government has released some major updates in the E-way Bill arena.
GSTR 2A is an auto-generated form of inward supplies i.e. purchase-related transactions. Unlike the erstwhile GSTR2 return form, this is different as GSTR 2A is not editable.
QR Code-The new identity of a B2B invoice | QR Code and E-invoicing | E-invoicing and B2B QR Codes | B2B E-invoices. Read more…
TCS under Finance Act & impact on E-invoicing | The Finance Act, 2020 has expanded the provision to include sale of goods also under the purview of TCS. Read more…
QRMP Scheme under gst is an initiative by the Government to simplify compliance for taxpayers | Quarterly Returns and Monthly Payment Scheme. Read more...
Delinking – Debit and Credit Note | Delinking of CDN from invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund
The 4.0 Version which is right now in Beta Launch will soon be released on Playstore for user download. Main Features: Search GSTIN by Name | Search GSTIN by PAN | Create watchlist of frequently searched GSTINs | GST Updates and Notifications and much more with Peridot 4.0
As an accounts manager, you try and maintain your books throughout the year. You pay monthly bills and collect due invoices from the customers.
The central government vide Notification no 49/2019 central tax dated 9/10/2019 has made amendments to CGST Rules, 2017.
Input Tax Credit or ITC under GST is the credit back of the tax a registered GST taxpayer pays on inputs i.e. purchases. This tax he is liable to get back from the government. Read more
Special Economic Zone or SEZ are dedicated geographical regions present in a country, providing businesses with simpler tax and legal compliance. Read all about E-invoicing and SEZ here
GST Return for September of a year is the last return period during which taxpayers can rectify any missing inputs or errors in the returns already filed during the previous.
The e-invoice received from the suppliers will have the extra-information related to IRN. Hence, the recipients now need to verify the same and keep it for records.
Form GST REG-03 is a notice for seeking additional information in the form of clarification, documents relating to the application for registration, amendment or cancellation.
Composition Scheme is a simple and easy scheme under GST for small taxpayers. The composition scheme is available only for taxpayers whose turnover is less than Rs. 1.5crores.
The 42nd GST Council Meeting was held on October 5th, 2020 chaired by Union Finance Minister Nirmala Sitharaman, via video conferencing.
Here’s all about form GSTR 10: Eligibility, Due-date, & Format. If a taxpayer’s GST registration is cancelled or surrendered, then he/she needs to file a return in Form GSTR 10.
The Special Economic Zones are deemed as foreign territory for trading operations and taxation purposes, i.e. any goods or services supplied to the SEZ shall be treated as Zero-Rated supply and attract 0% GST.
Here’s all about form GSTR 5 – Eligibility, Due-date, Tables & Format. GSTR 5 contains all the information related to purchases and sales of the filer.
E-commerce operators are allowed to generate IRN on behalf of a supplier. Read all the details about e-invoicing for e-commerce operators here in detail.
A quarterly statement cum challan, form CMP 08 shall be used to declare the self-assessed details of the tax payable by a composite dealer in the given quarter.
GSTN makes System computed values of GSTR 1-Monthly filers available in Form GSTR 3B as PDF Statement
Compensation Cess under GST is levied by GST - Compensation to States Act 2017. Read all about the compensation cess under GST here
E-invoicing starts in a month and the onus of creating invoices and getting them registered on the Invoice Registration Portal (IRP) lies on the Supplier.
Form GST RFD-10 is similar to Refund Application RFD-01 but it is made only by UIN or multilateral financial institutions. Read more about RFD-10 here
The 41th GST Council Meeting by the finance ministry is touted to be held on August, 27th 2020 via video conferencing. Here are some of the expectations from the upcoming meeting.
Understanding E-invoicing and QR code generation for B2C transactions made easy! Also read, all about QR Codes in case of B2C invoices and transactions.
Learn everything about GSTR-2B, the newly introduced GST Returns. The What, When, Where and How of Form GSTR 2B!
Read how you can to generatean E-way Bill using the IRP. Conditions for generation E-way Bill, cancellation process | E-invoicing and E-way Bill
Here’s how IDT teams needs to be equipped enough to handle the constant changes and updates. Read about ideas that can be implemented for a smooth workflow.
The government is planning to change some specifications to ease the compliance process. Here are the upcoming GST return filing changes and its expected impact. Read more…
Read more about the GST Data based lending and how it is the emerging case for MSMEs Credit Appraisal. How GST data based lending can be beneficial.
Form RFD-09 is also known as Reply to Show Cause Notice. This is the reply by applicant on form RFD-08 issued by the concerned government officer.
Form RFD-08 is also known as notice for rejection of the application for refund. This form provides information about the reason why form RFD-01 and RFD-01A is rejected.
This article will help you to decide what to look forward to as Composite Dealers/Composite Taxpayers.
E-invoice New API Specification has been released today in line with the updated e-Invoice standard fields released early Feb 2020.
E-invoicing model has been adopted by many countries globally with varying implementation models. The Indian adoption consists of following components.
All about form GST RFD-07 is here! Form GST RFD-07 is an order for complete adjustment of sanctioned GST Refund.
Here are the steps to file ITC-03. Form ITC-03 is filed by taxpayers who wish to do the reversal of Input Tax Credit for which ITC has been availed.
Check out how to generate an E-way Bill if the goods are rejected by the recipient. When the transporter makes the E-way Bill and when the supplier makes the E-way Bill with screenshots.
Form GST RFD-06 – Final Refund Order. This is an electronic order issued by the proper office/ government officer to the taxpayer.
Form GST RFD-05 - Payment Advice. This GST Refund form is issued by the government officer-in-charge if form RFD-01 application is accurately filed and approved. Read more…
Know all about Form GST RFD-04 which is also known as Provisional Refund Order. Know in detail about its contents, tables, who and when it can be issued and more.
To ease the compliance process, Central Board of Indirect Taxes and Customs (CBIC) via notification 58/2020 –Central Tax has now allowed filing Nil GSTR 1 and Nil GSTR 3B via SMS.
Analysing the GST compliance trend of taxpayers, it is observed that the percentage of filing for GSTR 3B is higher than GSTR 1.
Measures released by the government for MSMEs (Micro, Small, and Medium size businesses) to compensate for their loss that occurred due to the COVID-19 crises and the lockdown.
In case any deficiencies are noticed in form RFD-02, then RFD 03 is issued by the Refund Processing Officer. Here is a detailed explanation of form RFD-03. Read more...
Form GST ITC-02A is a declaration of unutilized ITC transfer by a taxpayer for procurement of a separate registration within the same state or union territory. Here are the steps for both transferor and transferee in detail!
Once form RFD-01/01A is filed, an acknowledgement of the same is available on the GST Portal. This acknowledgement is called as RFD-02 which also serves as a response to RFD-01. Here is the detailed explanation of form RFD-02
40th GST Council Meeting Highlights and Expectations with an easy to understand infographic. The meeting was held on 12th June 2020 via video-conferencing.
As a measure to ease the compliance process, the Central Board of Indirect Taxes and Customs (CBIC) has now allowed filing NIL GSTR 3B via SMS through Notification - 38/2020.
If your GST Refund is stuck and is not getting processed or is rejected, there are a few steps you can take to raise a grievance for the same on the official grievance redressal portal. Here is the step by step process.
RFD-01/RFD-01A is an application form that a taxpayer files when he wants to process their GST Refund. It needs to be e-filed on the official GST portal. Here is a detailed process to file the form.
Once the GST Refund application is made, you can it to check its status. This blog covers the steps to track the GST Refund Application. There are three ways in which you can track your application status.
Merchant exports generate foreign exchange for the country like normal exports and are mainly engaged in the export of goods and not services. Here’s all about Merchant Exporters and their export process in the GST regime.
Despite several provisions, there have been many cases of fraudulent GST refunds and export frauds. Here we cover the reasons for export frauds and the proposed amendments issued by the government to curb export frauds.
The GST Council in its last meeting pushed the e-invoicing mandate to 1st Oct 2020. Here are 5 key areas which need to be strategized considering the overall impact of e-invoicing on current practices, cost and efforts.
Did you know that the condition of 10% provisional ITC rule will apply cumulatively for Feb to Aug 2020. And any cumulative adjustment for input tax credit for these months can be reported in 3B of Sept 2020. Read the full article for detailed conditions for ITC Claim with screenshots.
The current lockdown situation has forced companies in all sectors to work from home as much as possible. Here’s how cloud computing and cloud software applications in terms of COVID-19.
The GSPs exist so as to help ASPs connect with the GSTN Network. Know why you should choose GSP+ASP and not just ASP.
It has come to notice that fake messages on GST Refund have been circulating across social media asking for personal information citing new updates amidst COVID-19. Here are dos and don’ts.
Since making revisions is not allowed, the government has set out some rules to make changes/amendments, and rectify the mistakes in GSTR 3B and GSTR 1 for the ease and convenience of the taxpayers. Read on…
When taxpayers pay excess GST in certain cases and the tax paid is more than the GST liability, they can claim their GST refund via a streamlined GST process. Here's a step by step guide to GST Refund:
Here are the new relief measures released by CBIC via latest notifications and circulars. These recent updates with regards to COVID-19 serve as relief measures and will prove to be beneficial for the taxpayers:
Here’s everything you want to know about the GST Refund Process related issues and its clarifications given by the CBIC (The Central Board of Indirect Taxes and Customs). Read on…
Here’s how you can amend your GST Return – GSTR 1 and GSTR 3B easily. Know how to resolve mistakes in GSTR 1 and how to reset GSTR 3B. This article features invoice and summary level amendments.
To be taxable in the GST regime, the scrap does not have to pass the test of manufacture or mechanical process. Here's all about Scrap sales in GST, HSN Code and GST Rates of the Scrap material etc. Read on…
A secure & comprehensive GST software is necessary to ease the filing hassles and but also to acquire data, reconcile, and for ITC claim etc. Here’s how a GST software can simplify your GST Compliance with 100% accuracy.
Form PMT-09 has been enabled on the GST Portal by the CBIC. All the registered taxpayers are eligible to file PMT-09 and use to rectify/shift ECL balance. It has been made live on 21 April, 2020. Read on…
Here’s a simple 9 step guide that every CEO and CFO must follow and take care of in a crisis situation like COVID-19 lockdown to maintain their team’s productivity and boost their morale. Read on…
Considering the present scenario in the country with COVID-19 outbreak, GSTN (Goods and Service Tax Network) has recently issued an updated advisory for taxpayers opting for Composition Scheme for the Financial for Year 2020-21.
We have been, hopefully, proactive in battling the virus, can we be equally so in taking care of the micro, small and medium businesses? In short, we need business ventilators in operation which will pump in funds to enhance staying power.
Under the reign of new return forms, a taxpayer shall be able to make edits/amendments, as per the rules given forth by the GST Council.
The Government of India has taken these measures and has implemented these changes in the view of the COVID-19 outbreak. Smt. Sitharaman made these announcements via video conferencing today i.e. on 24th March, 2020.
Know Your Supplier’ scheme that will enable every registered person to have some basic information about the suppliers with whom they conduct or propose to conduct business was introduced in the 39th GST Council Meeting that happened on March 14th. IRIS Peridot does the same for you.
The 39th GST Council meeting was held on Saturday, 14th March 2020 at New Delhi. Read here to know all the changes that will be implemented:
As a concept, e-invoicing has many advantages to offer to all the participants – suppliers, recipients and the Government. It also opens up avenues to provide value-added solutions and services by using the highly standard, processable and recent invoice data.
The simplifications notified in Form GSTR-9 and Form GSTR-9C effective only for FY 2017-18 and 2018-19. For FY 2017-18, the last date for filing GSTR-9 and GSTR-9C extended to 31st Jan 2020.
Amendments in the Central Goods and Services Tax Act,2017 / Integrated Goods & Services Tax Act, 2017 /Union Territory Goods & Services Tax Act,2017. Amendments carried out through the Finance Bill, 2020 will come into effect on the date of its enactment.
The GST collection has started showing signs of recovery with the monthly collection crossing 1 lakh crore for 2 consecutive months.
The new returns shall introduce new and simplified forms GST Ret 1, Ret 2 and Ret 3 along with annexure form GST Anx 1 and Anx 2.
IRIS Sapphire, the GST software from IRISGST, is a one-stop solution for all your GST Compliance. Built with features like auto-computation, smart and advanced reconciliation and robust insights and reports,
The 38th GST Council meeting was held on December 18, 2019, under the chairmanship of Union Finance Minister of India, Smt. Nirmala Sitharaman. Here are the preliminary highlights of the 38th GST Council Meeting:
On 13th Dec 2019, Government notified the e-invoicing rules, its applicability and date from when the notified rules will be effective. In all there were 5 notifications and a summary of notifications.
The taxpayers and the GST authorities have had multiple encounters with such technical glitches, which has led to erroneous or missed filings. Thus, in order to address such issues on the GST portal, an IT-Grievance Redressal Mechanism was introduced in April 2018.
The new returns, which are supposed to be simplified, if followed in complete sense, can actually decrease the compliance processes. With real time invoice matching and monthly reconciliations, it will not only make compliance easier but would also boost tax revenues.
When a taxpayer resets his GSTR 3B, the filings status of the form changes from “Submitted” to “Yet to be filed”. The facility also deletes all the entries posted in the electronic liability registers and reverses the ITC integrated with the electronic credit ledger.
Economies across the world have been struggling with tax frauds as long as the taxes have existed. It is a two headed-snake. Because of the non-compliance of a few, honest
Advance Authorisation Scheme (AAS) is a tax and duties neutralization scheme under the foreign trade policy (FTP). Under the scheme, an exporter can import duty-free goods (subject to export obligation) to be physically integrated with the export goods.
In order to facilitate the supply of goods and services to and from SEZ, separate provision has been made under the GST regime.
Clearing the fog about a major misconception surrounding the E-invoice generation, it is not mandatory for a taxpayer to generate E-invoice through the government’s tax portal.
Ahead of GSTR3B due date of , CBIC has resolved queries on provisional ITC @ 20% through Circular No. 123/42/2019-GST but still the ambiguity persist.
Common Enrolment number is a 15-Digit unique number available exclusively for transporters registered in multiple states under a single PAN, for the generation and updation of their EWB.
We have covered how an appellant can raise an application to a higher court/authority for the reversal or revision of an order, as passed by a lower court/authority.
The supply goods and/or services is done under bond or LUT, without payment of IGST. In such scenario, the exporter can claim a GST refunds on export of the unutilized ITC available for CGST, SGST and IGST.
Return RET-1 has a total of 9 tables, out of which in this article we will focus on table 4 in detail. Kindly note table 3 is already detailed in our previous articles GST Form RET 3.
Understanding genuine hardship to taxpayers, CBIC has issued a Circular No. 110/29/2019 – GST dated 3rd October 2019, wherein it provided an option to re-file refund application if taxpayer has inadvertently filed NIL GST refund application.
Sugam, which is also known as RET-3, is a newly introduced simplified return for small taxpayers. Small tax payers may opt to file Sugam on quarterly basis.
The Section 168 of CGST Act 2017 covers all the details for Power to issue instructions or directions GST Act 2017.
With an aim to help taxpayers with the New Simplified Return System, a new beta version of the Offline Return Tool has been released on the GSTN portal.
With ICEGate, the user can make E-payments, Track Document status at Customs EDI, Register for IPR, Verify IE Code, etc. making it an essential tool for traders and exporters in India.
The integration of GST EWay Bill with FASTag, envisaged in January 2019 with the revenue department setting up an officers committee to integrate e-way bill, FASTag and Delhi-Mumbai Industrial Corridor’s (DMIC’s) Logistics Data Bank (LDB) services, finally came into effect last week.
GST Appellate Tribunal (GSTAT) or simply the Appellate Tribunal is the second appeal forum under GST i.e. for any dissatisfactory order passed by the First Appellate Authorities, an application for revision of the same can be raised to the National Appellate Tribunal.
The Central Government amends the Central Goods and Services Tax Rules, 2017 to be called as Central Goods and Services Tax (Sixth Amendment) Rules, 2019 vide Notification No. 49/2019 – Central Tax dated 09-10-2019.
The GST Council has introduced new return filing system in order to simplify the filing process. This system is currently postponed until October 2020.
GSTR 3B is a monthly self-declaration form that a taxpayer is required to file on a monthly basis. Form GSTR 3b consists of summarized details of supplies made during the month along with the details of paid taxes, ITC claimed, purchases under reverse charge mechanism, etc.
With the global trade becoming a norm, there has been a dramatic change in the cross border trade in recent years.
Under GST, certain goods and services, as decided by the government, are exempt from goods and service tax on their supply i.e. ‘NIL’ GST rate is applicable to such transaction.
In order to help taxpayers understand the electronic refund processing, the following advisory was released by the CBIC.
With an aim to provide taxpayer with a user-friendly and seamless compliance journey, the following GST updates have been on the GST portal / GSTN Portal.
The GST Network (GSTN) has incorporated an online GST refund process, as decided by the 37th GST Council. With this utility, taxpayers will easily be able to file for a refund via form RFD 01, which can further be processed online by the GST officers.
An audit is a term that is generally used for official inspection and verification of documents by an Independent body, usually for financial accounts.
This new invoicing system is expected to be rolled out on a voluntary basis from January 2020 onwards. More information on the implementation model and final formats are anticipated to be released in the coming weeks.
Payment Voucher under Reverse Charge Mechanism in GST is a proof of transaction between taxpayer and unregistered supplier.
A UIN or Unique Identification Number is a GST Exempt class under GST regime for specified person/organisations such as foreign diplomatic missions and embassies, who do not carry any outward transaction and thus are entitled to the refund of the tax paid on inward supplies.
First Appellate Authority (in this case). In order to make an appeal to the First Appellate Authority, a person has to file form GST APL 1 within 3 months (extendable up to 1 month) of the issuance of order.
Taxpayer having turnover upto Rs. 5 Cr in previous financial year, involved in B2C Supplies (supplies to unregistered persons and consumers) and Inward supplies attracting reverse charge only may opt to file Sahaj return on quarterly basis.
The annexure to the simplified form GST Ret1, Anx 1 allows a regular invoice-wise detail upload in the respective sections except in case of B2C Outward supplies, Inward RCM and Import of Services, wherein the taxpayer can upload aggregate details for the same.
The 37th GST council is likely to discuss the following issues in the upcoming meeting:Reduction of GST Rates in Auto Sector,Review return filings,ITC treatment in the healthcare sector,Review present Revenue Position,Single Authority Mechanism for Export Refunds.
Unblocking a GSTIN for EWay Bill Generation in case of non-filing of GST Returns is going to be a major concern of the MSME sector in coming days as the rule of EWay Bill Generation blocking is now supposed to come into effect from 21st November 2019 as per Notification No. 36/2019 – Central Tax dated 20.08.2019.
In New Returns Table 4A.10 Provisional input tax credit on documents not uploaded by the suppliers [net of ineligible credit] gives the provision to the purchaser to take ITC on provisional basis.
CBIC, in an attempt to reduce the dwell time, improve supply chain efficiency and minimise the cost on logistics for EXIM (Export-Import), has undertaken various steps and initiatives.
In case of any legal disputes, wherein the person involved is not happy with the decision passed on by a lower court, the person can raise an application to the higher court for the cancellation or reversal of the same.
A demand notice is a show-cause notice issued by the GST officials in case of short payment or non-payment of GST.
Input Tax Credit (ITC) by applying the formula stated in Annexure of notification, within the due date of 20th September.
Service Export from India Scheme is reward-based initiative from the government, which aims to elevate the export of certain notified services and eventually boost the economy.
Simplified GST Returns is expected to simplify indirect taxation for the taxpayers, and provide a boost to the economy in India.
What is Sabka Vishwas – Legacy Dispute Resolution Scheme? Sabka Vishwas (LDRS) Scheme, 2019, a dispute resolution and amnesty scheme under GST, shall come into force from September 1, 2019.
The Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019,(SVLDRS) application has been made available online from 1-9-19.
The process of supplying the goods (produced/manufactured in the country) on an international scale is known as Export.
The provisions made under GST define a Casual Taxable Person as any individual who transacts goods and services occasionally while acting as a Principal, Agent or in any other capacity for the furtherance of the business, but does not possess any fixed place of business in the given taxable territory,
Under GST regime, in order to deliver the goods in a hassle-free manner, a transporter (Registered and Unregistered) is required to fulfil the 5 key responsibilities
The monthly return (in some cases quarterly) containing the details of outward supplies made during the period.
The 36th GST Council Meeting was held on 27th July 2019 with the prime agenda being – reduction of GST rates applicable on Electric Vehicles.
The annual return is divided into 6 parts, Part I covers basic details while Part II is for outward supplies. Part III is important section covering ITC related reports in Table 6, Table 7 and Table 8.
GSTR 9 Annual Return preparation is round the corner. With due date extended twice from 31st December 2018 to 30th June 2019 and from 30th June 2019 to 31st August 2019, it is expected that this time there won’t be any extensions.
Under the Simplified Returns regime, a taxpayers may notice the below-given 5 key changes in the return filing system
The pure agent makes a payment to a third party, on behalf of the recipient, for procuring a supply when the contract for the supply of services procured is between the third party and the recipient.
CBIC vide Circular No. 105/24/2019-GST dated June 28, 2019, has clarified that the treatment of tax in cases of secondary discounts or post-sales discount under GST regimes for the purpose of determination of the value of supply.
Although the due date to file the annual return forms has been extended to August 31, 2019, the confusion among the taxpayers is yet to be settled.
The Government has issued various notifications, Order and Circulars for implementing the decisions taken in the 35th meeting of the GST Council.
The first section relates to the comparison of credit availed on forward charge by the taxpayer with the credit available as per inward supply uploaded by the suppliers in GSTR 1, duly reflected in GSTR 2A.
The amount of input tax credit reversed as per this provision shall be added to the output tax liability of the Registered Person for the month in which the details are furnished.
In the Annual Return GSTR 9, as we all know, details of outward and inward supplies along with ITC claimed, reversed, tax liability, tax payment and the adjustments are to be reported.
In this part, you need to provide consolidated details of all your outward supplies and advances received on which tax is applicable during the financial year for which the return is filed.
GSTR-9 is an annual return form that needs to be filed once a year by registered taxpayers under GST disclosing a detailed summary of outward supply and taxes paid thereon.
As per the transition plan for simplified GST Returns released by the CBIC will witness following updates in the current GST return filing system:
The Goods and Service taxation introduced in the country in 2017 is one of the most intricate taxation systems worldwide.
The new return system is expected to be introduced, mandatorily, onto the current GST Returns system of India in the month of October, 2019.
![[Case Study] GST Reconciliation in Manufacturing Industry](https://irisgst.com/wp-content/uploads/2019/07/228-Case-Study-GST-Reconciliation-in-Manufacturing-Industry.png)
The introduction of GST, has provided a great boost to the manufacturing sector by eliminating the cascading taxes. This has resulted in reducing cost of production.
The CBIC has finally released the road map for Simplified GST returns implementation to ease the transition process.
The Central Board of Indirect Tax and Customs (CBIC) introduced “Manual check” for its Customs and GST formation before the issuance of IGST refunds.
India, is a big economy with wider geographical anomalies. Here people live in terrains, deserts, land and mountains connected by roads, rail, air and even water at some places.
GST council have made amendments that mandates timely and apposite maintenance of account books and ledgers by a taxpayer registered under GST rules.
The GST Council meeting held today under the chairmanship of newly elected Union Finance Minister Mrs. N Sitharaman was long awaited by the tax community.
The GST Council is scheduled to meet for 35th time under GST regime on 21th June, postponed from the original date of June 20.
GST annual returns, taxpayers have been facing certain issues while filling form GSTR 9 and GSTR 9C.
The Eway Bill mandate will kick-off with inter-state transactions and by 1st June it will be implemented for intra-state movement of goods.
The New Returns – GST Sahaj and GST Sugam were expected to be implemented from April 1, 2019, however, in the absence of a proper system required for the transition
The taxpayer can adjust these GST liabilities with the available ITC and/or pay the balance through the electronic cash ledger.
While we have already covered the GST registration process and management process in our previous articles, let us look at the payment process under GST.
E-way Bill is to be issued irrespective of whether the movement of goods is caused by reasons of supply or otherwise.
8th August 2018, Kerala witnessed the worst flood in the century, affecting over one-sixth of the total population of the state.
A registered taxpayer under GST can be liable to following offences and penalties for non-compliance to GST regulations:
The Annual Return in the form GSTR-9 for FY 2017-18 is to be filed by 30th June 2019. However, there have been many inconsistencies in the form requiring suitable amendment therein.
ACES or Automation of Central Excise and Service Tax is a centralised, web-based software that allows a user to automate the processes of Central Excise (CE) and Service Tax (ST) under GST.
HSN code stands for Harmonized System of Nomenclature, which consists of a globally used coding system and harmonized commodity description.
Invoicing your sales, no matter how basic it may sound, is an essential aspect of business that every taxpayer registered under GST needs to master.
GSTIN is an abbreviation for Good and Service Tax Identification Number, which is a 15 digit, unique registration number given to every taxpayer registered under GST.
The government or the GST officials often send notice to registered taxpayers pertaining to any non-compliance or oversight in their GST returns.
One such proposal laid down to improve GST implementation is Reverse Charge Mechanism (RCM) with an aim to enhance tax compliance and coverage across organized, partly organized and unorganized sector in India.
GST, the biggest tax reform of the country, is envisaged to simplify tax management for companies and government equally.
In India, GST is not applicable to any exports, which makes all the exports in India, Zero Rated Supplies. As per Section 16 of the IGST Act
The revenue department under GST have plans to introduce a faceless scrutiny of refunds to hasten the claim settlement process.
If a registered taxpayer does not file his/her GST returns on the given due date, he is liable to be penalised as per the notice sent by the government in form GSTR 3A.
Form GSTR 3A is not a return form but a notice form for taxpayers who have failed to file their GST returns.
The GST Act and rules made there under does not restrict the recipient from claiming the ITC when consideration is paid through book adjustment.
Need for IRIS Garnet - Large businesses spread across multiple locations face real problems while preparing their GST data.
ICEGATE provides e-filing services to the importers, exporters and other trading partners in India. It is responsible to fulfil the custom department’s EC/EDI and data communication needs.
In order to simplify the taxation process and the cash flow, the GST returns have been segregated as per taxpayers’ registration and business types. Different types of return forms under GST are as follows..
GSTR-1 is a monthly or quarterly return (based on taxpayer’s annual turnover) that should be filed by every registered dealer. The due date for GSTR-1 is based on the taxpayer’s annual turnover.
GST officials have successfully counteracted multiple defaulters who, with the help of fake invoices and GSTINs, were caught robbing the nation of its financial assets.
Hyderabad, Apr 23 In a move that would have a significant impact on businesses that use tax credits available on inputs and raw materials to reduce payment in cash.
IRIS Sapphire, a GST compliance tool of IRIS GST, a leading GST Suvidha Provider, offers this required intelligence to your compliance processes.
A registered taxpayer will not be eligible to generate e-way bill on the GST portal if the taxpayer: Paying tax under composition scheme has not furnished the returns for two consecutive tax period;
The Input Tax Credit mechanism allows a taxpayer to reduce his tax liabilities on his sales with the taxes paid on inward supplies.
In recent few months on GST portal, many new features have been updated to help taxpayers while transacting through GSTN for return filing or for reconciliation between two returns etc.
In an attempt to lower the possibilities of GST evasion, e-way bill system was rolled out on April 1, 2018, for inter-state movement of goods worth over Rs 50,000.
The list of the required may change based on the constitution of your business and the type of GST registration you are seeking.
Updates: 23 April 2019 – Presently, the common portal supports the order of utilization of input tax credit in accordance with the provisions before implementation of the provisions of the CGST (Amendment) Act
