Chief Editor Vaishali Dedhia
The last day to file your annual return forms GSTR 9 and GSTR 9A is June 30, 2019. Happy Compliance to you!
In this issue, we’ll be covering the clarification on annual return form- GSTR 9, shared forth by the CBIC, along with the transition plan for the new and simplified return forms under GST. The edition also covers articles on Kerala Cess, how to use multi-vehicle option while generating Eway Bill and upcoming updates for the month of June.
The feature of the issue is IRIS Garnet –Invoice Value Calculation.
Team IRIS GST
Clarifications Regarding Filing of GSTR 9
In order to clear the fog about annual return forms under GST, CBIC has released the following clarification:
Transition plan for Simplified Forms
The CBIC has finally released the road map for Simplified GST returns implementation to ease the transition process.
The prototype of the offline tool is released on the common portal, to provide the taxpayer with the look and feel of the new online portal. The new GST taxation system shall have the following main components:
On a trial basis, the user will be able to access the 2-annexure forms,
P.S: This trial would have no impact at the back end on the tax liability or ITC of the taxpayer.
The Taxpayers will be able to import their purchase register in the offline tool and match it with the downloaded internal supply of invoices to discover the mismatches in their records.
The month of October will play a crucial role in the transition as GST Annexure form, GST ANX 1 will replace form GSTR 1 and will be made mandatory for every taxpayer. Although, the Large taxpayers (Annual Turnover exceeding Rs. 5crore) will be able to file their monthly returns in GST ANX 1 from October onwards, while, the small taxpayer will have to wait until January 2020 to be able to file their returns for the Oct’19 to Dec’19 quarter. The following key points have to be noted
January 2020 marks the beginning of the new GST return system as form GSTR 3B is completely phased out and businesses are required to file their first ever form GST RET 01. Points to be noted
Separate instructions shall be issued for filing and processing of refund applications between October to December 2019.
Failure to file Form GSTR 1 and GSTR 3B, until they have been discontinued or completely phased out, can attract penal provision, applicable as per GST law.
Rebuilding Gods Own Country
With a view to reconstruct, rehabilitate and compensate the needs so arisen due to the flood, the Kerala State Government has decided to levy a Kerala Flood Cess (KFC) on the value of supply of goods or services or both for a consecutive period of 2 years, effective from 1st July 2019.
The amount collected from this Cess will be distributed to Kerala State Government only. Hence the payment need not be made through GSTR-3B instead a new form KFC-A has been introduced. The taxpayer will have to file this form on the Kerala tax Department Portal (keralataxes.gov.in) instead of the GST Portal. Although the due date of filing KFC-A is the 20th day of the subsequent month, it needs to be filed before the filing of GSTR-3B
KFC need not be charged in the following cases: If the sale of goods or services or both are inter-state supplies.
In case of delayed payment, then 18% interest will be applicable from the due date of payment to the actual date of payment.
How to use the Multi vehicle option while generating EWB?
In order to use Multi-vehicle option while generating EWB, the user can follow below-given steps:
IRIS Garnet – Invoice Value Calculation
IRIS Garnet, the File-Format Conversion tool from IRIS GST, has been updated to provide the user with the ability to derive the value of a cell (invoice value) by calculating the values given in multiple rows and columns together (as per the algorithm).
Need for Invoice Value Calculation
Under GST, invoice value is a mandatory field that a taxpayer has to provide on GSTN portal for the completion of the filing process. However, many ERP systems either do not generate invoice value or generate it at ‘Line-item level’ instead of “Invoice level’ which cannot be used at the GSTN portal. This is where IRIS Garnet’s Invoice Calculation can come in handy.
Calculation of invoice value with IRIS Garnet:
Pointes to be noted
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Upcoming Product Updates
Team IRIS GST is working on the below-given updates, to be deployed in the month of June.
PO SO Movement
The user will be able to manually move ‘Purchaser Only’ and ‘Supplier Only’ invoice data to match/mismatch. The status of the same will be indicated as ‘Manually Moved’ in advanced reconciliation rule column
Reconciliation: Select all Invoice data
As of now, the user can select multiple invoice data that are currently visible on the page. However, with this feature, the user will be able to select all the invoice data and take actions/ send mail for the same in one go.
Vendor Summary (Net of CDN)
With this update, the user will be able to generate a post-reconciliation vendor wise summary and also get detailed vendorwise breakup for the regular invoice, debit notes and credit notes based on which net amounts are derived
PAN level report for 2A B2BA
A new PAN level report will be added in IRIS Sapphire, wherein the user will be able to get insights on all the amended invoices from form GSTR 2A and the original invoice details corresponding to it.
PAN level report 1 update
New fields have been added in Report 1 at PAN level. These fields include IP, CP, IS, ITC eligibility and ITC value.
A new update will be added for Multi-Vehicle Movement, wherein the user will be able to update Part B of the E-way Bill multiple times. However, to be able to access this feature, it is quite essential that the user has opted in for multi-vehicle option during the EWB generation.
Topaz for Transporters
Topaz is being remoulded to meet the requirements of the transporters, under which the transporter will be able to fetch data on the basis of EWB generation date and state code. Topaz will also have smart filter option, designed to match transporter’s needs.
GST Basics by IRIS GST
GSTR 3B - 20th June
GSTR 5 – 20th June
GSTR 5A – 20th June
GSTR 9 – 20th June
GSTR 9A – 20th June
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