New Announcements by the Finance Minister in view of COVID-19 outbreak!

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 with IRIS Peridot 3.1

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.

39th GST Council Meeting Highlights

The 39th GST Council meeting was held on Saturday, 14th March 2020 at New Delhi. The Union Finance Minister Nirmala Sitharaman preceded the meeting.

E-invoice New API Specification Released

E-invoice New API Specification has been released today in line with the updated e-Invoice standard fields released early Feb 2020. In a move to check tax evasion and make data

E-Invoicing – Will it simplify or complicate your purchase cycle?

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.

March 2020 GST Compliance Calendar

From March 1 onwards, a 28% Goods and Service Tax i.e. GST will be levied on all the lotteries. It has been imposed on all the state-run and authorised lotteries!

GSTR-9 and 9C Simplification – Advisory issued in January 2020

The GST filing of GSTR 9 and 9C was made optional for aggregate turnover (PAN based) of more than 2 cores calculated from July 2017 to 31st March 2018 for FY 2017-18. 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.

Budget 2020 in GST – Highlights

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 (unless otherwise specified).

Tax authorities gear up for first-ever GST Audit

The GST collection has started showing signs of recovery with the monthly collection crossing 1 lakh crore for 2 consecutive months.