IRIS GST TIMES
40th GST Council Updates ……………………………………………………………………………….. P.1
5 Key Areas You Need to Plan for an Effective E-Invoicing Implementation ……… P.2
IRIS Peridot 3.2 Version …………………………………………………………………………………… P.3
IRIS Unified Solution ……………………………………………………………………………………….. P.4
Unlock 1.0 has been more or less implemented across the country The states are taking actions in their respective areas as per the pandemic situation. Despite the situational crises, our country is fighting with the rights spirits.
Recently, we celebrated International Yoga Day and we look forward to monsoons and festive period.
We at IRIS continue to WFH and serve all our clients with the best of our abilities just like before!
In this issue, we’ll be covering the highlights of the 40thth GST Council, 5 Key Areas You Need to Plan for an Effective E-Invoicing Implementation + Few other interesting articles & updates Feature Highlight of the month, Peridot 3.2 and we also introduce ourUnified Solution.
Team IRIS GST
Steps to file NIL GSTR-3B via SMS
As a measure to ease the compliance process, the CBIC has now allowed filing NIL GSTR 3B via SMS through GST Notification 38/2020. The notification also states that if the registered entity is a company, then GSTR-3B can be filed through EVC till June 30th 2020.
Step 1: To file your NIL GSTR 3B returns via SMS, you need to send a message to the authorities using your registered mobile number and receive a unique code.Message Body: “NIL (Space) 3B (Space) GSTIN (Space) tax period in MMYYYY format.” Send this SMS to 14409 from your registered mobile number.
Step 2: You will receive a 6 digit validation code. The verification code is valid for only 30 minutes.
Step 3: After receiving the verification code, send another message: “CNF (Space) 3B (Space) your 6 Digit Code” to 14409 from your registered mobile number.
Step 4: You should receive a success message after this procedure is complete. The success message will have the ARN number which indicates NIL Filing is successful.
Steps to lodge a complaint if your GST refund is NOT processed
Step 1: You need to visit the Grievance Redressal Web Portal. Link: https://selfservice.gstsystem.in
Step 2: Then click on “Enable the user to lodge his complaint and raise tickets himself.” then state the issue.
Step 3: On this page, under ‘Type of issue/Concern’ – mention RFD01 A and select the correct concern/category.
Step 4: You can check the FAQs in the FAQs section for details. If you do not find any relevant answer then click on “No I Want To Lodge My Complaint”
Step 5: You need to provide the necessary details under the “Ticket details” section and add screenshots if relevant and other documents if required.
Step 6: Enter the ARN i.e. the Application Reference Number of the refund application and generate a ticket (your reference number) for timely resolution of your Form RFD 01A application.
Step 7: You can ‘submit’ your ticket after entering the valid captcha for authentication.After this process, you will be guided further with details stated by the portal. There is also a provision to check your grievance by using your ‘ticket’ or the ‘reference number’, as it may take a few days to resolve your issuecompletely.
Steps to Track GST Refund Application:
Once the GST Refund application is made, you can track your application to check its status. Since there are a few cases in which your refund may get stuck or may take more time than required. You can take the necessary action to speed up the process. Read more…
GST Refund Forms:
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40th GST Council Meeting Highlights
Much awaited 40th GST Council Meeting was held on Friday, 12th June 2020 via video-conferencing, under the chairmanship of Finance Minister Smt. Nirmala Sitharaman.
This was the very first GST council meet after the blow-up of the corona-virus pandemic.
Following decisions were taken:
- No late fees for taxpayers who have no tax liability but have not filed GST returns for tax-period July 2017 – Jan 2020
- For taxpayers having tax liability, maximum late fee for non-filing of GSTR-3B returns for period Jul 2017 – Jan 2020 has been capped to ₹ 500.This will apply to all returns submitted during Jul 1, 2020 – Sep 30, 2020.
- For small taxpayers whose aggregate turnover is up to ₹5 crore, the rate of interest for late furnishing of GST returns for Feb, Mar and April 2020, beyond July 6, 2020, the rate of interest is being reduced from 18% to 9%.
- Small taxpayers will have to pay no interest for late furnishing of GST returns till July 6, 2020 post that reduced interest @9% will be applicable till September 30, 2020.
- For small taxpayers whose aggregate turnover is up to ₹ 5 crore are waived off late fees and interest if they file GSTR-3B for months of May, June and July 2020, by September 2020.
- For Compensation requirements of states, a special one-agenda meeting will happen in July to discuss compensation.
For better understanding and quick reference, we have made a detailed infographic for our readers. It states due-dates and the updates from the 40th GST Council Meeting in a comprehensible manner.
We have divided it into Pre-COVID, COVID Phase 1 and COVID Phase 2 so the taxpayer can take immediate help from our structured date placed rightly in the infographic image.
Also, there were a lot of expectations from this meeting like relaxation or delay on180days ITC Reversal CGST Rule 37(2), Calamity Cess, GST Rates on Non-Essential Items, SeveralDue Date Extensions, Late fee waivers, Extension of E-invoicing mandate and certain other pandemic measures were expected. A not on these expectations is also covered in our detailed article.
5 Key Areas to Plan for an Effective E-Invoicing Implementation
The e-invoicing mandate was pushed to 1st Oct 2020 in the 39th GST Council Meeting. Though it appears to be a respite on face, and gives time for businesses to be prepared, the overarching impact on e-invoicing on the business process, IT system and other compliances such as GST returns, and last but not the least COVID-19 impact makes the deferment time seem not enough.
With e-invoicing, both the Government as well as entities, stand to benefit. However for the benefits to reap in the future, efforts and investment is needed now to get the systems and processes ready. Just for a quick recap, e-invoicing in India is two-fold – a standard for entities to adopt internally and a system for registering the generated invoices.
The first version of e-invoicing specification was released in Oct 2019 and subsequently there have been changes in the specification. Along with specification, a set of APIs and trial system is also made available in early Jan 2020, which can be used by taxpayers for testing. On 14 May 2020, a new version of API specification was released.
In the new version, there are no data field related changes and hence does not impact the IT system work done by the business so far. However now that E-Way Bill generation also can be done at the time of IRN generation, entities need to revisit and consider if any changes are required in their business processes.
Well, does that sound like going backward? Doing the tasks already done may be a few months ago?
Entities have been busy conducting gap analysis and updating their internal IT systems as needed. And needless to state, there will be challenges to be overcome and strategic decisions to be taken, for being fully e-invoicing ready.Given the time available now for being prepared, let us ponder over a few decisions at hand:
1. Aligning internal systems to the e-invoicing standard
2. Revisiting billing system and processes
3. Meeting the B2C e-invoicing requirements
4. It’s not only IRN, but also E-way bill
5. Invoice Printing
These are some of the key areas which need to be strategized considering the overall impact of e-invoicing on current practices, cost and efforts. While these actions are internal to entities, there are external factors which at times are more challenging to address. Updates and revisions to the E-invoice standard and API specifications, being one of the main concern areas. Rework and at times, revisiting the approach becomes necessary to incorporate the changes in schema.
To read the above 5 pointers in detail, please read our full blog here!
The frequent changes in specification, and the e-invoicing mandate itself might appear tedious and overwhelming; however, standardization and interoperability of data, the efforts and cost invested in becoming e-invoicing ready could be worthwhile.
And that’s how we look at e-invoicing at IRIS. E-invoicing combined with E-way bill and GST compliance – IRIS GST’s Unified Solution!
IRIS Peridot 3.2 Version
IRIS Peridot is a mobile app that helps you to verify the correctness of any GSTIN by validating it with the GST system. It helps you to check the status of GST return filing of your vendor and / or customer.
The app has the ability to recognize GSTIN from any cluster of text. All you need to do is scan the surface which could have the GSTIN printed.
Peridot analyses the text to identify the GSTIN and once identified, the same gets checked with the GST system.
It is truly more than just an app. It is a searchable data repository even available via APIs and is designed to take in additional data sets in future.
Now, we are introducing its 3.2 version that comes with new additions and updates that can truly make your compliance process easier, efficient and effective!
As stated, this new version comes with enhanced features.
Along with checking additional details in “Compliance Status”, GSTR 3B filing status, Latest filing month and date of GSTR1, E-Way Bill generation status active or blocked status, the user can also now enjoy the following:
- Stay updated with GST law changes with our priority notifications
- 3B Compliance status on snapshot updated to state the last filed date
- Other stability and performance improvements.
Download the new version of Peridot App (Version 3.2), today:
For details, please visit:
We are conducting a survey for a better Peridot experience with enhanced features. 10 lucky respondents will beawarded with Amazon vouchers. Share your feedback with us, participate in thesurvey and get a chance to win the Amazon vouchers.
Unified Solution – IRIS Topaz + IRIS Onyx
We are now ready with our integrated offering, which we had introduced to you in previous newsletters. Keeping in consideration the nature of between various compliances and impact for our users, the integrated modules will be released in staggered manner
Starting from 15th June, E-invoicing and E-way Bill modules are integrated. So now with single credentials, you can access all the features and perform all the operations of e-invoicing as well as e-way bill.
The new integrated version can be accessed at https://app.irisgst.com.
As an existing user of EWB/Topaz, your current credentials can be continued to be used and you shall be able to see all your added GSTINs and place of businesses. The only change for you is that the new URL or the web link is to be used.
The APIs/excel utility of EWB/Topaz have also undergone some changes with respect to URLs and headers with this unified solution coming in.
If you sign up for einvocing as well as eway-bill, then you can use the enhanced Einvocing APIs/IRIS input format for einvocing to push data only once to IRIS and it will take care of your EWB generation. Please note currently as Einvocing is not live, there will be no IRN generation for your live invoices, it will only be for EWB generation. Einvocing can be done using our test environment.
If you want to try out our new version,kindly get in touch with our support team.
Disclaimer: IRIS Business Services has taken due care and caution in compilation of data. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided.