GST Compliance Calendar

GST Compliance Calendar for November 2020 | Here is a comprehensive image of our November Compliance Calendar. Read more for GST Return filing due-dates

All about Input Tax Credit (ITC) | How to claim Input Tax Credit?

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

E-invoicing and SEZ

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

Important checklist to consider before filing September 2020 GST Returns

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.

Received an E-Invoice? 9 Questions to Consider First

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: Notice for seeking additional information/clarification/document relating to the Application for Registration/Amendment/Cancellation

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.

Form GSTR 4 (Annual Return) – Everything You Want To Know About It!

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.

42nd GST Council Meeting – Expectations and Highlights

The 42nd GST Council Meeting was held on October 5th, 2020 chaired by Union Finance Minister Nirmala Sitharaman, via video conferencing.

Top GST News for the Month

Here are the major of updates from the month of November: CBIC Issues GSTR 3A Notice in Bulk for Non-Filers,Robots to Check Tax Evasion in India,Clarification on the scope of 'Job-work' services,6% rise in GST Collection

Special Economic Zone (SEZ) – An Overview

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.

GSTR 5 – Eligibility, Due-date, Tables & Format

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.

GSTR 10: Eligibility, Due-date, & Format

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.

E-invoicing for E-commerce Operators

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.

Form CMP-08 for Composite Taxpayers– All You Need to Know!

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.

System computed values of GSTR 1 (Monthly filers) will be available in Form GSTR 3B as PDF Statement by GST Portal

GSTN makes System computed values of GSTR 1-Monthly filers available in Form GSTR 3B as PDF Statement

Compensation Cess under GST

Compensation Cess under GST is levied by GST - Compensation to States Act 2017. Read all about the compensation cess under GST here

Is Reverse Charge Transaction covered under E-invoicing?

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: Application for Refund by UIN or multilateral financial institutions

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

41st GST Council Meeting – Expectations and Decisions

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.

E-invoicing and B2C Transactions – QR Code

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.

GSTR-2B – What, When, Where and How of it

Learn everything about GSTR-2B, the newly introduced GST Returns. The What, When, Where and How of Form GSTR 2B!

E-invoicing and E-way Bill: Generating E-way Bill using IRP

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

A Definitive Guide to Coping-up with Constant Changes to the GST Regime

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.

Changes Expected in Current GST Returns –New Returns Scrapped

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…

Form RFD-09: Reply to Show Cause Notice

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: Notice For Rejection Of Refund Application

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.

E-invoice API Specification: Versions and Updates

E-invoice New API Specification has been released today in line with the updated e-Invoice standard fields released early Feb 2020.

E-Invoice Schema and E-Invoice Framework – Complete Guide

E-invoicing model has been adopted by many countries globally with varying implementation models. The Indian adoption consists of following components.

Form GST RFD-07: Adjustment of Sanctioned Refund Order

All about form GST RFD-07 is here! Form GST RFD-07 is an order for complete adjustment of sanctioned GST Refund.

Form ITC 03: Prerequisites and Steps to file ITC 03 on the GST Portal

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.

How to generate an E-way Bill if the goods are rejected by the recipient?

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

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

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…

Form GST RFD-04 – Provisional Refund Order

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.

Steps to file Form Nil GSTR 1 via SMS

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.

Updates in GST Return Due Dates

Analysing the GST compliance trend of taxpayers, it is observed that the percentage of filing for GSTR 3B is higher than GSTR 1.

Form GST RFD-03 – Deficiency Memo

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...

ITC-02A (Rule 41A) Enabled on GST Portal- 4 Things to know

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!

Form RFD 02 – Response to Refund Form RFD-01/01A

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

40th GST Council Meeting Highlights and Expectations with an easy to understand infographic. The meeting was held on 12th June 2020 via video-conferencing.

Steps to file NIL GSTR 3B via SMS are now issued by CBIC

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.

Steps to lodge a complaint if your GST refund is not processed

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.

The Process to File RFD-01 and RFD-01A

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.

Steps to Track The GST Refund Application:

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 Exporter in GST – All you want to know!

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.

Proposed Amendments to Curb Export Frauds

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.

5 Key Areas You Need to Plan for an Effective E-Invoicing Implementation

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.

Master these 6 Reports to Maximize Your Input Tax Credit (ITC) Claim

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.

Cloud Software in times of COVID-19

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.

How an ASP+GSP Offering can Simplify Your GST Compliance

The GSPs exist so as to help ASPs connect with the GSTN Network. Know why you should choose GSP+ASP and not just ASP.

Alert to taxpayers on fake messages on GST Refund

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.

FAQs around mistakes in GSTR 3B & GSTR 1 and how to resolve them

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…

A Step by Step Guide to GST refund

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:

GST Refund Process Related Issues Clarified By CBIC

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…

How to Amend your GST Return: GSTR1 & GSTR 3B

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.

Scrap sales in GST

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…

How can a GST Software simplify your GST Compliance?

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: Instrument for taxpayers to transfer ECL balance to appropriate heads

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…

WFH Positivity Dossier- #DAY 21

In today’s WFH Positivity Dossier, we bring you an asana that will help you stay firm, grounded and calm your mind while giving you the required strength to deal with the chaos around with this #COVID19 outbreak.

WFH Positivity Dossier- #DAY 20

Coming towards the end of our #21DaysChallenge , we hope the #WFH dossier helped you sail thru #lockdown.

WFH Positivity Dossier- #DAY 19

In today’s dossier we have a posture that will strengthen your core and help you get rid of that stubborn belly fat – Kumbhakasana.

WFH Positivity Dossier- #DAY 18

Day 18 of the lockdown is here. We have been keeping our promise diligently and sharing these Positivity Doses with you daily!

WFH Positivity Dossier- #DAY 17

Day 17 of the lockdown is here. It is great to start our day with a little bit of positivity! So today’s #WFHPositivityDossier has a fantastic sitting practice – Padmasana.

WFH Positivity Dossier- #DAY 16

It’s day 16 of the lockdown which means more than 2 weeks have passed! We have been doing our bit by add a little positivity in your everyday life with our #WFH Positivity Dossiers.

WFH Positivity Dossier- #DAY 15

Days are just passing by and we are getting closer to the 21st day! Staying home is our contribution to the battle that our country is fighting against COVID-19.

WFH Positivity Dossier- #DAY 14

Today we reach to the end of 2nd week of the lockdown! We share our positivity with you all by sharing a yoga practice and a book excerpt.

WFH Positivity Dossier- #DAY 13

We recommend not getting anxious by indulging in too much news updates and diverting our mind in productive activities. For our ‘book of the day’ we have chosen to share wisdom from the renowned book ‘Talk like Ted'. 

WFH Positivity Dossier- #DAY 12

We bring to you #Yoga of the day - Suryanamaskar an intense yoga practice for healthy mind and body.

WFH Positivity Dossier- #DAY 11

This lockdown requires us to be strong mentally and physically. So, we bring you today’s yoga posture that will strengthen you inside out.

WFH Positivity Dossier- #DAY 10

This quarantine period can be hard for many of us thus it is important we prioritize our health – body and mind. We must take-care of our bodies, considering the fact that we won’t be getting any real replacements.

WFH Positivity Dossier- #DAY 9

A very simple yet super effective sitting posture ‘BaddhaKonasana’ followed by GST Updates that cover all about exemptions in utmost detail starting right from the basics.

WFH Positivity Dossier- #DAY 8

We also have the learning points from our book of the day 'Crushing It' from Gary Vaynerchuk to add little value to your life. So dive in, folks!

WFH Positivity Dossier- #DAY 7

It is day 7 of the lockdown already! Week 1 down, 2 to go! Days aren’t as gloomy as they seemed in the beginning, or are they?

WFH Positivity Dossier- #DAY 6

We are sure you will be happy to know that today’s yoga posture is super easy to do and gives a truckload of benefits! On the GST front we discuss how to comply – Part 2 and about ‘Sahaj (RET-2) – filing quarterly return for B2B transactions’.

WFH Positivity Dossier- #DAY 5

We are out with our #Day5 lockdown challenge. The anxiety that one gets after watching 15 minutes of news these days is huge! In such a delicate time, it is significant that we keep our mind sane and our body healthy.

WFH Positivity Dossier – #Day 4

We are already on day 4 of our challenge! Today, let us learn something that will not just relax our mind but also boost our immunity!

WFH Positivity Dossier- #DAY 3

Now we understand, we all are working from home and we tend to make ourselves a little more comfortable in that setting. Sitting for too long in one posture isn’t very ideal for our body.

How to Edit Invoices Uploaded in ANX -1 in 5 Steps

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.

WFH Positivity Dossier- #DAY 2

We are back with Day 2 of our #21DayLokdownChallenge! Today we have a very special practise – Shalabhasana that has multiple health benefits.

WFH Positivity Dossier- #DAY 1

#WFHPositivityDossiers and we are so excited to begin this journey with you! Today we start with a simple practise called as ‘Sukhasana’.

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. Read here to know all the changes that will be implemented:

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.

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

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.

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.

7 GST updates for the month of January

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.

Top 10 IRISGST upgrades of 2019 that helped you ease your compliance journey!

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,

All You need to Know About E-invoice under GST

Starting April 2020, the eInvoicing mechanism shall be made mandatory for certain category taxpayers, based on their aggregate turnover.

38th GST Council Meeting – Highlights

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:

E-invoicing Notifications -E-Invoicing System to GO-LIVE from 1st October, 2020

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.

IT Grievance Redressal Mechanism under GST

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.

Preparing for the New Returns: The Ultimate Guide

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.

How to Reset GSTR 3B?

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.

Identifying Tax Evasion – 4 Early Signs to look for

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

How to Avail Advance Authorisation on Export Inputs

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.

Understanding the Supply ‘to & from’ SEZ in GST

In order to facilitate the supply of goods and services to and from SEZ, separate provision has been made under the GST regime.

What is e-Invoice | 7 Steps to E-invoice Generation

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.

Provisional ITC -10% Rule: Summary of GST Circular No. 123/42/2019

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.

E way bill generation for transporters using Common Enrolment Number

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.

Legal Appeal under GST (3/3) – High Court and Supreme Court

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.

GST Refunds on Export

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.

Input Tax Credit Break-up of RET 1 New Return – Table 4 Explained

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.

Refiling Erroneous Nil GST Refund Application

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 (RET-3): Quarterly New Return for B2B+B2C Transactions

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.

Section 168 Of CGST Act – Power To Issue Instructions Or Directions

The Section 168 of CGST Act 2017 covers all the details for Power to issue instructions or directions GST Act 2017.

New Return Offline Tool (Beta) v0.3 – released on GSTN

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.

Issues in Export Refunds -Top Reasons Why Your Invoice data did not Transmit to ICEGate

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.

Diwali Cleaning Checklist for Accountants

As an accounts manager, you try and maintain your books throughout the year. You pay monthly bills and collect due invoices from the customers.

GST integrates FASTag with Eway bill

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.

Legal Appeal under GST (2/3) – GST Appellate Tribunal

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.

CGST Notification 49/2019 – Updated CGST Rules, 2017 -The Sixth Amendment

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.

All about Provisional Input Tax Credit (ITC) | CGST Rule 36(4)

The central government vide Notification no 49/2019 central tax dated 9/10/2019 has made amendments to CGST Rules, 2017.

RET-1 New Return: How to fill Table 5 to Table 8

The GST Council has introduced new return filing system in order to simplify the filing process. This system is currently postponed until October 2020.

Form GSTR 3B – Filing made Simple!

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.

Time Release Study – Understanding the International trade

With the global trade becoming a norm, there has been a dramatic change in the cross border trade in recent years.

GST Exemption List – 7 New Services Added

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.

GST Refund Process with Single Authority Disbursement – CBIC Advisory

In order to help taxpayers understand the electronic refund processing, the following advisory was released by the CBIC.

GST Forms and Functionalities available on the GST Portal

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.

GSTN Introduces Online GST Refund Process 2019

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.

Audit under GST – Overview and Types

An audit is a term that is generally used for official inspection and verification of documents by an Independent body, usually for financial accounts.

E-invoicing in India- a Promising Reality for a Seamless GST Compliance

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 (RCM) in GST

Payment Voucher under Reverse Charge Mechanism in GST is a proof of transaction between taxpayer and unregistered supplier.

Unique Identification Number (UIN) under GST

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.

GST Law and Procedure: Legal Appeal to First Appellate Authority

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.

SAHAJ (RET-2): Quarterly New Return for B2C Transactions

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.

ANX-1 New Return –How to Prepare Annexure Of Inward and Outward Supplies?

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.

37th GST Council Meeting Highlights – Optional Annual Returns for Small Taxpayers

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 GSTIN for E way Bill Generation

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.

How to Claim Provisional ITC on Missing Invoices in New Returns

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.

Direct Port Delivery (DPD) scheme under GST

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.

Legal Disputes and Appeal under GST 1/3)

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.

Demand Notice under GST

A demand notice is a show-cause notice issued by the GST officials in case of short payment or non-payment of GST.

Reversal of ITC for Real Estate Developers

Input Tax Credit (ITC) by applying the formula stated in Annexure of notification, within the due date of 20th September.

Service Exports From India Scheme

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.

Exploring Taxpayer’s Profile in New Returns

Simplified GST Returns is expected to simplify indirect taxation for the taxpayers, and provide a boost to the economy in India.

Procedural Aspects of Sabka Vishwas (LDRS) Scheme

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.

Sabka Vishwas – Legacy Dispute Resolution Scheme (LDRS)

The Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019,(SVLDRS) application has been made available online from 1-9-19.

Deemed Export under GST

The process of supplying the goods (produced/manufactured in the country) on an international scale is known as Export.

Casual Taxable Person under GST

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,

5 Key Responsibility a Transporter should adhere to!

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

Do You have Missing Invoices in Your GSTR 1?

The monthly return (in some cases quarterly) containing the details of outward supplies made during the period.

36th GST Council Meeting Highlights – Building up the EV Sector

The 36th GST Council Meeting was held on 27th July 2019 with the prime agenda being – reduction of GST rates applicable on Electric Vehicles.

Part V of GSTR 9 Explained: Particulars of Transactions Declared in Monthly Returns

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.

Part IV of GSTR 9: Declaring the Actual Tax Paid during the Year

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.

5 Key Changes Taxpayers need to be ready for in New Returns

Under the Simplified Returns regime, a taxpayers may notice the below-given 5 key changes in the return filing system

Pure Agent Under GST

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.

GST Treatment of Secondary Discounts or Post-Sales Discount

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.

Necessary actions to be taken for GSTR 9 and GSTR 9C – CBIC Press Release

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.

Notifications for Key Decisions of 35th GST Council Meeting (Dated 28 June 19)

The Government has issued various notifications, Order and Circulars for implementing the decisions taken in the 35th meeting of the GST Council.

Credit Availed and IGST paid in GSTR 9 – Table 8 Explained

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.

How to Fill ITC Reversal details in GSTR 9: Table 7 Explained

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.

Inward Supplies and ITC in GSTR 9: Table 6 Explained

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.

10 Step Guide to Outward Supply: Table 4 and 5 of Form GSTR-9 Explained

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 Annual Return Form: Parts and Sub-sections Explained

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.

8 FAQs Around GST Annual Return

Annual GST Return - Everything you want to know about GSTR9, GSTR9A, GSTR9B, GSTR9C filing. A statement that every taxpayer needs to file annually.

GST ANX-2 Vs GSTR 2 – New Returns

As per the transition plan for simplified GST Returns released by the CBIC will witness following updates in the current GST return filing system:

Reverse Charge, TDS and TCS Provisions get Deferred for another 3 Months

The provisions related to tax deducted at source, tax collected at source and reverse charge mechanism under GST have been deferred for another three months till Sept 30, 2018.

The GST Glossary

The Goods and Service taxation introduced in the country in 2017 is one of the most intricate taxation systems worldwide.

How to Fill GST ANX-1 in New Returns

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

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.

9 Action Points to Prepare You for New Returns

The CBIC has finally released the road map for Simplified GST returns implementation to ease the transition process.

Introduction of Manual Checks in IGST Refunds

The Central Board of Indirect Tax and Customs (CBIC) introduced “Manual check” for its Customs and GST formation before the issuance of IGST refunds.

Multi-Vehicle Option in EWay Bill Generation: Explained in 7 Simple Steps

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.

Accounts and Ledgers under GST

GST council have made amendments that mandates timely and apposite maintenance of account books and ledgers by a taxpayer registered under GST rules.

35th GST Council Highlights: GSTR 9 Due Date Extended

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.

6 Things to Expect from the 35th GST Council Meeting

The GST Council is scheduled to meet for 35th time under GST regime on 21th June, postponed from the original date of June 20.

34th GST Council Meeting – GST Rates for Real Estate Sector

GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate .

33rd GST Council Meeting Highlights: A Boost to “Housing for All”

The 33rd GST Council Meeting was held on 24th February 2019 under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley in New Delhi. The good news for the Real Estate sector of the Indian Economy.

Issues Faced while Filing GSTR9 and GSTR9C

GST annual returns, taxpayers have been facing certain issues while filling form GSTR 9 and GSTR 9C.

32nd GST Council Meeting Updates

The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi

31st GST Council Meeting Decoded

The GST Council in its 31st meeting held on 22 December 2018 at New Delhi made the following policy recommendations.

26th GST Council Meeting: Recommendations on Eway Bill and Key Highlights

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.

Road Map to New Returns Released

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

How to Track Online GST Payment in 4 Simple Steps

The taxpayer can adjust these GST liabilities with the available ITC and/or pay the balance through the electronic cash ledger.

How to Make GST Payment Online?

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.

Consolidated E-way Bill: Requirement and Importance

E-way Bill is to be issued irrespective of whether the movement of goods is caused by reasons of supply or otherwise.

Kerala Flood Cess – Rebuilding Gods Own Country

8th August 2018, Kerala witnessed the worst flood in the century, affecting over one-sixth of the total population of the state.

Late Fees and Penalties under GST

A registered taxpayer under GST can be liable to following offences and penalties for non-compliance to GST regulations:

Clarifications Regarding Filing of GST Annual Return (FORM GSTR-9) – Released on 4th June 2019

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 Functionality Migrated and Integrated to CBIC-GST Portal

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 and SAC under GST: A Move towards Standardisation

HSN code stands for Harmonized System of Nomenclature, which consists of a globally used coding system and harmonized commodity description.

12 Mistakes to Avoid while Preparing Invoice Data

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 – The Fingerprint to your Business Identity

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.

Notices under GST- Why, What and When

The government or the GST officials often send notice to registered taxpayers pertaining to any non-compliance or oversight in their GST returns.

RCM Facilitating GST Collection from Unregistered Taxpayers

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.

8 Questions to Ask before Finalizing Your GST Software

GST, the biggest tax reform of the country, is envisaged to simplify tax management for companies and government equally.

Zero Rated Supply Under GST

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

Automated Refunds for Exporters under GST

The revenue department under GST have plans to introduce a faceless scrutiny of refunds to hasten the claim settlement process.

Recovery of Tax under GST – Special Provisions

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.

GSTR 3A – Notice on Non-Filing of GST Returns and Paying GST as EMI

Form GSTR 3A is not a return form but a notice form for taxpayers who have failed to file their GST returns.

ITC Claim When Consideration is Paid through Book Adjustment

The GST Act and rules made there under does not restrict the recipient from claiming the ITC when consideration is paid through book adjustment.

How to transform ERP data to GSTN Validated Data in minutes

Need for IRIS Garnet - Large businesses spread across multiple locations face real problems while preparing their GST data.

ICEGATE – now with Simplified Auto-Registration

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.

GST Return Forms  Various Types and Who Need to File

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..

Form GSTR 1 – Everything you need to know about it

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.

Check Tax Frauds with IRIS Peridot : Make Your Way through GST Evaders

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.

Delay in GST returns filling Interest is payable on gross liability

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.

Power Your Decisions with IRIS Sapphire Business Intelligence Tool

IRIS Sapphire, a GST compliance tool of IRIS GST, a leading GST Suvidha Provider, offers this required intelligence to your compliance processes.