December 2023, GST Newsletter #72

The IRISGST Times

Volume 72 | December, 2023

What’s Inside

Dear Readers,

As we bid farewell to the old and embrace the new, our January newsletter is here to kickstart your year with a burst of information. In this special edition, we cover the Top GST updates of 2023 and how IRISGST has shaped over the year. We also talk about the Top GST News and Updates of December 2023 and our industry interactions via webinars and events.

Here’s a sneak peek at what awaits inside:

Latest GST News, Information and Notifications
Top GST Updates of 2023 and Top IRISGST Updates for the year gone by.
IRIS LMS: A cloud-based Litigation Management System – A solution to simplify your Tax Audit and Litigation
Compliance Calendar for January 2024

We hope our January newsletter sets the tone for a year filled with growth, learning, and successful navigation through the intricacies of GST!

Thank you for being part of our community.

Warm Regards,
Suchita,
Editor, IRISGST Times

Latest GST News

On 1st December 2023, the government issued an advisory for enhancing taxpayers’ security via Two-Factor Authentication (2FA). At the same time 6-digit HSN rule also went live from 15th December 2023 for companies with AATO 5 Cr. These updates signify a pivotal stride towards combating tax evasion by fortifying the login process to the GST system and capturing granular data via HSN. This along with all the other GST updates, notifications released for the month read our Top GST News article here.

Readers' Choice of the Month

This month, the article that attracted the highest attention is E-invoicing in Malaysia – 10 Important Points to Note

Top Finance News of the Month

The Reserve Bank of India (RBI) guidelines state that both savings and current accounts should be considered inoperative/dormant if there are no customer-induced transactions in the account for over two years. The account turning inoperative can result from several reasons, and it does not directly correlate with the accountholder being untraceable. At any point in time, customers can request the activation of an inoperative account without incurring charges.

IRIS Business Services proudly participated in the 2nd CFO Confex & Awards 2023, a premier event bringing together top financial executives, thoughtful leaders, and industry experts. The conference, held at Holiday Inn, Mumbai, served as a platform for meaningful discussions, knowledge sharing, and recognition of digital revolutions in the finance domain to support teams and drive success in today’s competitive global marketplace. Here are some of the key highlights from the event:

In a recent development, Zomato, one of India’s leading food delivery platforms, has come under scrutiny as it received a show cause notice from the GST authorities. The notice, amounting to a staggering Rs 402 crore, pertains to alleged non-payment of GST on delivery charges.

The GST authorities have raised concerns over Zomato’s compliance with tax regulations, specifically related to the GST on the delivery fees charged to customers. This notice is a part of the government’s ongoing efforts to ensure that e-commerce and food delivery platforms adhere to the tax obligations outlined in the GST framework.

Zomato isn’t alone in the list. Swiggy, too, has received a demand notice for non-payment of GST on the delivery fee collected from customers.

Considering the rise in the number of GST notices issued by the GSTN of late, businesses are constantly in the panic of facing GST audits and legal proceedings.

IRIS GST can help businesses manage their tax litigations with IRIS LMS- Litigation Management System.

Now deal with GST Audits and pre-GST and GST litigations effortlessly!
IRIS Litigation Management System (LMS) is a cloud-based solution simplifying your GST Audit and Tax Litigation.

IRIS LMS Offers

Data & Document Archiving
Transaction Matrix
Tax Position Repository
Checklist-driven Data Archival

Proactive Alert Mechanism
Analytics Dashboard
Single Repository
Track & Manage Audits

Dataflow Design
Master Reports
Contingency Liability Reporting
User Access Controls

Why Choose IRIS LMS?

Never miss legal due dates and save penalties
All-in-one store for legal documents and notices

100% secure, efficient and automated
Better data and status visibility

A collaborative platform to store and retrieve notices
Increased control of letters, replies, communications and vital documents in SFTP folders

For more information on IRIS LMS, kindly mail us at support@irisgst.com 

Schedule A Free Demo Of IRIS LMS

GST Compliance Calendar

Here’s a comprehensive image of the GST Compliance Calendar, helping you remain GST complaint. It comprises all GST due dates for the month of December 2023.

Click here to read: GST Due Dates – December 2023 Calendar

By Swati Ajmera

We hope you enjoyed reading this issue of IRIS GST Times and found it informative! Do write us back and let us know what was a hit or miss for you from this issue. Our email id is: support@irisgst.com

We welcome and value every feedback, be it via comments, replies on Social platforms or emails. Thank you for appreciating our efforts and staying connected.