Latest GST News, notifications, circulars and latest GST updates for 2023, 2022, 2021 and 2020.

This page is all about keeping you updated with GST news, the latest GST notifications, circulars, and GST law changes by the government. The top GST News page is updated on a month-on-month basis. So that you do not miss out on any important GST news or notification!

Goods and Services Tax (GST) is a comprehensive indirect tax system in India that was introduced in July 2017, replacing multiple taxes such as VAT, Excise Duty, and Service Tax. GST is levied on the supply of goods and services, and the tax rate varies based on the type of goods and services being supplied. GST is a destination-based tax, meaning the tax revenue goes to the state where the goods or services are consumed. The GST council, consisting of the central and state government representatives, decides on the tax rate and any changes to the GST law.

Top GST News for the month of November 2024

November 2024 has been a dynamic month for GST updates in India, with significant updates shaping the compliance landscape for businesses. From new notifications and advisories to key amendments impacting taxpayers, the latest GST news for November has highlighted evolving trends and regulatory requirements. This article explores the top GST updates for November 2024, offering a comprehensive overview of updates that businesses need to stay informed about for seamless compliance.

Latest GST News and GST Updates Released in November 2024

Notification on TDS Reporting by Scrap Dealers: An advisory under Notification No. 25/2024-CT has been issued regarding the reporting of TDS deducted by scrap dealers during October 2024.

Jurisdictional Notification for GSTAT State Benches: Notification F. No. A-50050/99/2024-GSTAT-DOR outlines the jurisdictional details for the State Benches of the GST Appellate Tribunal (GSTAT).

GSTR-2B Generation Issues: Many taxpayers reported that their GSTR-2B for October 2024 was not generated as expected, leading to concerns and clarifications from the authorities.

Supplier View in the Invoice Management System (IMS): To facilitate taxpayers, the Supplier View functionality in IMS has been introduced. This feature allows suppliers to view recipient actions on records or invoices reported in GSTR-1/1A/IFF.

Advisory on Invoice Management System (IMS): A new advisory has been issued regarding the initial implementation phase of the Invoice Management System (IMS), providing detailed guidance for taxpayers.

Waiver Scheme Under GST Section 128A: An advisory highlights details about the waiver scheme under GST section 128A, offering clarity on eligibility and benefits for taxpayers.

‘Other Territory’ Applications for GST: A new advisory addresses the process and requirements for ‘Other Territory’ applications under GST, aimed at simplifying compliance.

Advisory on Form DRC-03A Filing: Taxpayers can now access a detailed advisory for filing Form DRC-03A, which includes a user guide and FAQs for better understanding.

Restriction on Reporting Old E-Invoices: From April 1, 2025, businesses with turnover above Rs 10 crore will no longer be allowed to report e-invoices older than 30 days.

Online Appeals for GST and Other Indirect Taxes: CBIC has mandated that all appeals related to GST, Customs, Excise, and Service Tax must be conducted online, as per Instruction No. F. No. 390/Misc/3/2019-JC.

Biometric Aadhaar Authentication for GST Registrations in Ladakh: Aadhaar authentication based on biometrics has been introduced for new GST registrations in Ladakh to enhance verification processes.

Use of Form DRC-03A for Adjustments: GST Notification No. 12/2024 enables the use of Form DRC-03A for adjusting voluntary payments against demand orders. Taxpayers using DRC-03 earlier are required to submit DRC-03A to complete the adjustment process.

Top GST News for the month of October 2024

October 2024 has been an eventful month for GST updates in India, with significant changes impacting businesses and taxpayers alike. These updates reflect ongoing efforts to modernize the GST framework, improve tax transparency, and ensure smoother processes for taxpayers. Here’s a roundup of the top GST news and GST updates in October 2024 that businesses need to know.

Latest GST Updates: GST Notifications Released in October 2024

GST Notification 20/2024 dated 8-10-2024: Seeks to make amendments (Second Amendment 2024) to the CGST Rules, 2017
GST Notification 21/2024 dated 8-10-2024: Seeks to notify date under sub-section (1) of Section 128A of CGST Act
GST Notification 22/2024 dated 8-10-2024: Seeks to notify the special procedure under section 148 of the CGST Act for rectification of demand orders issued for contravention of section 16(4) of the said Act
GST Notification 23/2024 dated 8-10-2024: Seeks to provide waiver of late fee for late filing of NIL FORM GSTR-7
GST Notification 24/2024 dated 8-10-2024: Seeks to amend Notification No. 5/2017-Central Tax dated 19.06.2017
GST Notification 25/2024 dated 8-10-2024: Seeks to amend Notification No. 50/2018-Central Tax dated 13.09.2018

Latest GST Updates: GST Circulars Released in October 2024

GST Circular 238/32/2024-GST dated 15-10-2024: Clarification of various doubts related to Section 128A of the CGST Act, 2017
GST Circular 237/31/2024-GST dated 15-10-2024: Clarifying the issues regarding implementation of provisions of sub-section (5) and sub-section (6) in section 16 of CGST Act,2017
GST Circular 236/30/2024-GST dated 11-10-2024: Clarification regarding the scope of “as is / as is, where is basis” mentioned in the GST Circulars issued on the basis of recommendation of the GST Council in its meetings
GST Circular 235/29/2024-GST dated 11-10-2024: Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 54th meeting held on 9 th September 2024 at New Delhi
GST Circular 234/28/2024-GST dated 11-10-2024: Clarifications regarding applicability of GST on certain services

Latest GST News and Updates in October 2024

GSTN has launched a new e-Services app to replace the e-Invoice QR Code Verifier App. This app allows users to verify e-Invoices, search GSTIN details, view return filing history, and use text, voice, or scan inputs. It also supports result sharing and will soon be available on Google Play and App Store, requiring no login
CBIC Instruction No. 04: New guidelines have been issued regarding the mapping and de-mapping of officers on the GSTN portal, as outlined in Instruction No. 04.
GST Payment Facility Expansion: The GSTN department has activated the GST payment facility for taxpayers in Punjab and Uttarakhand and has also added Tamilnad Mercantile Bank (TMB) to the list of approved banks.
New Advisory on RR No./PWB Entry: GSTN has released an advisory for entering Railway Receipt (RR) numbers or Parcel Waybill (PWB) numbers after the integration of the E-Way Bill (EWB) system with the Parcel Management System (PMS).
Document Verification Advisory: GSTN has issued an advisory on verifying GST registration documents for applicants from Kerala, Nagaland, and Telangana, which will be based on biometric Aadhaar authentication.
The CBIC has released several new central tax notifications concerning Section 73, GSTR-7, and incorrect input tax credit (ITC).
GSTN has been activated for Aadhaar authentication verification of new GST registrations in four states: Odisha, Kerala, Nagaland, and Telangana.
A recent notification from the CBIC mandates taxpayers to use GSTR-2B data instead of GSTR-2A for reconciling input tax credit (ITC) in Form GSTR-9.
The CBIC has published new circulars (234, 235, and 236) that provide clarifications on GST rate classifications and the rationale behind recommendations made during GST Council meetings.
The GSTN will soon enable metal scrap dealers to register for Tax Deducted at Source (TDS) under Section 51 of the GST Act.
The GSTN department has issued a significant advisory regarding the automatic population of eligible input tax credit (ITC) for domestic supplies in GSTR-9/9C.
Starting October 14, 2024, the Invoice Management System (IMS) will be available for GST taxpayers.
Taxpayers should note that the GSTN department has made adjustments to the auto-populated values in the pre-filled GSTR-3B, sourced from GSTR-1/1A/IFF and GSTR-2B.
The official portal now enables biometric Aadhaar authentication and document verification for GST registration specifically for taxpayers in Kerala.
The Kerala GST Department has issued Circular No. 18/2024, which outlines guidelines for addressing non-filing and adjustments for short payments related to the Flood Cess. (23rd October 2024)
The Goods and Services Tax Network (GSTN) has mandated bank account validation for non-core amendments. For more details, refer to the PDF.
GSTN has announced an update to streamline GST registration compliance for metal scrap buyers via the REG-07 form.

Top GST News for the month of September 2024

September 2024 saw significant GST updates in India, bringing new measures to enhance tax compliance and streamline processes. Key GST news this month included new notifications and circulars, updates to the GST return filing system, and the introduction of new advisories and guidelines to ensure smoother compliance. These GST updates are designed to improve transparency and ease the tax burden on businesses while ensuring better tax collection. Here’s a roundup of the top GST news for September 2024 and their potential impact on businesses across the country.

Latest GST Updates: GST Notifications Released in September 2024

GST Notification 17/2024 dated 27-9-2024: Seeks to notify the provisions of Finance (No. 2) Act, 2024

Latest GST Updates: GST Circulars Released in September 2024

GST Circular 24/2024 dated 11-9-2024: Clarification in respect of advertising services provided to foreign clients.
GST Circular 25/2024 dated 11-9-2024: Clarification on availability of input tax credit in respect of demo vehicles.
GST Circular 26/2024 dated 11-9-2024: Clarification on place of supply of data hosting services provided by service providers located in India to cloud computing service providers located outside India.
GST Circular 27/2024 dated 11-9-2024: Clarification regarding regularization of refund of IGST availed in contravention of rule 96(10) of CGST Rules, 2017, in cases where the exporters had imported certain inputs without payment of integrated taxes and compensation cess.

54th GST Council Meeting

The 54th GST Council meeting, held at Sushma Swaraj Bhawan in New Delhi, brought together Union Finance Minister Nirmala Sitharaman and key representatives from various states to deliberate on significant tax-related issues. The gathering included finance ministers from multiple states, senior officials, and key policymakers, with discussions focusing on impactful measures.

The 54th GST Council meeting brought significant changes and recommendations aimed at streamlining tax rates, providing relief to individuals, and improving trade facilitation. Read the key highlights and decisions from the meeting: 54th GST Council Meeting here.

Latest GST News and Updates in August 2024

GSTN has issued an advisory regarding the Invoice Management System (IMS), designed to facilitate corrections and amendments to invoices.
The user interface of the “Bank Accounts” section on the GST portal has been updated by GSTN for improved visibility and clarity.
CBIC released an advisory concerning the reporting of supplies to unregistered GST dealers in GSTR-1 and GSTR-5 forms.
GSTN has added IDFC First and Bandhan Bank to the list of banks authorized for GST payments.
The GSTN department has introduced the option for taxpayers in Arunachal Pradesh to make GST payments using UPI and debit or credit cards.
A new advisory has been issued by the GST department for taxpayers in Bihar, Delhi, Karnataka, and Punjab, instructing them to verify GST registration applicants through Biometric-Based Aadhaar Authentication.
GSTN has released an update for the QR Code Scanner mobile application aimed at taxpayers. Download it now at this link.
The Karnataka GST Department has set up multiple centers to assist taxpayers with biometric Aadhaar authentication and document verification.
The new advisory for businesses extends the due dates for re-opening claims related to input tax credit (ITC) reversal on the official GST portal.
Important FAQs regarding the Invoice Management System (IMS) have been released for businesses.
Taxpayers are advised to save and download their GST return data from the official portal before the expiration of the seven-year retention period.
An advisory from GSTN addresses the issuance of Show Cause Notices (SCNs) and Orders that lack the digital signatures of the issuing authorities on the official portal.
Odisha taxpayers are advised to activate Aadhaar Authentication and Document Verification for GST registration using biometric methods.
A new advisory has been issued for taxpayers regarding the restoration of GST return data for July and August 2017, which was archived on August 1st and September 1st, respectively.

Top GST News for the month of August 2024

In August 2024, several key GST updates were made to India’s GST framework, reflecting ongoing efforts to streamline and enhance the tax system. These changes impact various sectors, with implications for businesses of all sizes. From new GST compliance requirements to revisions in laws, the latest updates aim to enhance transparency, reduce complexities, and ensure better tax administration.

This article dives into the latest GST updates and latest GST news announced in August 2024, providing insights into how these changes may affect businesses and taxpayers across India.

Latest GST Updates: GST Notifications Released in August 2024

The GST notification No. 16/2024 dated 06/08/2024: Sets the implementation dates for specific provisions of the Finance Act, 2024. Section 13 will be effective from October 1, 2024, and Sections 11 and 12 from April 1, 2025.

Latest GST News and Updates in August 2024

A comprehensive manual guide has been released for GSTR-1A filing, including essential FAQs to assist taxpayers in the process.
The Ministry of Finance issued a notification (F. No. A-50050/150/2018-CESTAT-DoR) regarding the GST Appellate Tribunal (GSTAT), announcing the creation of new state branches along with a principal branch.
The GST Network (GSTN) has introduced UPI and credit/debit card payment options in partnership with Axis Bank and Karnataka Bank to streamline and enhance the payment process.
The latest GSTR-8 advisory has revised the existing tax rate, reducing it from 1% to 0.5%.
A new advisory issued for Jammu & Kashmir and West Bengal requires mandatory biometric-based Aadhaar authentication along with document verification for GST registration.
GST Instruction No. 03/2024 refers to Paragraph 2(g) of Instruction No. 01, which was released on March 30, 2024.
The guidelines for the nationwide initiative targeting fraudulent GST registrations are now accessible on the official portal through Instruction No. 02/2024-GST.
A new functionality has been added to the GST online portal, enabling registered taxpayers to modify their bank account details.
The Kerala GST Department has launched a new software system designed for the filing of tax returns and processing of tax payments.
The latest advisory for submitting GSTR-1/IFF now requires taxpayers to include their valid bank account details.
The GSTN advisory introduces biometric-based Aadhaar verification and document checks for GST registration in Dadra and Nagar Haveli, Daman and Diu, and Chandigarh.
The GST Portal has been upgraded to feature an RCM Liability/ITC Statement, which helps taxpayers accurately report their transactions.

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GST Collection for August 2024

As per the comprehensive report released on the Goods and Services Tax portal, the gross monthly GST collection increased by 10% in August 2024, reaching Rs. 1.75 lakh crore. This is up from Rs. 1.59 lakh crore during the same month last year.

Top GST News for the month of July 2024

July 2024 was a month of significant developments in India’s tax landscape. The nation witnessed a flurry of GST updates, policy changes, and clarifications that have a direct impact on businesses and taxpayers. From crucial amendments introduced in the Union Budget to long-awaited relief measures, this month has been pivotal in shaping the GST ecosystem.

As we dive into the key highlights, it becomes evident that understanding these changes is essential for businesses to ensure compliance and optimize their tax liabilities. Let us learn more about the latest GST updates and top GST News from July 2024.

Latest GST Updates: GST Notifications Released in July 2024

GST Notification 12/2024 dated 10-7-2024: Seeks to make amendments (Amendment, 2024) to the CGST Rules, 2017.
GST Notification 13/2024 dated 10-7-2024: Seeks to rescind Notification no. 27/2022-Central Tax dated 26.12.2022.
GST Notification 14/2024 dated 10-7-2024: Seeks to exempt the registered person whose aggregate turnover in FY 2023-24 is up to Rs. two crores, from filing annual return for the said financial year.
GST Notification 15/2024 dated 10-7-2024: Seeks to amend Notification No. 52/2018-Central Tax, dated 20.09.2018

Latest GST Updates: GST Circulars Released in July 204

GST Circular No. 17/2024 dated 10-07-2024: Amendment in circular no. 1/1//2017 in respect of Proper officer for provisions relating to Registration and Composition levy under the Central Goods and Services Tax Act, 2017 or the rules made thereunder.
GST Circular No. 18/2024 dated 11-07-2024: Guidelines for recovery of outstanding dues, in cases wherein first appeal has been disposed of, till Appellate Tribunal comes into operation.
GST Circular No. 19/2024 dated 11-07-2024: Clarification on various issues pertaining to taxability and valuation of supply of services of providing corporate guarantee between related persons.
GST Circular No. 20/2024 dated 11-07-2024: Mechanism for refund of additional Integrated Tax (IGST) paid on account of upward revision in price of the goods subsequent to export.
GST Circular No. 21/2024 dated 11-07-2024: Processing of refund applications filed by Canteen Stores Department (CSD).
GST Circular No. 22/2024 dated 15-07-2024: Clarifications regarding applicability of GST on certain services -reg.
GST Circular No. 23/2024 dated 15-07-2024: Clarification regarding GST rates & classification (goods) based on the recommendations of the GST Council in its 53rd meeting held on 22nd June 2024, at New Delhi –reg.

Latest GST News and Updates

A new advisory for Uttarakhand taxpayers on Biometric Aadhaar Authentication and Document Verification for GST registration applications.
GSTN has empowered the Canteen Stores Department (CSD) to electronically file refund claims for taxes paid on input supplies using Form GST RFD-10A. This online process is expected to streamline the refund application process for the CSD.
A significant change has been implemented in GSTR-9, where Table 8A now reflects data from GSTR-2B instead of GSTR-2A. This update streamlines the process by automatically calculating the total eligible input tax credit for domestic supplies within GSTR-2B, simplifying the tax filing procedure for taxpayers.
The GSTN department has added a new option for document uploads in the GST registration and amendment procedures.
Exporters can breathe a sigh of relief as the GST Council has approved a mechanism to refund excess IGST paid on goods exported at higher prices. This move addresses a long-standing issue faced by exporters and is expected to provide much-needed financial relief to the industry.
The GSTN department has implemented new features to improve address-related fields in GST registration.
GSTN has rolled out functionalities that enable taxpayers to monitor their return filing status on a financial year basis.
Taxpayers can now access information swiftly and accurately thanks to a new feature on the GST portal that enables searches by mobile number.
The CBIC department has published a comprehensive handbook covering GST law, recent achievements, and forthcoming updates.

Latest GST News: E-invoicing Updates

New e-Invoice Portals Integration

GSTN informs that NIC will launch integrated services for the e-invoice-1 and e-invoice-2 portals on July 18, 2024, in sandbox mode and on August 1, 2024, in production mode. The main updates are:

Both portals offer web and API modes for e-invoice services.
You can use the same login credentials for both portals.
The same token can be used for e-invoices and e-waybills on both portals.
Use e-invoice-2 if there are issues with e-invoice-1.
You can print, download, and cancel e-invoices across both portals.
If e-invoice-1 is down, e-invoice-2 can handle all e-invoice services.
Visit the sandbox portal (einv-apisandbox.nic.in) for API URLs and details.
Test APIs in the sandbox before going live.
Four other e-invoice portals (IRP-3/IRP-4/IRP-5/IRP-6) also offer similar services.

GST Collections in July 2024

According to data from the finance ministry, the central and state governments garnered ₹1.82 trillion in goods and services tax (GST) for July, reflecting a 10.3% increase compared to the same month last year. This figure also represents an increase from the ₹1.74 trillion collected in June 2024.

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Top GST News for the month of June 2024

June has been a bustling month for GST updates in India, with significant changes and announcements that could impact businesses and taxpayers nationwide. As we navigate through these updates, it’s crucial to understand their implications and prepare accordingly. Here’s a roundup of the top GST news for June.

The Reintroduction of GSTR-1A
One of the most notable updates this month is the reintroduction of GSTR-1A. Remember GSTR-1A? It’s the form that allows taxpayers to amend sales details previously submitted via GSTR-1, based on modifications by the buyer in their GSTR-2B. This change aims to streamline the correction process, ensuring that tax records are accurate and consistent. But what does this mean for businesses? Essentially, it offers a more structured way to handle discrepancies, potentially saving time and reducing the hassle of rectifying errors in sales transactions. Read more about the return: Introduction of GSTR 1A: Relief for Suppliers yet Puzzle for Recipients
GST Council’s Latest Meeting Insights
The GST Council convened for its 53rd meeting, bringing forth a slew of decisions to ease compliance burdens and refine the GST framework. Among the highlights were discussions on rate rationalizations and measures to curb tax evasion. The council’s decisions often have far-reaching implications. Read how these latest resolutions might affect your business operations or tax planning strategies: 53rd GST Council Meeting Highlights.
Conditional Waiver of Interest and Penalties
In a move that brought relief to many, the GST Council announced a conditional waiver of interest and penalties under certain sections. This initiative is designed to alleviate the financial strain on taxpayers who may have inadvertently missed deadlines or faced challenges in compliance.
Uniform 12% GST Rate
A uniform 12% GST rate was announced for milk cans, among other items, standardizing the tax rate across similar products to simplify compliance and reduce confusion.

Looking Ahead: GST Compliance in the digital Age

As GST compliance evolves, it’s moving towards more digital and efficient processes. The reintroduction of GSTR-1A and decisions from the GST Council meetings highlight a commitment to simplifying tax compliance. To assist you in staying informed about GST due dates and ensuring timely compliance, we’ve curated a calendar. Get it here.

June has indeed been a month filled with important GST updates, each with the potential to significantly impact the way businesses handle their tax responsibilities. As we move forward, staying informed and proactive in understanding these changes will be key to navigating the GST landscape successfully. What are your thoughts on these updates? How do you see them affecting your business or tax planning? Let’s discuss and navigate these changes together.

Top GST News for the month of May 2024

In May 2024, India’s Goods and Services Tax (GST) landscape saw remarkable developments that underscored the country’s economic resilience and the effectiveness of its tax reforms. The GST collections for April 2024 hit a record high of ₹2.10 lakh crore, marking a significant 12.4% year-on-year growth. This unprecedented collection was fueled by robust domestic transactions and a notable increase in imports, reflecting the strong economic activities at the close of the fiscal year.

Additionally, state-wise collections revealed Maharashtra as the leader, with Karnataka and Gujarat following closely. Despite these impressive figures, GST revenue as a percentage of GDP remains below pre-GST levels, highlighting ongoing challenges and areas for improvement in the tax system. These updates provide a comprehensive view of the GST’s impact and the broader economic trends in India.

So, let’s explore the top GST news for May 2024, providing crucial insights for businesses and policymakers to navigate the economic landscape effectively.

Latest GST News

The GST department has recently added Dhanlaxmi Bank as a new option for making GST payments on the official GST portal– This inclusion provides taxpayers with an additional banking choice, facilitating smoother and more flexible payment options for their GST dues. This update is part of ongoing efforts to enhance the efficiency and accessibility of the GST payment system for businesses and individuals across India.
The e-Way Bill App for Android and iOS users has been enhanced to generate bills- These updates are aimed at empowering users to effortlessly generate bills while ensuring compliance with e-way bill regulations. With a user-friendly interface and improved functionalities, the enhanced app offers a seamless experience for businesses and individuals. Moreover, the latest version incorporates advanced features to enhance accuracy and efficiency in generating e-way bills, thereby facilitating smoother logistics operations, and promoting transparency in the transportation of goods across the country. If you are looking for an easy solution to manage your activities related to E-way bills from the comfort of a mobile phone, try the EasyWayBill app, developed by IRIS Logix Solutions Pvt. Ltd.
UPI and credit/debit card (CC/DC) facilities for GST payments are now also available in Jammu & Kashmir- With the integration of these digital payment methods, businesses and taxpayers in Jammu & Kashmir can now enjoy greater flexibility and convenience in fulfilling their GST obligations. This move aligns with the broader national trend towards digitalization and aims to streamline the tax payment process while promoting financial inclusion and transparency.
Information from manufacturers of Pan Masala and Tobacco taxpayers May 16th, 2024- Manufacturers of Pan Masala and Tobacco products were notified by the government to provide information via two designated forms, GST SRM-I and GST SRM-II. The former deals with machine registration and disposal, while the latter gathers data on monthly inputs and outputs. The GST Portal now offers the facility to register machines and file information using Form GST SRM-I. Form GST SRM-II will soon follow suit on the portal. This initiative aims to streamline tax compliance and data collection from taxpayers dealing in these specified goods, as outlined in Notification No. 04/2024 – Central Tax dated 05-01-2024.

Top GST News for the month of April 2024

As April heralds the dawn of a new financial year, it sets the stage for businesses to recalibrate their strategies, budgets, and compliance frameworks. In this dynamic landscape, the Goods and Services Tax (GST) continues to play a pivotal role in shaping the country’s economic contours.

Let’s investigate the top GST news for April, illuminating the path for businesses and policymakers.

Latest GST News

Self-Enablement for e-Invoicing
Taxpayers with turnovers exceeding INR 5 crores in FY 2023-2024 must commence e-Invoicing from April 1, 2024, or when crossing the threshold in subsequent years. Those meeting the criteria yet unregistered can self-enable via the provided portals: e-Invoice IRP 3 to 6 or NIC IRP 1 & 2. Assistance is available through the GST Helpdesk at 1800-103-4786 or the Grievance Redressal Portal for issue resolution.

IRIS is also now a government-authorized IRP along with being an ASP+GSP. You can read our blog Key Updates: Keeping Up with the Latest GST Advisories for more clarity.
Reset and Re-filing of GSTR-3B of Some Taxpayers
Taxpayers are notified of the chance to re-file GSTR-3B returns due to discrepancies in saved versus filed data in the GST system, notably regarding ITC availment and tax liabilities. The Grievance Redressal Committee of the GST Council decided to reset affected returns for correction. Only affected taxpayers received email notifications, urging them to re-file within 15 days. Assistance is accessible through jurisdictional tax officers or the GST grievance redressal portal for any re-filing difficulties. Here’s our blog on A Comprehensive Guide to GSTR-3B for you.
Auto-populate the HSN-wise Summary from e-Invoices into Table 12 of GSTR-1
GSTN announces a new feature enabling auto-population of HSN-wise summary from e-Invoices into GSTR-1’s Table 12 on the portal. This streamlines HSN data drafting directly from e-Invoices. Users are advised to reconcile auto-populated data with their records before submission. Any discrepancies or errors must be manually rectified or added to Table 12 before final submission. You can read our blog on The Auto-Population of HSN-wise Summary into Table 12 of GSTR-1 for details.

Other GST Updates

Extension of Due date of GSTR-1 for the period March 24: Government extended March 2024 GSTR-1 filing deadline to April 12, 2024, for monthly taxpayers, per notification no. 09/24 – central tax.
Extension of GSTR-1 due date to 12th April 2024: GSTN acknowledges taxpayers’ challenges in filing GSTR-1 due to portal technical issues. It suggested the CBIC to extend the due date by one day for monthly taxpayers, until April 12, 2024.

Top GST News for the month of March 2024

Several new GST rules came into effect from the first day of March, which also marks the last month of the current financial year, impacting almost all taxpayers and businesses. And, as businesses in India gear up for compliance and prepare for the upcoming financial year, staying updated with the latest news and changes in the Goods and Services Tax (GST) regime is paramount during this crucial period. So, here’s a comprehensive roundup of the top GST news and updates for March 2024.

Remember, compliance is key, and staying informed is the first step towards achieving it!

Latest GST News and Updates

Advisory on GSTR-1/IFF: Introduction of New 14A and 15A Tables
The recent advisory on GSTR-1/IFF introduces two new tables, 14A and 15A, aimed at capturing amendments related to supplies made through e-commerce operators. Our article on Table 14 & 15 in GSTR 1 Added delves into the implications of these additions for taxpayers and e-commerce operators.
Integration of E-Waybill System with New IRP Portals
GSTN announce the successful integration of E-Waybill services with four new IRP portals via NIC, enabling taxpayers to generate E-Waybills alongside E-Invoicing on these four IRPs. You can read our article on Streamlining Logistics: Integration of E-Waybill System with New IRP Portals for more clarity.

Other Updates

Businesses with a turnover above Rs 5 crore are required to include e-invoice details for all B2B transactions, starting March 1. Under the GST regime, e-way bills are required for inter-state transportation of goods valued over ₹ 50,000.
As the financial year ends, taxpayers must consider the importance of timely GST audits and assessments. Ensuring compliance with GST regulations and accurate reporting of financial transactions is imperative to avoid penalties and legal repercussions. You can read our article Year-end GST Checklist 2023-2024 for clarity.

Top GST News for the month of February 2024

The Goods and Services Tax (GST) regime has been a cornerstone of India’s taxation system since its implementation in 2017. Designed to streamline taxation and create a unified market across the nation, GST has undergone numerous revisions and updates over the years. As we step into February 2024, let’s look at the top GST news and developments shaping the economic landscape of India.

Latest GST Notification For the month of February

GST Notification 06/2024-Central Tax– dated 22-Feb-2024- Seeks to notify “Public Tech Platform for Frictionless Credit” as the system with which information may be shared by the common portal based on consent under sub-section (2) of Section 158A of the Central Goods and Services Tax Act, 2017 (12 of 2017).

Latest GST News and Updates

Enhanced E-Invoicing Initiatives & Launch of Enhanced https://einvoice.gst.gov.in portal

GSTN on the occasion of one year of the successful going live with the additional five new IRP portals, the e-invoice master information portal, and the e-invoice QR Code Verifier app, announces the launch of the revamped e-invoice master information portal https://einvoice.gst.gov.in. This enhancement is part of the ongoing effort to further improve taxpayer services.

Other Important Updates

On February 1, 2024, Finance Minister Nirmala Sitharaman presented the Interim Budget for 2024-25 in Parliament. The 2024 Interim Budget emphasized empowering youth and women, developing infrastructure, supporting agriculture, promoting green growth, and enhancing the railway sector.

As we conclude our roundup of the top GST news for February 2024, it’s evident that the evolution of India’s taxation landscape continues to unfold. Looking ahead, it’s imperative for businesses to stay abreast of these developments and adapt their strategies accordingly to maintain compliance.

Top GST News for the month of January 2024

As the wheels of the new year begin to turn, the Indian tax landscape witnesses dynamic changes in the Goods and Services Tax (GST) domain. The start of a new year often ushers in a flurry of updates and changes, and the world of GST is no exception.

January 2024 proved no different, offering a mix of noteworthy GST news, clarifications, and deadlines for Indian businesses. To help you navigate this evolving landscape, let’s delve into the top GST updates you need to know.

GST Notifications from the month of January 2024

GST Notification 03/2024-Central Tax dated 05-January-2024: Rescinding Notification No. 30/2023-Central Tax, which specifies the special procedure to be followed by a registered person engaged in manufacturing of certain goods i.e. Pan masala and tobacco items. The Notification shall be effective w.e.f. 01.01.2024.

GST Notification 02/2024-Central Tax dated 05-January-2024: Due date for filing GSTR-9 and GSTR-9C for FY 22-23 Extended for businesses in specified regions.

GST Notification 01/2024-Central Tax dated 05-January-2024: Due date for filing GSTR-3B for Nov 2023 Extended for businesses in specified regions.

Latest GST News and GST Updates:

Online Declaration Filing in Annexure V & VI: The GSTN issued Advisory No. 620 on January 01, 2024, introducing the latest feature to file Annexure-V and VI online on the GST Portal. This option is specifically designed for newly registered Goods Transport Agencies (GTAs) opting for Forward Charge mechanism or the Reverse Charge mechanism.
The GSTN has implemented two new changes, added table 14 and 15 in GSTR-1 in January 2024. These tables are designed to simplify e-commerce transaction reporting, eliminate discrepancies, and make compliance easier for both suppliers and e-commerce operators (ECOs). Read more here: Table 14 & 15 in GSTR 1 Added: New Changes in GSTR 1
GST Payments Go Digital: A new facility has been introduced by the GST department in 10 states, allowing GST payments through UPI.
The GSTN has issued an Advisory No. 623 dated January 22, 2024, for furnishing bank account details by registered taxpayers within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier, under Rule 10A of the Central Goods and Services Tax Rules, 2017.

E-invoicing and E-way Bill Updates:

Starting February 1, 2024, E-Way Bills will incorporate four and six-digit HSN codes. Furthermore, commencing March 2024, taxpayers with e-invoice capabilities will be mandated to include e-invoice/IRN details for the generation of E-way Bills, eliminating the option to generate them without such information.
The NIC on January 5 withdrew its circular related to blocking the generation of e-way bill without e-Invoice/IRN. The said notification was to come into effect from March 1, 2024.

Other GST News Updates:

GST council meeting schedule announced: The next GST council meeting is most likely to be scheduled for February 18th, 2024. Expect potential rate revisions, policy changes, and further clarifications from this meeting. You may read about past GST council meetings here: GST Council Meetings
Increased focus on GST audits and inspections: Be prepared for heightened scrutiny from tax authorities in 2024. Maintain accurate records, comply with filing deadlines, and address any outstanding notices promptly to avoid penalties.

By staying informed about these key GST updates and maintaining compliance with the evolving regulations, you can navigate the world of GST smoothly and maximize your business efficiency in 2024. Remember, seeking professional guidance can be a valuable asset in this dynamic landscape.

Top GST News for the month of December 2023

The government frequently amends and updates provisions related to various taxes. Changes are mostly made for the taxpayer’s ease. Hence, businesses must track GST news and updates to ensure timely and 100% compliance.

Let’s delve into the key GST news, updates, and changes that actively shaped the indirect tax landscape in December 2023.

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GST News & Updates

Two-factor Authentication (2FA) Advisory released for Taxpayers to strengthen the login security to GST portal
Taxpayers with an AATO of 5Cr or more were mandated to submit at least 6-digit HSN on their e-Invoices from 15th of December 2023 onwards
GSTR 3B Rectification allowed by Kerala HC when ITC in GSTR 3B return accounted as IGST credit instead of CGST and SGST credit erroneously.
Read more: Kerala HC permits GSTR 3B Rectification
Taxpayers can now submit an appeal via FORM GST APL-01 on the GST portal on or before January 31, 2024, for orders passed on or before March 31, 2023.
Read more here: GSTN Releases Advisory for Amnesty on Missed Appeal Filing Deadline on Orders Preceding March 31st 2023
The GSTN has issued an Advisory regarding the due date extension for reporting the opening balance for ITC reversal. To facilitate taxpayers, the opportunity to declare the opening balance for ITC reversal in the statement has been extended till January 31, 2024. Furthermore, the facility to amend the declared opening balance for ITC reversal will be available till February 29, 2024.

GST Collections for December 2023

For the month of December 2023, the gross GST revenue reached ₹1,64,882 crore, with CGST contributing ₹30,443 crore, SGST at ₹37,935 crore, IGST totaling ₹84,255 crore (including ₹41,534 crore from the import of goods), and cess amounting to ₹12,249 crore (including ₹1,079 crore from the import of goods). Remarkably, this marks the seventh month of the year where collections have surpassed ₹1.60 lakh crore.

GST Notifications and Circulars

GST Notification – 55/2023-Central Tax dated 20-Dec-2023: Extension of due date for filing of return in FORM GSTR-3B for the month of November 2023 for the persons registered in certain districts of Tamil Nadu.
GST Notification – 56/2023– Central Tax dated 28-Dec-2023: Seeks to extend dates of specified compliances in exercise of powers under section 168A of CGST Act

Top GST News for the month of November 2023

Tax regulations, including GST (Goods and Services Tax), continue to evolve, making it essential for all taxpayers to stay updated with the latest amendments and announcements. As of November 2023, there have been several significant updates. These changes comprise various dimensions of GST, including advisory on ITC Reversal, ITC Mismatch Compliance, amnesty schemes, registration protocols, and more. Here’s a rundown of all the latest GST news for the month of November.

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GST Collections for November 2023

In November 2023, the total GST revenue collected amounted to ₹1,67,929 crore, showcasing a significant growth rate of 15% year-on-year. This includes ₹30,420 crore in CGST, ₹38,226 crore in SGST, ₹87,009 crore in IGST (with ₹39,198 crore collected from the import of goods), and ₹12,274 crore in cess (inclusive of ₹1,036 crore from the import of goods).

GST News & Updates

Advisory for the procedures and provisions related to the amnesty for taxpayers who missed the appeal filing deadline for the orders passed on or before March 31, 2023
GSTN has issued an advisory that taxpayers can now file an appeal in FORM GST APL-01 on the GST portal on or before January 31, 2024, for orders passed by the proper officer on or before March 31, 2023. Furthermore, taxpayers should adhere to the provisions of Notification No. 53/2023 while making payments for the appeal to be entertained by the Appellate Officer.
CBIC notifies biometric-based Aadhaar authentication for GST registration in the State of Andhra Pradesh
CBIC vide Notification No. 54/2023- Central Tax on November 17, 2023, introduced further amendments to Notification No. 27/2022-Central Tax dated December 26, 2022. Provisions of sub-rule (4A) of Rule 8 of the CGST Rules, pertaining to the authentication of Aadhaar Numbers, shall now apply in the State of Andhra Pradesh. This modification includes adding “State of Andhra Pradesh” alongside “State of Gujarat” and “State of Puducherry”.
Comprehensive Guide and Instructions for Direct API Integration with Any of the 6 IRPs for E-Invoice Reporting
GSTN, on November 17th, 2023, released a step-by-step extensive guide for all taxpayers for facilitating direct API integration process with any of the 6 (Invoice Registration Portal) IRPs for e-invoice reporting purposes.
GSTN Advisory for ITC mismatch Compliance – GST DRC-01C
On November 14, 2023, the Goods and Services Tax Network (GSTN) introduced an important feature to address mismatches in Input Tax Credit (ITC) reporting. This advisory is initiated to guide taxpayers through the process of rectifying mismatches between ITC available in GSTR-2B statements and ITC claimed in GSTR-3B for each return period.
ITC Reversal on Account of Rule 37(A)
The amount of ITC required to be reversed on account of Rule 37A CGST Rules for FY 2022-2023 has been notified and communicated to taxpayers via email. Such recipients must reverse their ITC per rule 37A within 30th November 2023 in Table 4B (2) of GSTR 3B when filing the same. If the amount is however not reversed within the specified date by the registered person, the amount shall be payable along with the interest under Section 50.

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Top GST News for the month of October 2023

The month of October 2023 witnessed significant developments in the realm of GST, with multiple crucial announcements and revisions impacting businesses and taxpayers. From enhanced compliance regulations to the introduction of new digital functionalities, the GST landscape experienced notable transformations. Additionally, several measures were implemented to curb fraudulent activities, emphasizing the government’s commitment to strengthening the integrity of the GST framework. Let’s learn the key GST news and pivotal GST updates/ changes that shaped the indirect tax landscape in October 2023.

52nd GST Council Meeting: Key Highlights

The 52nd GST Council Meeting, led by Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman, took place on October 7, 2023 in New Delhi. The meeting saw the participation of Union Minister of State for Finance, Shri Pankaj Chaudhary, Chief Ministers of Goa and Meghalaya (who also handle finance portfolios), Finance Ministers from various states and union territories with legislative powers, and senior officials from the Ministry of Finance and respective states/union territories.

GST Collections for October 2023

In October 2023, the total GST revenue stood at ₹1,72,003 crore. This comprises ₹30,062 crore in CGST, ₹38,171 crore in SGST, ₹91,315 crore in IGST (inclusive of ₹42,127 crore from the import of goods), and ₹12,456 crore in cess (including ₹1,294 crore from the import of goods).

The changes are in 3 major categories:

A) Recommendations relating to GST rates on goods and services
B) Measures for facilitation of Trade
C) Other measures pertaining to law and procedure

Read here: 52nd GST Council Meeting

GST News on Compliance Changes in October 2023

The GST department has activated the ITC mismatches feature between GSTR-2B and GSTR-3B in order to manage the DRC-01C form.
The latest feature allowing the download of JSON e-Invoices is currently active on the official e-Invoice Portal.
The government has introduced compliance related to DRC-01C, highlighting the variance in input tax credits between GSTR-2B and GSTR-3B.
A platform has been started for online retailers that enables the provision of goods by unregistered suppliers.
The registration choice is open to suppliers not registered under GST who wish to sell goods through online platforms.
The Kerala GST Department has issued a recent directive regarding the issuance of distinct notices to taxpayers under sections 73 and 74.
The GSTN department has released version 2.2 of the offline utility for TDS and TCS credit received.
The GST department has issued guidance on GST REG-10 and Form GSTR-5A.
During the period spanning April 2020 to September 2023, the DGGI flagged over 6,000 fraudulent ITC cases, amounting to a staggering Rs. 57,000 crore in GST evasion, resulting in the arrest of 500 individuals.

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Top GST News for the month of September 2023

The month of September brought forth a series of noteworthy developments in the realm of Goods and Services Tax in India. From crucial amendments and regulatory changes to discussions at the highest levels of governance, this month has been a pivotal one for businesses and taxpayers alike. Also, an announcement was made regarding the next GST Council Meeting which is taking place in October. Read on for the most recent and latest GST news and significant GST updates from September 2023.

GST Notifications released in September 2023

GST Notification – 45/2023 dated 6-9-2023: GST Notification No. 45/2023 | New Rule 31B and 31C inserted after Rule 31A.

GST Notification – 46/2023 dated 18-9-2023: Seeks to appoint adjudicating authority for notice issued to M/s

52nd GST Council Meeting Expectations

The GST Council is gearing up for its 52nd GST Council Meeting, scheduled for October 7, 2023, in New Delhi. This meeting holds immense significance as it plays a pivotal role in shaping India’s indirect-tax landscape. One of the key agenda items anticipated for the 52nd GST council meeting is to review the progress made by various states in implementing amendments to the State Goods and Services Tax (SGST) law.

Read the agenda and expectations here: 52nd GST Council Meeting

GST Collections for September 2023

In September 2023, the gross GST revenue collections are at ₹1,62,712 crore. This amount includes contributions from various GST components: CGST (Central Goods and Services Tax): ₹29,818 crore SGST (State Goods and Services Tax): ₹37,657 crore IGST (Integrated Goods and Services Tax): ₹83,623 crore (including ₹41,145 crore collected on the import of goods) Cess: ₹11,613 crore (including ₹881 crore collected on the import of goods).

E-invoicing News Updates

Two Factor Authentication Mandatory for Taxpayers with an ATTO of Rs. 20 Cr. and above: Effective November 1, 2023, taxpayers with an Annual Turnover exceeding Rs. 20 Crores in India need to adopt Two-Factor Authentication (2FA) during login. This new requirement enhances security by adding an extra layer of protection, typically a one-time password (OTP), alongside regular login credentials.

Revised Deadline for Invoice Reporting on the IRP Portal: GST Authority has introduced a new regulation requiring taxpayers with an Annual Aggregate Turnover (AATO) equal to or greater than 100 crores to report their invoices on e-invoice portals within 30 days from the invoice date.

Clarification Released on E-invoicing for Government Supplies: In a recent development, the GST Policy Wing has issued an important clarification regarding the application of e-invoicing. According to Circular No. 198/10/2023-GST dated July 17, 2023, the clarification pertains to supplies made to various government entities.

GST News on Compliance Changes in September 2023

The GSTN has introduced Electronic Credit Reversal and Reclaimed Statements to ensure precise and proper reporting of Input Tax Credit (ITC) reversals, promoting accuracy in the process.
According to a notification dated October 15, 2020, taxpayers with an aggregate annual turnover (AATO) exceeding Rs 5 Crore must incorporate a minimum 6-digit HSN code in both e-invoices and e-Waybills. For other taxpayers, a minimum 4-digit HSN code is required. Taxpayers have smoothly transitioned to this requirement and are anticipated to remain compliant by the stipulated deadline. Starting from October 1, 2023, adherence to this rule will be compulsory for both e-Waybills and e-Invoices.
The GSTN department has recently introduced an enhanced geocoding functionality for Additional Places of Business.

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Top GST News for the month of August 2023

August 2023 has brought significant developments in the realm of Goods and Services Tax (GST), shaping the economic landscape for businesses and consumers alike. With governments worldwide adapting their tax policies to navigate a changing global market, this month’s GST news highlights pivotal changes, innovative strategies, and their potential impacts. Read on for the most recent and latest GST news and significant GST updates from August 2023.

GST Notifications released in August 2023

GST Notification – 36/2023 dated 4-8-2023: The notification states unique procedure for eCommerce operators for goods supplied through them by composition taxpayers.

GST Notification – 37/2023 dated 4-8-2023: The CBIC notify special procedure for e Commerce operators for goods supplied through them by unregistered person.

GST Notification – 38/2023 dated 4-8-2023: This notification marked the introduction of the Central Goods and Services Tax (Second Amendment) Rules, 2023.

GST Notification – 39/2023 dated 17-8-2023: The notification outlines specific amendments that are to be incorporated into Table II of Notification No. 02/2017-Central Tax. These changes are made in Serial Number 39 , 101, and 107 of Table II, related to Guntur, Tirupati and Visakhapatnam territorial jurisdiction.

GST Notification 40/2023 dated 17-8-2023: Seeks to appoint common adjudicating authority for notice issued to M/s United Spirits Ltd.

GST Notification 41/2023 dated 125-8-2023: Due date of GSTR 1 for April 23 to July 23 period extended for users having principal place of business in Manipur.

GST Notification 42/2023 dated 125-8-2023: Due date of GSTR 3B for April 23 to July 23 period extended for users having principal place of business in Manipur.

GST Notification 43/2023 dated 125-8-2023: Due date for filing GSTR-3B for Jun’ 23 Qtr. is extended for taxpayers registered in Manipur.

GST Notification 44/2023 dated 125-8-2023: Due date of GSTR 7 for April 23 to July 23 period extended for users having principal place of business in Manipur.

GST Collections for August 2023

The gross GST revenue collected in August 2023 is Rs 1,59,069 crore of which CGST is Rs 28,328 crore, SGST is Rs 35,794 crore, IGST is Rs 83,251 crore (including Rs 43,550 crore collected on import of goods) and cess is Rs 11,695 crore (including Rs 1,016 crore collected on import of goods).

GST News on Compliance Changes in August 2023

The regions of Haryana, Assam, and Gujarat, along with the union territories of Dadra & Nagar Haveli, Daman & Diu, and Puducherry, are set to initiate an invoice incentive scheme starting from September 1, 2023.
Mera Bill Mera Adhikar Scheme: As per the direction from the Government, the GSTN has developed and launched a mobile application (available on iOS and Android platforms) and also a web portal for the “Mera Bill Mera Adhikaar” scheme. This scheme will be implemented from 1st September, 2023 initially in the States of Gujarat, Assam, Haryana and UTs of Puducherry and Daman & Diu and Dadra & Nagar Haveli, as per the policy decision of the Government.
Advisory on E-Invoice – Services Offered by the Four New IRPs | E-invoice Exemption Declaration Functionality Made Available
Recent instructions provided for applicants with GST registration requests that are designated for biometric authentication using AADHAAR. Read details here: Aadhaar authentication under GST

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Top GST News for the month of July 2023

This section of the article serves as your comprehensive guide to the latest GST updates and news, unveiling the intricacies and implications of key discussions, reforms, and technological advancements that are shaping the path ahead. Read on for the most recent GST news and significant GST updates from July.

GST Notifications released in July 2023

GST Notification 18/2023 dated 17-07-23: The due date for filing GSTR-1 for Jun’ 23 Qtr is extended till 31st Jul’ 2023 for the registered persons having principal place of business in Manipur.
GST Notification 19/2023 dated 17-07-23: Due date for filing GSTR-3B for Jun’ 23 Qtr is extended till 31st Jul’ 2023 for the registered persons having principal place of business in Manipur.
GST Notification 20/2023 dated 17-07-23: The due date for filing GSTR-3B for Jun’ 23 Qtr is extended till 31st Jul’ 2023 for taxpayers registered exclusively in Manipur.
GST Notification – 21/2023 dated 17-07-23: Due date for filing GSTR 7 of Apr, May & Jun’ 23 is extended till 31st Jul’ 2023 for registered persons having principal place of business in Manipur.
GST Notification – 22/2023 dated 17-07-23: Amnesty scheme for GSTR-4 extended from 30th Jun’23 to 31st of Aug’ 23, for the tax period from Jul’ 17 to Mar’ 22.
GST Notification 23/2023 dated 17-07-23: Application to Revoke Cancelation of Reg Time limit Extd
GST Notification – 24/2023 dated 17-07-23: Amnesty scheme for deemed withdrawal of assessment orders issued u/s 62 is extended to 31st Aug’23 from 30th Jun’23.
GST Notification – 25/2023 dated 17-07-23: Amnesty scheme for GSTR-9 extended from 30th Jun’23 to 31st of Aug’ 23, for the tax period from Jul’ 17 to Mar’ 22.
GST Notification – 26/2023 dated 17-07-23: Amnesty scheme for GSTR-10 extended from 30th Jun’23 to 31st of Aug’ 23, for the tax period from Jul’ 17 to Mar’ 22.

GST Collections for July 2023

The gross GST revenue collected in the month of July, 2023 is ₹1,65,105 crore of which CGST is ₹29,773 crore, SGST is ₹37,623 crore, IGST is ₹85,930 crore (including ₹ 41,239 crore collected on import of goods) and cess is ₹11,779 crore (including ₹ 840 crore collected on import of goods). The revenues for the month of July 2023 are 11% higher than the GST revenues in the same month last year.

GST News on Compliance Changes in July 2023

On July 07, 2023, the Central Government made an amendment to the Prevention of Money-Laundering Act, 2002 (“the PML Act”) through Notification F. No. P.12011/2/2009-ES Cell-DOR. The introduced amendment includes the incorporation of the GSTN entry.
The functionality for e-Invoice exemption declaration has been made available on the GST e-Invoice portal by the GSTN department. Read more here: E-invoice Exemption Declaration Functionality Made Available
The 51st GST Council meeting is slated to take place on 2nd August 2023 through a video conferencing arrangement, as announced by the GSTN department.
In celebration of 6 years of GST implementation, the GST department has released a comprehensive statistical report.
Geocoding Functionality Now Live for All States and Union Territories: The geocoding functionality for the principal place of business address is now operational for all States and Union territories, as per the latest update from GSTN. This innovative feature is designed to convert location descriptions into precise geographic coordinates, ensuring the utmost accuracy in GSTN records and streamlining the address verification process.In a significant achievement, GSTN has successfully geocoded more than 1.8 crore addresses of principal places of business. Additionally, all new addresses registered after March 2022 undergo geocoding at the time of registration itself, guaranteeing the accuracy and standardization of address data right from the beginning.

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Top GST News for the month of June 2023

As we delve into the realm of GST in India, let’s take a closer look at the captivating developments that unfolded throughout the month of June 2023. This section of the article serves as your guide to the latest GST news or top GST news, unraveling the intricacies and implications of the key discussions, reforms, and technological advancements that are shaping the path ahead.

50th GST Council Meeting Expectations

The Union Finance Minister Nirmala Sitharaman will preside over the 50th GST Council Meeting, which is most likely to take place on 11th July 2023.

Read the expectations from the 50th GST Council Meeting here.

GST Collections for June 2023

The GST revenue for June 2023 has surpassed ₹1,61,497 crore, comprising ₹31,013 crore from CGST, ₹38,292 crore from SGST, ₹80,292 crore from IGST (which includes ₹39,035 crore collected on import of goods), and ₹11,900 crore from cess (including ₹1,028 crore collected on import of goods).

GST News on Compliance Changes in June 2023

On June 26, 2023, a webinar was organized by the GSTN e-Invoice team and representatives of Invoice Registration Portals (IRPs) to provide insights and guidance on e-Invoicing and IRPs. Since IRIS is also an IRP, our team presented at the Live Webinar showcasing our advanced Invoice Registration Portal – IRIS IRP.
From July 15, 2023, the implementation of two-factor authentication becomes mandatory for all taxpayers with an Annual Aggregate Turnover (AATO) exceeding 100 crores.
CBIC released guidelines for processing of applications for GST registration. Instruction No. 03/2023 for obtaining fake/ bogus registration under GST
The government released a new advisory on e-invoicing enablement status update for taxpayers. GSTN has enabled all eligible taxpayers with an Aggregate Annual Turnover (AATO) of 5 crores and above as per GSTN records in any preceding financial year for e-Invoicing. These taxpayers now have access to all IRP portals, including IRIS IRP, for e-Invoice reporting.
The due dates for GSTR 7, GSTR 3B, and GSTR 1 forms have been extended for taxpayers residing in Manipur State as their principal place of residence.
The deadline for filing the GSTR-3B form for districts including Kutch, Jamnagar, Morbi, Patan, and Banaskantha in Gujarat has been extended until June 30th for the month of May 2023.
Online Compliance Pertaining to Liability / Difference Appearing in R1 – R3B (DRC-01B): GSTN has developed a functionality to enable the taxpayer to explain the difference in GSTR-1 & 3B return online as directed by the GST Council. This feature is now live on the GST portal.

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Top GST News for the month of May 2023

Important GST Notifications released in May 2023

GST Notification 10/2023 -Central Tax dated 1o-May-2023: Any entity whose turnover is Rs. 5 crores or above in any financial year from 2017-18 has to issue E-invoice w.e.f. 1st Aug’23.

GST Collections for May 2023

The gross Good & Services Tax (GST) revenue collected in the month of May 2023 has reached an impressive total of Rs.1,57,090 crores. This figure represents a significant 12% increase compared to the GST revenues recorded in the same month last year.

GST News on Compliance Changes

To facilitate communication with taxpayers and RFN verification through the GST portal, the Odisha finance department of the commissionerate of CT & GST has released an advise on Document Reference Number (RFN) generation.
The GSTN has released an advisory for taxpayers who had issues with their GSTR-3B filing during the month of March 2023.
The 7-day E-Invoice Generation Limit has been deferred by the GSTN
Regarding false GST registrations, the CBIC department has produced instruction guide no. 01/2023
Automated Return Scrutiny Module for GST Returns Introduced by the CBIC: CBIC has introduced a new Automated Return Scrutiny Module for GST returns in the ACES-GST backend application for Central Tax Officers.

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Top GST News for the month of April 2023

As we enter April 2023, there are several GST-related developments that businesses and taxpayers need to be aware of. In this article, we will highlight the top GST news and latest from the month of April 2023. Whether you’re a business owner or a taxpayer, staying informed about these updates is crucial to ensure compliance and avoid any potential penalties.

GST News on Compliance Changes

7-day E-Invoice Generation Limit

For taxpayers with AATO higher than or equal to 100 crores, the Government has decided to impose a time limit on submitting old invoices on the e-invoice IRP portals. To ensure timely compliance, taxpayers in this category will not be allowed to report invoices older than 7 days on the date of reporting. This restriction will apply to the all-document types for which IRN is to be generated. Thus, once issued, the credit / Debit note will also have to be reported within 7 days of issue. Read: How 7-day E-Invoice Generation Limit will Impact Your GST Compliance

New Update on Aadhaar authentication under GST

GST Notification 04/2023 – Changes have been made to Rules 8(4A) and 8(4B), which govern the process for Aadhar authentication and applicant bio-metric verification. Read: Aadhaar authentication under GST

New Changes in TCS on Overseas Travel Packages:

In Budget 2023, the percentage of tax deducted at source (TCS) for international transfers made under LRS increased from 5% to 20%. This covers overseas travel, remittances, and other transfers, aside from those for health, education, and medical needs. On July 1st, 2023, the new regulation will become effective. For remittances under Rs. 7 lakhs, TCS formerly offered an exemption. This is no longer there. Read: New Changes in TCS on Overseas Travel Packages

Advisory on Bank Account Validation

GSTN is pleased to inform you that the functionality for bank account validation is now integrated with the GST System. This feature is introduced to ensure that the bank accounts provided by the Tax Payer is correct. The bank account validation status can be seen under the Dashboard→My Profile→Bank Account Status tab in the FO portal. Tax Payers will also receive the bank account status detail on registered email and mobile number immediately after the validation is performed for his declared bank account.

New facility to verify document Reference Number (RFN) mentioned on offline communications issued by State GST authorities

GST Collections for April 2023

The gross GST revenue collected in the month of April, 2023 is Rs 1,87,035 crore. It is the highest collection ever!
From the total gross GST Collection of April, CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore (including Rs 901 crore collected on import of goods),

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Top GST News for the month of March 2023

March has been an eventful month for the Goods and Services Tax (GST) regime in India, with several noteworthy updates and developments. Not just for GST system at large but at IRIS GST as well. As we had informed you in the previous month, IRIS has been selected by the GSTN to be an authorized invoice registration portal for businesses to generate IRN. So, now our official website for the same is live: https://einvoice6.gst.gov.in/

In this section, we will discuss the top GST news updates from March 2023, highlighting the key changes and their implications for taxpayers. Whether you are a business owner, a tax professional, or a GST registered individual, this article will provide you with valuable insights into the latest developments in the GST regime.

Important GST Notifications released in March 2023

GST Notification 02/2023-Central Tax dated 31-Mar-2023: Amnesty Scheme for GSTR-4 non-filers
GST Notification 03/2023-Central Tax dated 31-Mar-2023: Extension of time to apply for revocation of cancellation of GST registration
GST Notification 04/2023-Central Tax dated 31-Mar-2023: Amendment in CGST Rules
GST Notification 05/2023-Central Tax dated 31-Mar-2023: Rule8(4A) will apply to only applicants of Gujarat
GST Notification 06/2023-Central Tax dated 31-Mar-2023: Amnesty scheme for assessment orders issued u/s 62
GST Notification 07/2023-Central Tax dated 31-Mar-2023: Amnesty for GSTR9 non-filers
GST Notification 08/2023-Central Tax dated 31-Mar-2023: The late fee over Rs.1,000 per return is waived
GST Notification 09/2023-Central Tax dated 31-Mar-2023: Extension of limitation under Section 168A of CGST Act

GST Year-End Checklist: 13 Tasks To Be Completed

There are certain tasks that taxpayers need to carry out before April 1, 2023, and some mandates start from 1st April 2023. Likewise, there are some that need to be done every year when the Financial Year starts, yet some others were historically introduced on 1st April, the start of the financial year. And like every year, this year again we have brought you a GST Year-End checklist of all the activities that you need to complete before the financial year ends. Read here: GST Year-End checklist

GST Collections for March 2023

Gross GST revenue for March 2023 was Rs. 1,60,122 crore.

GST News on Compliance Changes

New advisory stating GSTN launches e-invoice registration services with private IRPs: Following the GST Council’s recommendation, GSTN has begun offering e-invoice registration services through a number of private IRPs as another move towards further digitizing the business process flow. For the purpose of offering these e-invoice registration services to all GST taxpayers in the nation, the GSTN appointed four commercial businesses, namely IRIS Business Ltd – IRIS IRP, Cygnet, ClearTax and E&Y.
HSN Reporting in E-invoicing: E-Invoice System will not accept 4-digit HSN codes and taxpayers will have to only use 6-digit HSN Codes on the E-Invoice Portal. On 22-03-23, a new update has been published by the GSTN stating that it is now mandatory for taxpayers to report a minimum of 6-digit valid HSN code for their outward supplies having AATO of more than 5 crores in any previous financial year.
E-invoicing voluntary enablement: GST Notification 17/2022 dated 01-08-2022 mandates e-invoicing for taxpayers having AATO above Rs. 10 crores in any financial year since FY 2017-18 w.e.f 1st October, 2022. Now, taking a step further, the government has enabled the voluntary enablement of e-invoicing for FY 2022-23.
Advisory for the taxpayer wishing to register as “One Person Company” in GST: Some issues have been raised by the persons registering as ‘One Person Company’ while they take GST registration. Upon analysis, it has been noticed that the option of choosing One Person Company is not there in form notified by CGST/SGST Acts and hence not available on the GSTN portal also. Read more here: One Person Company under GST

Top GST News for the month of February 2023

In February 2023, there were some significant developments in the world of Goods and Services Tax (GST) that impacted businesses and taxpayers in various ways. From changes in GST rates to updates in compliance requirements, the month witnessed several noteworthy updates that are crucial for businesses to stay informed and updated. In this section, we will discuss the top GST news updates from February 2023, highlighting the key changes and their implications for taxpayers.

Union Budget 2023 Key Highlights

Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman announced the official budget for 2023 on 1st February. The finance minister highlighted that the Indian economy has increased in size in the last 9 years from being the 10th largest to being the fifth largest economy in the world. Read all the Union Budget 2023 Key Highlights here.

Key GST Changes: Union Budget 2023 | Finance Bill 2023

The Union Budget 2023, presented on February 1, 2023, brought about several changes to the Goods and Services Tax (GST) regime in India. The changes, aimed at simplifying the tax system and boosting the economy, have generated much discussion and analysis in the business community. Read all about Key GST Changes: Union Budget 2023 | Finance Bill 2023

49th GST Council Meeting Key Highlights

The 49th GST Council Meeting was held on February 18th, 2023 in New Delhi under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary besides Finance Ministers of States & UTs (with legislature) and senior officers of the Ministry of Finance & States/ UTs. Read all about the 49th GST Council Meeting here

GST Collections for February 2023

The gross GST revenue collected in the month of February 2023 is ₹1,49,577 crore of which CGST is ₹27,662 crore, SGST is ₹34,915 crore, IGST is ₹75,069 crore (including ₹35,689 crore collected on import of goods) and Cess is ₹11,931 crore (including ₹792 crore collected on import of goods).

GST News on Compliance Changes

Advisory on opting for payment of tax under the forward charge mechanism by a Goods Transport Agency (GTA)
The GSTN department has published a new advisory for reporting e-Invoice informing about new IRPs of which IRIS IRP is one of the first four chosen IRPs.
The CBIC added FAQs for location-based geocoding of existing regular taxpayers’ principal places of business (Only applicable for Delhi and Haryana)
The GST portal has introduced negative values in Table 4 which comes under form GSTR 3B return.
For Financial Year 2023-24, regular taxpayers can opt for the composition scheme by navigating to the ‘Services-> Registration-> Composition Scheme Application Form’. It will be available on GST Portal until 31st March 2023.

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Top GST News for the month of January 2023

January, the time for new beginnings, hope and yes, new year resolutions! Overall also a great month for businesses. We will discuss all the important GST updates from the month in this section of the article. Read the latest GST news and GST updates from the month of January 2023 here

Important GST Notifications released in January 2023
01/2023-Central Tax dt.04-Jan-2023: To assign powers of Superintendent of central tax to Additional Assistant Directors in DGGI, DGGST and DG Audit.
Important GST Changes from January 2023
In accordance with several rulings issued by the Central Board of Indirect Taxes and Customs (CBIC) earlier this month in the 48th GST Council Meeting, certain decisions pertaining to the Goods and Services Tax (GST) take effect from January 1, 2023. Read all the updates and GST changes from January 1 2023 stated by CBIC.
Union Budget 2023 Expectations
Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman is all set to announce the official budget for 2023 on 1st February. There are several expectations from this year’s union budget regarding GST rate reductions, interest rates on home loans, railways, education and farming sector etc. Read more about the Union Budget 2023 expectations here.
GST Collections for January 2023
The gross GST revenue collected in the month of January 2023 is Rs 1,55,922 crore of which CGST is Rs 28,963 crore, SGST is Rs 36,730 crore, IGST is Rs 79,599 crore (including Rs 37,118 crore collected on import of goods) and cess is Rs 10,630 crore (including Rs 768 crore collected on import of goods).
GST News on Compliance Changes
- For the FY 2023–2024, the GSTN has made the new Letter of Undertaking (LUT) feature available.
- The department has informed the GST stakeholders in detail about the new functionalities. The functions for December 2022 deal with things like registration, returns, and refund claims.

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Top GST News for the month of December 2022

December is the month when many people reflect on the year that is coming to a close and make plans and resolutions for the year ahead. It is a time of transition and looking forward to new beginnings. Talking about GST, there were a few new GST news and GST updates that we will discuss here. Apart from that, we also have published a few very interesting articles and videos reflecting upon the GST changes throughout the year and also at IRIS GST.

Important GST Notifications released in December 2022

GST Notification 25/2022-Central Tax dated 13-12-2022: Due date for furnishing form GSTR-1 for Nov, 2022 for taxpayers whose principal place of business is in certain districts of Tamil Nadu.

GST Notification 26/2022-Central Tax dated 26-12-2022: Seeks to make fifth amendment (2022) to CGST Rules

GST Notification 27/2022-Central Tax dated 26-12-2022: GST Notification under sub-rule (4B) of rule 8 of CGST Rules, 2017

GST Circulars released in December 2022

GST Circular No. 183/13/2022 dated 27-12-2022: Clarification to deal with difference in Input Tax Credit (ITC) availed in FORM GSTR-3B as compared to that detailed in FORM GSTR-2A for FY 2017-18 and 2018-19 – reg.

GST Collection for the month of December 2022

The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711
crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of
goods) and Cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods).

48th GST Council Meeting Highlights

The Union Finance & Corporate Affairs Minister, Smt. Nirmala Sitharaman presided over the 48th meeting of the GST Council, which was held via video conference on December 17, 2022. No tax hike on any item was announced in the meeting and the council decided to decriminalise certain offences under GST. Several other significant decisions were taken in the meeting. Let us read the highlights in detail here: 48th GST Council Meeting

Year in GST: Top 7 Law Changes and GST Updates in 2022

Year 2022 has been the year of standing up again from the setback of the Covid pandemic that has impacted businesses globally for almost 2 years. Businesses are back in action and normalcy can be seen from the GST collections 2022. Let us look at the major updates in GST Rules and compliance requirements in 2022.

Read: Top 7 law changes in GST

Other GST News on Compliance Changes

The Central Board of Indirect Taxes and Customs (CBIC) tweeted – There is no proposal before the Government, at present, to reduce this threshold limit to Rs 5 crore with effect from 01.01.2023, as no such recommendation has been made by GST Council as yet.

Year in Review | 2022

Another exciting year comes to an end. It is that time again to revisit how the year 2022 treated us and more importantly what we were able to achieve for our clients, our users, and our partners. Catering to law updates and client expectations, a lot happened at IRIS GST. Here is a snapshot of Year 2022 at IRIS GST

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Top GST News for the month of November 2022

November, the second last month of the year has already gone by… With the bunch of new GST updates, November has kept us all on our toes. There were new GST notifications and circulars along with some fresh GST news updates. Also, with the launch of IRIS IRP, we also have several e-invoicing updates to share. Read all to get all the latest GST News and GST updates from the month of November 2022 here!

Important GST Notifications released in November 2022

GST Notification 22/2022-Central Tax dated 15-11-2022: New changes in ITC Claims for GSTR 9 and invoice amendments until 30th November 2022

GST Notification 23/2022-Central Tax dated 23-11-2022: Empowering the Competition Commission of India to handle anti-profiteering cases under CGST Act, 2017 with effect from 01.12.2022

GST Notification 24/2022-Central Tax dated 23-11-2022: Seeks to make fourth amendment (2022) to CGST Rules with effect from 01.12.2022

GST Circulars released in November 2022

GST Circular No. 181/13/2022 dated 10-11-2022: Clarification on GST refund-related issues

GST Circular 182/2022 dated 10-11-2022: Verifying the Transitional Credit – order of the Hon’ble Supreme Court in the Union of India vs. Filco Trade Centre Pvt. Ltd., SLP(C) No. 32709-32710/2018, order dated 22.07.2022 & 02.09.2022

GST Collection for the month of November 2022

The GST Collection for the month of November 2022 is Rs.1,45,867 crore. From the gross collection, Rs.25,681 crore was CGST, Rs.32,651 crore was SGST, and Rs.77,103 crore was IGST (including Rs.38,635 crore GST on the import of goods).

GST News on Compliance Changes

Advisory on Filing TRAN forms for Taxpayers from Daman and Diu & Ladakh released

CBIC has decided not to file a review petition against the order of the Supreme Court in the case of Mohit Minerals upholding Gujarat High Court’s decision quashing the levy of IGST on ocean freight on import of goods on CIF basis.

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Top GST News for the month of October 2022

October 2022 witnessed the celebration of one of the biggest festivals in the country – Diwali. And, Diwali is synonymous with shopping, thus a great time for businesses throughout the country. On the GST front, there were a few changes and GST updates that were released. Sharing all the latest GST news and GST updates from October here…

Important GST Notifications released in October 2022

GST Notification 21/2022-Central Tax dated 21-10-2022: The due date for filing GSTR-3B returns for September 2022 has been extended to 21st October 2022.

GST Collection for the month of October 2022

The second-highest monthly collection to date for gross GST income was 1,51,718 crore rupees in the month of October 2022. This year’s gross GST collection has already exceeded Rs. 1.50 trillion for the second time.

GST News on Compliance Changes

The revised guidelines for filing and claiming TRAN-1/TRAN-2 forms for a transitional input tax credit under the GST system have been made available on the GSTN portal.

CGST Act, 2017, as modified with effect from 1.10.2022, clarifies questions about the deadline for some compliances via a press release.

Module wise new functionalities deployed on the GST Portal for taxpayers

Advisory released on Filing TRAN forms for Taxpayers from Daman and Diu & Ladakh

Advisory on the sequential filing of GSTR-1: The Central Government has amended Section 37 & Section 39 of Central Goods & Service Tax Act (CGST), 2017 vide Notification No. 18/2022–Central Tax dated 28th September, 2022 with effect from 01 October, 2022. According to section 37(4) of CGST, Act, a taxpayers shall not be allowed to file GSTR-1 if previous GSTR-1 is not filed and as per sec 39(10) a taxpayer shall not be allowed to file GSTR-3B if GSTR-1 for the same tax period is not filed.

Implementation of mandatory mentioning of HSN codes in GSTR-1: As per Notification No. 78/2020 – Central Tax dated 15th October, 2020, it is mandatory for the taxpayers to report a minimum 4 digit or 6 digit of HSN Code in table-12 of GSTR-I on the basis of their Aggregate Annual Turnover (AATO) in the preceding Financial Year. To facilitate the taxpayers, these changes are being implemented in a phase-wise manner.

Part I & Part II of Phase 1 has already been implemented from 01st April 2022 & 01st August 2022 respectively and are currently live on GST Portal. From 01st November 2022, Phase-2 would be implemented on GST Portal and the taxpayers with up to Rs 5 crore turnover would be required to report 4-digit HSN codes in their GSTR-1.

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Top GST News for the month of September 2022

In this section of our Top GST News and Latest GST Updates article, we will discuss everything about new GST updates, changes, notifications and circulars that have been released this month. Yes, read on to know all the latest GST updates from September 2022 that we have compiled for you here!

Important GST Notifications released in September 2022

GST Notification 18/2022 dated 28-09-2022: 30th November is the time limit to claim ITC, issue CDN & amend returns

GST Notification 19/2022 dated 28-09-2022: Seeks to make amendments (Second Amendment, 2022) to the CGST Rules, 2017

GST Notification 20/2022 dated 28-09-2022: Seeks to rescind GST Notification No. 20/2018-CT dated 28th March, 2018

GST Collection for the month of September 2022

The total GST Collection of September 2022 amounted to Rs.1,47,686 crores. The total CGST amounted to Rs.25,271 crores, whereas the SGST sums up to Rs. 31,813 crores. The total IGST collected is Rs.80,464 crores, including taxes on imported goods worth Rs.41,215 crores. The cess totals up to Rs.10,137 crores, out of which Rs.856 crores is collected on the import of goods.

GST News on Compliance Changes

Changes in Table 4 of GSTR 3B – Reporting of ITC availment, reversal and Ineligible ITC: The Notified changes of Table 4 of GSTR-3B have been incorporated in GSTR-3B and are available on GST Portal since 01.09.2022. The taxpayers are advised to report their ITC availment, reversal of ITC and ineligible ITC correctly as per new format of Table 4 of GSTR-3B at GST Portal for the GSTR-3B to be filed for the period August 2022 onwards.

Supreme Court allows 4 weeks extension to open common portal for Tran 1 & Tran 2

Module wise new functionalities deployed on the GST Portal for taxpayers

Non-furnishing of GSTR3B for 6 months can lead to cancellation of registration: In the case of composition dealer, Return of the financial year not filed beyond 3 months from the due date. In the case of a normal taxpayer, such period as may be prescribed (continuous period of 6 months)

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Top GST News for the month of August 2022

The month of August saw a few important GST updates. Here, we have compiled all the latest GST news and updates for you… Read on!

Important GST Notifications released in August 2022

GST Notification 17/2022 – Central Tax, dated 01-08-2022: The notification mandates e-invoicing for taxpayers having AATO above Rs. 10 crores in any FY since FY 2017-18 w.e.f. 1st October, 2022.

GST Collection for the month of August

August GST collections came in at Rs. 1,43,612 crore of which CGST is Rs. 24,710 crore, SGST is Rs. 30,951 crore, IGST is Rs. 77,782 crore (including Rs. 42,067 crore collected on import of goods) and cess is Rs. 10,168 crore (including Rs. 1,018 crore collected on import of goods). The revenues for the month of August 2022 are 28% higher than the GST revenues in the same month last year of Rs. 1,12,020 crore.

GST News on Compliance Changes

The NIL GSTR 1 filing checkbox option under GSTR-1/IFF has been made available by the CBIC department

Through three circulars, numbers 177, 178, and 179, the CBIC has clarified the new GST rate and exemption on specific services, penalties, and compensation.

The July 2022 functions for GST stakeholders relating to a refund claim, returns, registration, etc. are now accessible on the GSTN portal.

Important Checklist To Consider Before Filing September 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 financial year. These corrections are crucial for the correct closure of that particular financial year. It also forms an important checkpoint during the self-certification process, i.e, during filing the GSTR-9C.

Read all the things taxpayers need to consider before filing their September GST Returns

Invoice Registration Portal (IRP)

With the expansion in the scope of the e-invoicing mandate, IRIS has been appointed as the Invoice Registration Portal (“IRP Partner”) of GSTN, which permits us to act on behalf of GSTN to register B2B e-Invoices of trade and industry. IRIS IRP can now help taxpayers and solution providers to generate IRN for B2B invoices, credit notes and debit notes smoothly.

Read details here: Invoice Registration Portal (IRP)

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Top GST News for the month of July 2022

The month of July witnessed a lot of new changes and GST updates. After the 47th GST Council Meeting that happened at the end of June, there have been several GST rate changes, due-date changes, new notifications and major changes in GST compliance as well. Read on to learn about all the latest GST news and GST updates from July 2022 here…

Important GST Notifications released in July 2022

GST Notification 9/2022 dated 05-07-2022: Central Government hereby appoints the 5th July, 2022, as the date on which the provisions of clause (c) of section 110 and section 111of the said Act shall come into force.
GST Notification 10/2022 dated 05-07-2022: Taxpayers having AATO upto Rs. 2 crores are exempted from furnishing GSTR 9/9A for FY 2021-22.
GST Notification 11/2022 dated 05-07-2022: Due date of CMP 08 for June 2022 quarter is extended from 18th July to 31st July.
GST Notification 12/2022 dated 05-07-2022: Late fees for delay in filing GSTR-4 for FY 2021-22 shall be waived till 28 July 2022.
GST Notification 13/2022 dated 05-07-2022: Extension of time limit for issuance of notice w.r.t tax not paid/short paid for FY 2017-18. Exclusion of period of 1st Mar 20 to 28th Feb 22 from timelimit filing of refund application and Order for recovery of erroneous refunds.
GST Notification 14/2022 dated 05-07-2022: Seeks to make amendments (First Amendment, 2022) CGST rules issued for EInvoice, Suspension status and more.

Important GST Circulars released in July 2022

GST Circular 170/2022: Mandatory furnishing of correct and proper information of inter-State supplies and ineligible/blocked ITC and reversal thereof in return in GSTR-3B and statement in GSTR-1.

GST Circular 171/2022: Clarification on issues relating to applicability of demand & penalty in respect of transactions involving fake invoices.

GST Circular 172/2022: Clarification on various issue pertaining to GST.

GST Circular 173/2022: Clarification on claiming refund under inverted duty structure where the supplier is supplying goods under the concessional notification.

GST Circular 174/2022: Circular prescribes the manner of re-credit in electronic credit ledger using PMT-03A.

GST Circular 175/2022: Circular specifies the manner of filing refund of unutilised ITC on account of export of electricity.

GST Circular 176/2022: Rule 95A has been omitted, retrospectively w.e.f. 01.07.2019, vide notification No. 14/2022-Central Tax, dated 05.07.2022. Accordingly, the Board hereby withdraws Circular No 106/25/2019-GST dated 29.06.2019
GST Updates on Compliance Changes

Updates in GSTR 3B – July 2022 | GSTR 3B and ITC Eligibility

GSTR 3B witnessed a bunch of updates in July 2022 after the two-day-long 47th GST Council Meeting. The CBIC has announced a bundle of clarifications and updates through the latest GST Council Meeting recommendations, GST Notifications and Circulars. And one of the most conversed topics is the updates in GSTR 3B. It’s a return through which GSTN collects tax from registered taxpayers, the said update will impact a majority of taxpayers. Read the summary of updates in GSTR 3B announced by the CBIC here: Updates in GSTR 3B – July 2022
47th GST Council Meeting Updates
The 47th GST Council Meeting took place on 28th and 29th June 2022 to address multiple important issues like GST rate changes for an array of goods and services, compensation cess, E-way Bill and E-invoicing changes and so on. Chaired by Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman, the 47th GST Council Meeting was a physical meeting which was held in Chandigarh, Punjab.
Read a detailed update on all the changes here: 47th GST Council Meeting
GST Collection – July 2022
The GST collection for the month of July 2022 is Rs. 1,48,995 crore. Out of the total revenue, CGST is Rs. 25,751 crore, SGST is Rs. 32,807 crore, IGST is Rs. 79,518 crore (including Rs. 41,420 crore collected on import of goods) and cess is Rs. 10,920 crore (including Rs. 995 crore collected on import of goods).
E-invoicing Updates
Taxpayers with an annual aggregate turnover between Rs. 5 Cr. to Rs. 20 Cr. are enabled for testing on Sandbox for e-invoicing. Read the consequences of non-compliance with e-invoicing: April 2022 onwards
GST Updates
Removal of negative balance in cash ledgers of some composition taxpayers: Due to the reversal of amount in the cash ledger of some composition taxpayers, the balance in the cash ledgers had become negative. The government has now decided that the negative balance in the cash ledgers of such taxpayers should be nullified. Accordingly, the negative balance has been nullified.
Implementation of mandatory mentioning of HSN codes in GSTR-1: Via Notification No. 78/2020 – Central Tax dated 15th October, 2020, it is mandatory for the taxpayers to report minimum 4 digits or 6 digits of HSN Code in Table-12 of GSTR-1 on the basis of their Aggregate Annual Turnover (AATO) in the preceding Financial Year.

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Top GST News for the month of June 2022

The month of June marked the end of the first half of 2022. There were several major GST updates, news and GST changes that were announced throughout the month including GST rate changes and other GST updates in the 47th GST Council Meeting, clarification regarding GSTR 2B and so on. Sharing all the latest GST news and GST updates from June 2022 here…

Important GST Notifications released in June 2022

GST Notification 8/2022 dated 07-06-2022: E-commerce operators (GSTIN listed in notification) who could not file GSTR 8 for specified tax periods due to technical glitch on the portal but have deposited tax for the said months in ECL are waived from interest on delay in filing GSTR 8.

GST Updates on Compliance Changes

Clarification regarding GSTR 2B for April and May 2022: It was noted that certain records were missing from the GSTR-2B statement for the month of April and May 2022 in a few situations. There were some distinct issues faced by the taxpayers that the government managed to clarify via 3 separate announcements. Read the details in the link below:Read more: Clarification related to GSTR 2B for April, May 2022

Procedure for Sanction, Post-audit and Review of GST Refund Claims: New circular: The CBIC laid down new guidelines regarding sanction, post-audit, and review of GST refund claims. Distinct practices are adopted by field formations in the case of review and post-audit. The new procedures are being laid out to bring uniformity to the system and also to effectively monitor the sanction of refund claims to safeguard the interest of revenue.

Read here: Procedure for Sanction, Post-audit and Review of GST Refund Claims

47th GST Council Meeting Updates

The 47th GST Council Meeting took place on 28th and 29th June 2022 to address multiple important issues like GST rate changes for an array of goods and services, compensation cess, E-way Bill and E-invoicing changes and so on. Chaired by Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman, the 47th GST Council Meeting was a physical meeting which was held in Chandigarh, Punjab.

Read a detailed update on all the changes here: 47th GST Council Meeting

GST Collection – June 2022

The GST collection for the month of June 2022 is Rs. 144,616 crore of which CGST is Rs. 25,306 crore, SGST is Rs. 32,406 crore, IGST is Rs. 75887 crore (including Rs. 40102 crore collected on import of goods) and cess is Rs. 11,018 crore (including Rs. 1197 crore collected on import of goods). The gross GST collection in June 2022 is the second highest collection next to the April 2022 collection.

GST Updates

The department shared the details of the new functionalities for the GST stakeholders.
The new GST rate of 6% is reported online in GSTR-1. Read more: Reporting 6% rate in GSTR-1

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Top GST News for the month of May 2022

The month of May witnessed a lot of important GST updates. Most of these big changes related to GST Compliance. Sharing all the latest GST news and GST updates from the month of MAY 2022 here…

Important GST Notifications released in May 2022

GST Notification 5/2022 dated 17-05-2022: Due date of GSTR-3B extended for the month of April, 2022

GST Notification 6/2022 dated 17-05-2022: Pay tax using PMT 06 by 27th May, 2022 instead of 25th May, 2022

GST Notification 7/2022 dated 26-05-2022: Late fee waived on GSTR-4 of FY 2021-22 from the 1st May, 2022 till 30th June, 2022

GST Updates on Compliance Changes

Clarification regarding incomplete GSTR 2B for April 2022: It was noted that certain records are missing from the GSTR-2B statement for the month of April 2022 in a few situations. Such records, however, were visible in the GSTR-2A of such beneficiaries. So, clarification was given by the government for taxpayers facing difficulties. Later, a new update and GST notification was released on May 17, 2022.Read more: incomplete GSTR 2B for April 2022

The requirement of Table 6 in GSTR 4 | Negative liability in GSTR 4: As per the new advisory released by the GSTN, the entire year’s liabilities must be declared in table 6 of GSTR 4 and if there is no liability, the table can be populated with zero value.

Read more: Requirement of Table 6 in GSTR 4

Reporting 6% rate in GSTR-1: The GSTN has released a new advisory on 10-05-2022 regarding the 6% reporting rate in GSTR-1. As per GST Notification No. 02/2022 dated 31st March 2022, a new tax rate of 6% IGST or 3% CGST+ 3% SGST has been introduced on certain commodities. Taxpayers who must report items at this rate may do so temporarily by reporting the entries under the 5% category and then manually increasing the system computed tax amount to 6%.

Read more: Reporting 6% rate in GSTR-1

GST Updates

Annual Aggregate Turnover (AATO) computation for FY 2021-22 made available on GST Portal.
The due date of form PMT-06 for the month of April has been extended to 27th May 2022.
The CBIC released a new GST notification no. 05/2022 that extended GSTR 3B due date till 24th May 2022 from 20th May 2022.
The GST department has released GST Notification 07/2022 under Section 47, which waives late costs for filing the GSTR 4 form until June 30, 2022 for the fiscal year 2021-2022.

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Top GST News for the month of April 2022

The month of April saw very few GST updates. Taxpayers were busy with the implementation of two new rules by the government – E-invoicing and disclosure of transactions with companies struck off (RoC). We at IRIS GST have also conducted several webinars to help businesses that have recently come under the mandate.

Coming back to the news, here we have collated the top GST news and GST updates from the month of April 2022 so that you get all the updates in one place!

47th GST Council Meeting Expectations

The 47th GST Council Meeting is anticipated to take place in the month of May to address multiple important issues like GST rate changes for an array of goods, compensation cess, and so on. Modifications to the GST tax slabs are also expected to be discussed. The upcoming GST Council Meeting will most likely be held at Shillong, Meghalaya, as per the sources. Read 47th GST Council Meeting Expectations here!

GST Compliance

Ministry of Corporate Affairs (MCA) has introduced elaborative disclosure requirements regarding financial statements of companies which are effective from April 1, 2021 i.e. for financial statements prepared for FY 2021-22. One such requirement is the disclosure of transactions with companies struck off by Registrar of Companies (‘RoC’) under section 248 of the Act, or under section 560 of the Companies Act, 1956.
The following particulars are to be disclosed in such case:

Name of the struck off company

Nature of transactions with company

Balance outstanding and relationship with the struck off the company

If you’re looking for a utility tool to search MCA Struck-off Companies within minutes – Try IRIS LookUp!

GST Collection – April 2022

The GST collection for the month of April has touched a record high of Rs. 1.67 lakh crore! The gross GST revenue collected in April 2022 is Rs. 1,67,540 crore, out of which CGST is Rs. 33,159 crore, SGST is Rs. 41,793 crore, IGST is Rs 81,939 crore (including Rs. 36,705 crore collected on import of goods), and cess is Rs. 10,649 crore (including Rs. 857 crore collected on import of goods).

E-invoicing Updates

For organisations newly covered under the e-invoicing mandate, the go-live date is 1st April 2022. To start generating e-invoices, there are certain preparatory activities that the NIC has released. Organisations can get started with these in parallel to getting their internal system and processes ready for e-invoices.

Read here: 6 Tasks to Complete Before you Start your E-invoicing Journey

GST Updates

GST compensation for 8 months (out of 10 of 2021-22) has been disbursed to states, with a total of Rs 78,704 crore remaining, according to the Finance Ministry.
The MGST department has released an internal circular no.6A stating instructions for revocation of cancelled GST registration under sub-section (2) of section 29.
The new rules for the National Risk Management Committee (NRMC) / Local Risk Management Committee have been published by the Customs and GST department (LRMC).
The new functionalities for GST stakeholders and taxpayers discussed in March 2022 are now available on the official GST portal. These new functionalities are regarding the advance ruling, GST registration, GST refund, and other miscellaneous topics.
The new functionality to file an appeal for advance ruling and other formalities by unregistered persons is now available on the official GST portal.
GSTR-1/IFF enhancements deployed on GST Portal

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Top GST News for the month of March 2022

The month of March saw a few GST updates from the government’s end regarding GSTR 1, IFF, GST REG-1 form and so on. Since the e-invoicing threshold extension announcement was made at the end of February, businesses have been busy upgrading their systems and learning more about e-invoicing for the entire month of March. We at IRIS GST have also conducted several webinars to help businesses that have recently come under the mandate.

In this article, we have collated the top GST news and GST updates from the month of March 2022 so that you get all the updates at one place!

Important GST Notification released in March 2022

GST Notification 02/2022 dated 11-03-2022: Appointment of Common Adjudicating authority for adjudicating the show cause notices issued by DGGI under GST.

Other Notifications

GST Notification: Rajasthan – dated 24-02-2022: Rajasthan Govt. extended the E-way Bill limit from Rs. 1 lakh to Rs. 2 lakh – April 2022 onwards.

GST Collection – March 2022

The GST collection of the month of March has touched a record high of Rs 1.42 lakh crore. The numbers suggest that the country is on a road to economic recovery after the 2nd lockdown and the third wave of Covid.

E-invoicing Updates

Read here: 6 Tasks to Complete Before you Start your E-invoicing Journey

E-way Bill

The Office of the Commissioner of the State Tax of Maharashtra has released instructions for issuance of Form GST DRC-07 for cars and other vehicles detained under the terms of the e-way bill via their Internal Circular No. 04A of 2022 on 2nd March 2022. Read here: The Government of Maharashtra has released new instructions for the issuance of FORM GST DRC-07 for vehicles detained under the provisions of the e-way bill.

GST Updates

The CBIC has released a new advisory about the new functionality for the restoration of cancelled registration under GST via REG-21.
Auto-population of e-invoice details into GSTR 1: Generation of e-invoice is mandatory for companies with an annual aggregate turnover of Rs. 20 Cr., as notified by the Government. These taxpayers are required to prepare & issue their e-invoices by reporting their invoice data in the prescribed format (e-invoice schema in FORM GST INV-01) and reporting the same on the IRP. Invoices reported successfully on the IRP are given a unique Invoice Reference Number (IRN). The documents (invoices, debit notes, credit notes) reported on the IRP are then transmitted electronically to the GST system and get auto-populated in the respective tables of GSTR-1.
GSTR 1/IFF Changes: Quarterly GSTR-1 filers have been provided with an optional Invoice Furnishing Facility (IFF) for reporting their outward supplies to registered persons (B2B supplies) in the first two months of the quarter.
Enhanced Registration application user interface (UI): The GSTN user interface (UI) feature has been added for filing the details in the GST REG-1 form on the official portal.

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Top GST News for the month of February 2022

February 2022 went by in a jiffy! The month was fairly decent for businesses as the third wave of COVID subsided without any lockdown announcement by the government. The major highlight of the month in terms of GST was that the finance ministry released the union budget 2022 and the finance bill 2022. Major GST changes were made in the finance bill along with other updates made by the GSTN. We have collated the top GST news and GST updates from the month of February here:

Important GST Notification released in February 2022

GST Notification 01/2022 dated 24-02-2022: E-invoicing has been made mandatory for companies with a turnover of Rs. 20 Cr. or more in any FY from 2017-18 onwards with effect from 1st April 1, 2022.

E-invoicing Changes

The government has made a new announcement regarding the e-invoicing mandate. The e-invoicing threshold has been reduced further from Rs. 50 Cr.to Rs. 20 Cr turnover. As per the latest GST Notification 1/2022 released on 24th February 2022, e-invoicing has been made mandatory for all the B2B transactions from 1st April 2022 for all the entities with an aggregate annual turnover of Rs. 20 Cr. or more in any financial year from 2017-18 onwards.

Read the complete update related to e-invoicing and SEZ, B2C, etc. here: E-invoicing Changes – Feb 2022

Budget 2022 Highlights

Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman announced the official budget for 2022 on 1st February. Some major decisions have been made for healthcare, infrastructure development, tech-enabled development, productivity enhancements, sunrise opportunities, and several decisions under the PM Gati Shakti scheme. Announcements have also been made regarding the digital economy, bitcoin, and climate actions. You can read them here: Budget 2022 Highlights

GST Changes as per the Finance Bill 2022

Union Budget 2022 was recently announced by the finance minister Smt. Nirmala Sitharaman wherein some crucial decisions were made in different areas of development. The finance bill 2022 was also announced the same day that listed key changes in GST that can significantly impact taxpayers and business owners across all spheres. Changes are in the areas of ITC, Provisional ITC, GSTN Cancellation, Changes in Return Filing, ECL and so on. Get a detailed explanation here: Important GST Changes: Union Budget 2022

GST Collection – February 2022

The GST collection for the month of February 2022 is Rs. 1,33,026 crore. It is 18 per cent higher than the same month last year!

GST Updates

GSTR 1/IFF Changes: Quarterly GSTR-1 filers have been provided with an optional Invoice Furnishing Facility (IFF) for reporting their outward supplies to registered persons (B2B supplies) in the first two months of the quarter.
Window to opt for Composition Scheme has been made available on the official GST portal for the year 2022-23. Eligible taxpayers can apply before 31st March 2022.
GST enables a new facility for filing LUT (Letter of Understanding) for the financial year 2022-23.
Module wise new functionalities deployed on the official portal for taxpayers

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Top GST News for the month of January 2022

The new year started with the Omicron cases reaching the peak. Not something we all expected but thanks to the vaccination drive, it isn’t all as serious as the second wave. Businesses are doing well and the economy is getting back in good shape. The government is trying to improve the overall situation and is also changing up several things in the compliance space to make it even simpler and a transparent ground. Here are all the latest GST news and updates from the month of January 2022 collated for you. Let’s dive in…

Important GST Advisories in January 2022

The GSTN has released a new advisory regarding the reporting of taxable supplies of restaurant services and other services by e-commerce operators in Table 3.1(a) and Table 3.1(c) of GSTR 3B. The E-commerce operator and the registered person would report taxable supplies notified under section 9(5) of CGST Act, 2017 and similar provisions in IGST/SGST/UTGST Act in the following manner.

Supplies reported by	Reporting in Form GSTR-3B
Supplies under 9(5) reported by ECO	Table 3.1(a) of GSTR-3B
Registered person/Restaurant supplying through ECO	Table 3.1(c) along with nil and exempted supply

You can read more details here: GST Circular 167/2021.

GST Collection – January 2022

The GST collections in the month of January 2022 hit a staggering Rs. 1,40,986 crore. It’s the highest since the rollout of the indirect tax regime said, finance minister Nirmala Sitharaman on Tuesday while presenting the Union Budget for 2022-23.

Updates in GST Compliance:

Interest Calculator in GSTR-3B: Upcoming functionality by GSTN

Implementation of Rule-59(6), as amended, on GST Portal – GST Notification 35/2021

Stricter compliance for GSTR 3B not filed: This means that from 1st January 2022 onwards, if a monthly filer is non-compliant i.e. he has his GSTR-3B not filed for the previous month, then such taxpayer will not be allowed to file the GSTR-1 for the subsequent month, till the GSTR-3B for the preceding month is filed.

New Functionality for HSN Search. HSN 2022, the new revised edition of HSN published by the World Customs Organization (WCO) has into force from 1st Jan 2022. Read here: HSN 2022

GSTN made several new module-wise functionalities for stakeholders on the official portal. The new functionalities are related to returns, registration, payment, refund, and other miscellaneous topics.

Budget 2022 Highlights

Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman announced the official budget for 2022 on 1st February. The finance minister stated that this budget seeks to lay the foundation and steer the economy in the next 25 years. India’s growth is estimated to be at 9.27 per cent.

Some major decisions have been made for healthcare, infrastructure development, tech-enabled development, productivity enhancements, sunrise opportunities, and several decisions under the PM Gati Shakti scheme. Announcements have also been made regarding the digital economy, bitcoin, and climate actions.

Let’s read them here: Budget 2022 Highlights

New Changes in E-way Bill – 2022

The E-way Bill system has seen new changes that have been implemented lately. You as a business owner need to be aware of these rules and law amendments in order to avoid penalties and confiscation of your goods. Read all the latest updates and new changes in the E-way Bill in 2022 that directly affect your business if you are a part of the supply chain: New Changes in E-way Bill 2022

Changes Applicable from 1st January 2022

From all the changes that indirect taxation has undergone this year, it seems like the GST rules are getting tighter in 2022. Read all the important GST changes being applicable from 1st January 2022 that you need to be aware of! Link: Important GST Changes Applicable from 1st January 2022.

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Top GST News for the month of December 2021

The last month of the year 2021 – December went by in a jiffy! As we all are in the holiday spirit and are all geared up to welcome the new year, the government has released quite a few new GST updates recently that we need to take into account. There’s GSTR 9 due date extension, Provisional ITC changes and lots more! Here are all the latest GST news and updates from the month of December 2021 collated for you. Let’s dive in…

Important GST Notifications released in December 2021

GST Notification 37/2021: Amends heading and description in Form DRC-03; Rule 137

GST Notification 38/2021: Seeks to bring into force certain sub-rules of Rule 2 of the Central Goods and Services Tax

GST Notification 39/2021: Seeks to bring into force certain clauses of Finance Act, 2021 with effect from 1st January 2022

GST Notification 40/2021: Seeks to make amendments (Tenth Amendment, 2021) to the CGST Rules, 2017

GST Circulars:

GST Circular 167/2021: Clarification regarding tax on supplies of restaurant services supplied via e-commerce operators

GST Collection – December 2021

The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore, of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods).

Updates on GST Compliance:

GSTR 9: The due dates to file GSTR 9 & GSTR 9C for the financial year 20-21 has been extended to February 28 2022, from December 31, 2021.

The finance ministry made an announcement that the 46th GST Council Meeting is to be held on 31st December 2021.

Aadhaar Authentication: CBIC released an advisory related to the Aadhaar authentication for filing of GST refund/Revocation of cancelled applications of registration from 1st January 2022.

New Information Portal: CBIC has developed a brand new web portal for taxpayers for getting all the latest information regarding all the notifications, circulars and so on.

GSTN has made several new module-wise functionalities for GST stakeholders on the official portal.

The government is inviting Indian taxpayers to become IRP partners of the GST network. The last date of registration is 15th Jan 2022.

HSN: HSN 2022, the new revised edition of HSN published by the World Customs Organisation (WCO) will come into force from 1st Jan 2022. Generally, WCO does this revision once every 5 years. The HSN system of WCO forms the basis for the Customs tariffs in India. The Fifth Schedule to the Finance Act, 2021 has incorporated the changes necessary to align Customs Tariff to revised HSN 2022, with effect from 01.01.2022.

Provisional ITC: As per GST notification 39/2021, taxpayers can claim ITC only if the same invoice/debit note is reflected in GSTR 2A/2B. To explain even further, if you have an invoice in your purchase register and the same is not uploaded by your vendor in their GSTR 1, you cannot claim Input Tax Credit from 1st January 2022. Read – Changes in Provisional ITC for more information.

46th GST Council Meeting Highlights

The 46th GST Council Meeting was held on 31st December 2021 in New Delhi at 11.00 am. The meeting was chaired by Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman and was accompanied by other council members of states.

The Finance Minister described it as an ‘emergency meeting’ held to discuss and defer the rates on textile after receiving several triggers from different states. The final trigger was a letter from the Finance Minister of Gujarat. Only one decision has been taken in the 46th GST Council Meeting regarding the deferment of the verdict on textile rates in the 45th GST Council Meeting.

Read the highlights of 46th GST Council Meeting here.

Changes Applicable from 1st January 2022

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Top GST News for the month of November 2021

November 2021 witnessed the celebration of one of the biggest festivals in the country – Diwali. And, Diwali is synonymous with shopping, thus a great time for businesses throughout the country. Also, along with the festivities, the COVID cases in most parts of India were in control. On the GST front, there were a few changes and GST updates that were released. Sharing all the latest GST news and GST updates from the month here…

Important GST Notifications and Circulars released in November 2021

Circulars:

GST Circular No 165/2021 dated 17-11-2021: Clarification regarding GST rates & classification (goods) based on the recommendations of the 45th GST Council

GST Circular 166/2021 dated 17-11-2021: Clarifications related to refund related issues.

Read the explanation and summaries of GST Circulars 165 and 166 here.

GST Collection – November 2021

The gross GST revenue collected in the month of November 2021 is Rs 1,31,526 crore.

Updates on GST Compliance:

GST Rate hike: The Central Board of Indirect Taxation and Customs (CBIC) recently released a new GST notification 14/2021 related to the GST rate hike on fabrics, apparel, and footwear from 5%. This change will come into effect from 1st January 2022 onwards. Read the full update here: GST Rate hike on apparel, footwear and fabrics.
GSTR 2B: The GSTIN once again updated the manual advisory for the auto-drafted ITC statement GSTR 2B form for the normal taxpayer.
Central Board of Indirect Taxation and Customs department has notified the fresh instructions on the issuance of SCNs.
Cancellation of Registration: There is an update related to form REG-16 on the government portal. Taxpayers can now withdraw their application for cancellation of registration (filed in Form REG-16) unless the tax officer has initiated action on it.
GSTR 1 Filing Improvements: The government has updated and improved the GSTR 1 filing process making it more user friendly. You can read about the upcoming expected changes in GSTR 1 filing.

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Top GST News for the month of October 2021

October 2021 was a good month for businesses citing the festive season. Sharing all the latest GST updates and GST news from the month here…

Important GST Notifications and Circulars released in October 2021

Circulars:

GST Circular No 163/19/2021: Clarification regarding GST rates & classification (goods) based on the recommendations of the 45th GST Council

GST Circular 164/2020/2021: Clarifications regarding applicable GST rates & exemptions on certain services

Read the explanation of this circular here: Summary of GST Circular 164

GST Collection – October 2021

The gross GST revenue collected in the month of October 2021 is Rs. 1,30,127 crore of which CGST is Rs. 23,861 crore, SGST is Rs. 30,421 crore, IGST is Rs. 67,361 crore including Rs. 32,998 crore collected on import of goods and Cess is Rs. 8,484 crore including Rs. 699 crore collected on import of goods.

Updates on GST Compliance:

Availability of Input Tax Credit (ITC) for FY 2020-21: As per Section 16(4) of CGST Act, 2017, no taxpayer can take ITC for records (invoices and debit notes) for the supply of goods or services (or both) for FY 2020-21 after the due date of furnishing the return for the month of September 2021. In view of the same, the following may kindly be noted:

Records (invoice or debit notes) for FY 2020-21 reported in GSTR-1 after the due date of GSTR-3B of September 2021 will not reflect as “ITC Available” in GSTR-2B of the recipients. Such records will reflect in “ITC Not Available” section of GSTR-2B and such ITC shall in turn not be auto-populated in GSTR-3B.
Records (invoice or debit notes) for FY 2020-21 reported in GSTR-1 after the due date of GSTR-3B of September 2021 will also not reflect as “ITC as per GSTR-2A” in Table-8A of GSTR-9 of the recipients.

Advisory for taxpayers on Form GSTR-2B: Form GSTR-2B indicates the availability and non-availability of input tax credit to the taxpayer against each document filed by their suppliers. As per this new advisory, GSTR 2B will be made available to the taxpayers in the ‘afternoon of 14th of every month’.

E-way Bill Updates:

Resumption of Blocking of E-Way Bill (EWB) generation facility: The government had temporarily suspended blocking of E-way Bill generation for taxpayers citing the pandemic. However, the blocking of the EWB generation facility has now resumed. The system will check the status of returns filed in Form GSTR-3B or the statements filed in Form GST CMP-08, and block the generation of EWB in cases of:

Non-filing of two or more returns in Form GSTR-3B (Monthly/Quarterly frequency as applicable) for the tax periods up to June 2021 and

Non-filing of two or more statements in Form GST CMP-08 for the quarters up to April to June 2021.

Read details here: Blocking Of E-way Bill Generation Facility Resumed

Latest GST News and GST Updates:

The ministry of finance released the PR related to the shortfall in GST compensation to states/ UTs. The Indian government has given INR 40,000 crores to UTs/ States.

The Maharashtra bench of the GST Authority for Advance Ruling (AAR) has rejected an application filed by a Mumbai-based private company as it was not the supplier of goods or services but the recipient.

As per the Uttarakhand AAR ruling Wellness Centres too are under GST

As per the Gujarat Authority for Advance Ruling (AAR) GST will not be applicable for canteen service providers for employees .

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Top GST News for the month of September 2021

With a decent number of the population being vaccinated, several states have completely lifted the lockdown and businesses are flourishing again. Here’s sharing all the latest GST news and GST updates from the month of September 2021 for you…

Important GST Notifications and Circulars released in September 2021

GST Notification 35/2021-central tax-dated 24-09-2021- 8th Amendment to the CGST Rules, 2017
GST Notification 36/3021-central tax-dated 24-09-2021 – Seeks to amend Notification No. 03/2021 dated 23.02.2021.

Circulars:

GST Circular No 158/14/2021: CBIC issues clarification on the extension of time limit to apply for revocation of cancellation of registration w.r.t Notification No. 34/2021
GST Circular 159/13/2021: Clarification on doubts related to the scope of “Intermediary”
GST Circular 160/16/2021: Clarification in respect of certain GST related issues
GST Circular 161/17/2021: Clarification relating to the export of services-condition (v) of section 2(6) of the IGST Act 2017
GST Circular 162/18/2021: Clarification in respect of refund of tax specified in section 77(1) of the CGST Act and section 19(1) of the IGST Act.

GST Collection – September 2021

The gross GST revenue collected in the month of September 2021 is Rs 1,17,010 crore of which CGST is Rs 20,578 crore, SGST is Rs 26,767 crore, IGST is Rs 60,911 crore including Rs 29,555 crore collected on import of goods and Cess is Rs 8,754 crore including Rs 623 crore collected on import of goods.

GST Updates on Compliance:

On-demand fetching of Bill of Entry details from ICEGATE Portal: To help importers of goods, and recipients of supplies from SEZ, search Bill of Entry details, which did not auto-populate in GSTR 2A, a self-service functionality has been made available on the GST Portal that can be used to search such records in GST System, and fetch the missing records from ICEGATE

45th GST Council Meeting

Union Finance Minister Nirmala Sitharaman chaired the 45th GST Council meeting held on 17th September 2021, in Lucknow, Uttar Pradesh. This was the first meeting offline meeting after the outbreak of the deadly coronavirus pandemic. Prior to this, all the council meetings have been conducted via video-conferencing from March 2020 onwards. There are a lot of changes, updates, GST rate changes for goods and services that are made in the council meeting. You can read the complete detailed update here: 45th GST Council Meeting Highlights.

E-way Bill Updates:

Advisory for Taxpayers regarding Generation of E-way Bill where the principal supply is Supply of services: The CBIC has released an advisory related to the generation of E-way Bill for taxpayers where the main supply is classified as a service.

In cases where the principal supply is purely a supply of service and involving no movement of goods, the e-way bill is not required to be generated.

However, in cases where along with the principal supply of service, movement of some goods is also involved, an e-way bill may be generated. Such situations may arise in cases of supply of services like printing services, works contract services, catering services, pandal or shamiana services, etc. In such cases, the e-way bill may be generated by entering the details of HSN code of the goods, along with SAC (Service Accounting Code) of the services involved.

E-invoicing Updates:

Invoice data on NIC will be strictly available for 2 days: NIC had communicated that the 2-day time limit would be strictly enforced for the e-invoice data. It has been already implemented but now with strict enforcement of the rule, the data cannot be fetched after 2 days nor the JSON file would be available for download from the NIC portal.

Penalty for non-generation of B2C QR Codes: Companies with a turnover of Rs. 500 cr. could now attract a penalty up to Rs. 50,000 for non-generation of dynamic QR codes for B2C transactions with effect from 1st October 2021. The penalty for non-compliance with Notification 14/2020 was unconditionally waived till 30 September by Notification 28/2021 Central Tax, in supersession of Notification 89/2020 – Central Tax which granted a conditional waiver from penalty.

Latest GST News:

CGST and Central Excise officials arrested the proprietor (SR Enterprises ) who availed illegal ITC of Rs. 6.46 crore/- The proprietor is accused of creating fake invoices to avail ITC.

The Finance Ministry has set up two panels that will look into issues like rationalisation of GST slabs and further ease compliance for taxpayers.

Maharashtra bench of AAR has ruled that 18 % GST would be applicable on managerial and leadership services by the corporate office to its group companies/construction sites registered in different states.

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Top GST News for the month of August 2021

Sharing all the important GST news and updates from August 2021 here. Let’s sum up the month on a fairly good note as the government has lifted the lockdown in most parts of India and COVID cases seem in control. Dive in for all the latest GST news updates…

Important GST Notifications and Circulars released in August 2021

GST Notification 32/2021-central tax-dated 29-08-2021- Seeks to make seventh amendment (2021) to CGST Rules, 2017.
GST Notification 33/3021-central tax-dated 29-08-2021 – Seeks to extend FORM GSTR-3B late fee Amnesty Scheme from 31.08.2021 up to 30.11.2021.
GST Notification 34/3021-central tax-dated 29-08-2021 – Seeks to extend timelines for filing of the application for revocation of cancellation of registration to 30.09.2021, where the due date for filing such application falls between 01.03.2020 to 31.08.2021, in cases where registration has been cancelled under clause (b) or clause (c) of section 29(2) of the CGST Act.

GST Collection – August 2021

The GST Collection of August 2021 is Rs. 1,12,020 crore. This a gross amount that has been collected in August of which CGST is Rs. 20,522 crore, SGST is Rs. 26,605 crore, IGST is Rs. 56,247 crore (including Rs. 26,884 crore collected on import of goods) and Cess is Rs. 8,646 crore (including Rs. 646 crore collected on import of goods).

GST Updates on Compliance:

Form GSTR 1: The Central Board of Indirect Taxation and Customs has released an advisory for filing of Form GSTR 1. Since taxpayers were not filling table 12 of the form correctly because of 3rd party offline utilities thus CBIC has advised to taxpayers for using the latest version (3.0.4) GSTR 1 offline tool, provided by GSTN.
Form GSTR 9: The annual return form is available for e-Filing (financial year 2020-21) on the GST official web portal.
HSN and GSTR 1 filing: In accordance with Notification No. 78/2020 – Central Tax, dated October 15, 2020, taxpayers need to declare Harmonised System of Nomenclature (HSN) Code of Goods and Services supplied by them on raising of tax invoices, with effect from 1st April 2021.
Implementation of Rule-59(6) on GST Portal: Rule-59(6) of CGST Rules, 2017; inserted vide Notification No. 1/2021 dated 1st January 2021, provides for restriction in the filing of GSTR-1 in certain cases.
Revocation application for cancellation of GST registration timeline: The due date of filing of an application for revocation of cancellation of registration falls between 1st March, 2020 to 31st August, 2021, the time limit for filing such application for revocation of cancellation of registration has been extended up to 30th September, 2021.
Multiple New Functionalities released on the GST Portal: New functionalities related to check and update bank account details, module wise new functionalities related to Registration, Returns, Advance Ruling, Payment, Refund to name a few.

E-way Bill Updates:

The latest GST advisory released on 4th August 2021 states that the blocking of the E-way Bill (EWB) generation facility will resume after 15th August 2021 as per Rule 138 E (a) and (b) of the CGST Rules, 2017. Get the full information here: Blocking Of E-way Bill Generation Facility Resumed.

Latest GST News and GST Updates:

A new functionality has been enabled on the official GST Portal to modify Annual Aggregate Turnover where taxpayers have calculated it wrongly.

The Maharashtra Authority of Advance Ruling (AAR) stated that GST will be applicable on the Repair and Maintenance Fund and Sinking Fund. To clarify it further, if the total value of charges exceeds the limit of Rs. 7500/- per member per month, then the total value of the amount would be held as taxable to levy GST thereon and GST would be applicable @18%.

The Tamil Nadu Appellate Authority of Advance Ruling (AAAR) stated that 28% GST payable on Motor Car Air Springs (shock absorber).

Ready-to-cook dosa, idli, porridge mix, etc. sold in powdered form are taxable at 18% – AAR Tamil Nadu.

Gift and cashback vouchers will now attract 18% GST – AAR Karnataka.

GSTN conducted several webinars on ‘Complying with Audit by Taxpayers’.

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Top GST News for the month of July 2021

In an attempt to reduce the rising COVID cases, the entire month of July 2021 in India went by in partial/ complete lockdown in different states. Staying abreast with what’s new is important, especially during current times when businesses are affected so much. There have been a few GST news updates this month that we have compiled here for your reference.

Important GST Notifications and Circulars released in July 2021

GST Notification 29/2021-Central Tax, dated. 30-07-2021 – GSTR 9C can now be furnished through self-certification instead of audit report from CA or Cost Accountants w.e.f 1st August 2021

GST Notification 30/2021-Central Tax, dated. 30-07-2021 – CBIC exempts taxpayers having turnover up to Rs. 5 Crores from furnishing GSTR 9C for FY 2020-21 and onwards

GST Notification 31/2021-Central Tax, dated. 30-07-2021 – CBIC exempts taxpayers having AATO up to Rs. 2 crores from the requirement of furnishing the annual return for FY 2020-21

Circular:

GST Circular 157/13/2021 – Clarification issued w.r.t extension of limitation under GST Law in terms of Supreme Court’s Order dated 27.04.2021

GST Collection – July 2021

The gross GST revenue collected in the month of July 2021 is Rs. 1,16,393 crore of which CGST is Rs. 22,197 crore, SGST is Rs. 28,541 crore, IGST is Rs. 57,864 crore including Rs. 27,900 crore collected on import of goods and Cess is Rs. 7,790 crore including Rs. 815 crore collected on import of goods.

GST Updates on Compliance:

Form GSTR 9: CBIC has enabled a new functionality to discharge GST Liability on GSTR-9C reconciliation statement.

QR Code for B2C invoices: The Central Board of Indirect Taxes and Customs updated via Twitter that a fine (under section 125 of CGST Law) will NOT be levied for non-generation of Dynamic QR (Quick Response) Code on ‘Bussiness to Customer’ Invoice amidst 1st Dec 2020, to 30th September 2021.

Important changes related to QRMP Scheme: Recently, the government made a few changes related to QRMP Scheme for the taxpayers.

Auto population of GSTR-3B liability from IFF and Form GSTR 1
Nil filing of GSTR-1 (Quarterly) through SMS
Impact of cancellation of registration on liability to file GSTR-1

Read these changes in detail here: Important changes related to QRMP Scheme

Negative Liability in GSTR-4: The Central Board of Indirect Taxes and Customs gave clarity and offered a solution for the filing of annual returns by composition taxpayers regarding dealing with negative liability in GSTR 4. Read details in this article: All about GST Form GSTR-4.

Multiple New Functionalities released on the GST Portal: New functionalities related to Annual Aggregate Turnover (AATO), Functionality to check and update bank account details, module wise new functionalities related to Registration, Returns, Advance Ruling, Payment, Refund to name a few.

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Top GST News for the month of June 2021

There are all the important GST news and updates from the month of June 2021 compiled it neatly for you at one single place. Dive in…

Important GST Notifications released in June 2021

GST Notification 16/2021-Central Tax, dated. 01-06-2021: Effective from 1st June 2021 interest on delayed payments will be chargeable on net tax liability i.e. on the amount of the tax paid in cash.

GST Notification 17/2021-Central Tax, date 01-06-2021:The due date of filing GSTR 1 is extended for the month of May 21 to 26th June 2021
GST Notification 18/2021 – Central Tax dated 1-06-2021: Interest waived and lowered for the delay in filing GSTR-3B for a specified time for tax period March 21 to May 21
GST Notification 19/2021 – Central Tax dated 1-06-2021: For tax period Jul 17 to Apr 21 conditional waiver of late fees announced, for tax period Mar 21 to May 21 waiver for the specified period announced and late fees rationalization announced on prospective GSTR 3B fining
GST Notification 20/2021 – Central Tax dated 1-06-2021:For delays in filing GSTR 1 of upcoming tax periods, late fees on small taxpayers are being rationalized basis the tax liability/ turnover of the taxpayers
GST Notification 21/2021 – Central Tax dated 1-06-2021: Maximum late fees applicable for delay in filing GSTR 4 from FY 2020-21 is rationalized
GST Notification 22/2021 – Central Tax dated 1-06-2021: Late fees applicable for delay in filing GSTR 7 from the month of June-21 is rationalized
GST Notification 23/2021 – Central Tax dated 1-06-2021:Government departments and local authorities are exempted from generating e-invoices
GST Notification 24/2021 – Central Tax dated 1-06-2021: Relaxations under section 168A of the CGST Act: Time limit for completion of various actions, by any authority or by any person, under the GST Act, which falls during the period from 15th April, 2021 to 29th June, 2021, to be extended up to 30th June, 2021, subject to some exceptions.
GST Notification 25/2021 – Central Tax dated 1-06-2021: Due date for filing GSTR-4 for FY 2020-21 is further extended to 31.07.2021
GST Notification 26/2021 – Central Tax dated 1-06-2021:Due date for filing ITC 04 for the quarter ended Mar 21 is further extended to 31.07.2021
GST Notification 27/2021 – Central Tax dated 1-06-2021: Rule 36(4) of claiming provisional ITC is now applicable cumulatively to April, May, and June 21. The date of reporting outward supplies using IFF also extended to 28th June 21
GST Notification 28/2021 – Central Tax dated 30-06-2021: Penalty payable for noncompliance QR Code on B2C transactions waived further till 30th September 2021, subject to compliance from 1st October 2021

Important GST Circulars released in June 2021

GST Circular No 149/2021 dated 17-06-2021: Catering services provided to educational institutions including Aganwadis shall be exempted from GST irrespective of the fact that such services are sponsored by Govt grants or corporate donations
GST Circular No 150/2021dated 17-06-2021: GST is not exempt on the activity of construction of road where considerations are received in deferred payment (annuity).
GST Circular No 151/2021 dated 17-06-2021: GST on supply of various services by Central and State Board (such as National Board of Examination) clarified
GST Circular No 152/2021 dated 17-06-2021: GST @ 18% is applicable on construction services provided to a Government Entity, in relation to construction such as of a Ropeway on a turnkey basis
GST Circular No 153/2021 dated 17-06-2021: Clarification issued w.r.t GST on milling of wheat into flour or paddy into rice for distribution by State Governments under PDS
GST Circular No 154/2021 dated 17-06-2021:GST is exempt on service supplied by Central or State Govt. to their undertakings or PSUs by way of guaranteeing loans taken by them
GST Circular No 155/2021 dated 17-06-2021: Laterals/parts to be used solely or principally with sprinklers or drip irrigation system, which are classifiable under heading 8424, would attract a GST of 12%, even if supplied separately. However, any part of general use, which gets classified in a heading other than 8424, shall attract GST @ 6%
GST Circular 156/12/2021 dated 17-06-2021: Clarifications issued with respect to QR Code generation on B2C Invoices and compliance of notification 14/2020

GST Collection- June 2021

The gross GST revenue collected in the month of June 2021 further dropped to Rs. 92,849 crore. of this gross amount, CGST is Rs. 16,424 crore, SGST is Rs. 20,397, IGST is Rs. 49,079 crore (including Rs. 25,762 crore collected on import of goods) and Cess is Rs. 6,949 crore (including Rs. 809 crore collected on import of goods).

In June, the GST collection was taken into consideration from domestic transactions between 5 th June to 5 th July 2021 since taxpayers were given various relief measures.

Extension in dates of various GST Compliances

GST Due dates have been extended recently through the 43^rdGST Council meeting as COVID Relief measures. The Relief has also been provided for GST Compliance as relaxation of penal interest and late fees. These announcements were followed by a bulk of GST due date extension notification 2021 to provide legal validity.

Extension of due dates notified via GST notification 16/2021, 17/2021, 25/2021, 26/2021 and 27/2021 . In addition to 1st June 2021 notifications, there were several notifications announced on 1st May 2021 as well which are mentioned above.

To check all the GST news updates regarding extended due dates and understand them in detail, please read: Updates in GST Return Due Dates.

New Covid 19- Relief Measures

The country is once again under lockdown citing the rising COVID-19 cases. Considering the prolonged pandemic, the government is taking measures in all areas for the well-being of the citizens. The finance ministry has been updating the new norms in multiple areas including GST. The Finance Ministry made new announcements and notifications in the month of May, followed by an update to the same in 43^rd GST Council meeting and issue of new notifications on 1st June 2020. These measures are in the form of late fee waiver, interest waiver on GST Due dates and so on.

To read all the new Covid-19 – Relief measures in detail, read here: Covid-19 Relief Measures

44th GST Council Meeting

The 44th GST Council Meeting was held on June 12th, 2021 via video conference by our finance minister Nirmala Sitharaman in New Delhi. The meeting was also attended by the union minister of state (MoS) for finance Anurag Thakur and other finance ministers of states and Union territories (UTs). This meeting was held shortly after the 43rd GST council meeting to finalize the points proposed in it regarding GST rates reduction on medical and Covid-19 related equipments. Read highlights of the meeting here: 44th GST Council Meeting – Highlights

GST Updates on Compliance:

Waiver of interest and late fee for normal taxpayers (filing returns on a monthly or quarterly basis) and composition taxpayers (Part1 and Part 2). We have mentioned all of these waiver details in our Updates in GST Return Due Dates article and the Covid Relief article.
Relief to taxpayers, regarding late fees, for the delay in filing Form GSTR-3B returns. Details are mentioned in the Updates in GST Return Due dates article.
Table-12 of GSTR-1 (Advisory on PDF): Table-12 of GSTR-1 pertains to the data related to the HSN-code wise supplies of goods & services declared in the aforesaid GSTR-1. It has been reported that in the GSTR-1 for the tax period of May 2021, the ‘Total Invoice value’ field in the preview PDF is displaying a value as ‘0’ (zero) instead of N.A, in the cases where the taxpayer has not reported any value in the concerned Table-12 of GSTR-1. Taxpayers have been informed to kindly proceed with their filing of GSTR-1 & ignore this error for the time being, till it is being fixed.
New functionalities deployed for GST Stakeholders on the official GST Portal

E-invoicing Updates

A new set of clarifications regarding the applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020–Central Tax dated 21st March, 2020 –Reg. have been released. These new clarifications and updates were communicated via GST Circular 156/12/2021 dated 17-06-2021.

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Top GST News for the month of May 2021

The entire month of May 2021 went in lockdown for most states in India. The vaccination scenario is rather slow and the pressure of the rising cases is supremely high. Thus, the overall impact of the present situation on the economy of the country is a known phenomenon. In this article, we have compiled all the latest information and GST news, GST updates from May for your reference. Read here…

Important GST Notifications and circulars released in May 2021

GST Notification 08/2021-Central Tax, dated. 01-05-2021 – For GSTR 3B of Mar and Apr, interest is waived off for 15 days where taxpayers are having turnover up to 5 Cr. and is reduced to 9% for next 15 days, but where turnover exceeds 5 Cr. interest @ 9% is applicable for 15 days
GST Notification 09/2021-Central Tax, dated. 01-05-2021 – Late fees are waived for March and April GSTR 3B for 15 days where turnover is up to 5 Cr. and 30 days where turnover exceeds 5 Cr.
GST Notification 10/2021-Central Tax, dated. 01-05-2021 – Due date of GSTR 4 is extended to 31st May 21 for FY 20-21 from 30th Apr 21
GST Notification 11/2021-Central Tax, dated. 01-05-2021 – Furnish ITC-04 of Mar 2021 quarter by 31st May, 2021 instead of 25th April 2021
GST Notification 12/2021-Central Tax, dated. 01-05-2021 – Due date of filing GSTR 1 for the month of April 2021 is extended to 26th May 2021
GST Notification 13/2021-Central Tax, dated. 01-05-2021 – Details of IFF for Apr 21 can be furnished from 1st May to 28th May 21
GST Notification 14/2021-Central Tax, dated. 01-05-2021 – Timeline for all other proceedings, asset order, notices, etc. whose last date of completion falls between 15th April to 30th May is extended to 31st May
GST Notification 15/2021-Central Tax, dated. 18-05-2021 – The fourth amendment rules 2021 introduced to amend refund rules notified by CGST 2017 rules and has also introduced new Form RFD-01W and RFD 07 Part A & B

Circular

GST Circular No 148/2021 – Prescribes Standard Operating Procedure (SOP) for implementation of the provision of extension of time limit to apply for revocation of cancellation of registration under section 30 of the CGST Act, 2017 and rule 23 of the CGST Rules, 2017.

43rd GST Council Meeting

The much-awaited ‘43rd GST Council Meeting’ was held on the 28th of May 2021 from 11.00 am onwards. Finance Minister Nirmala Sitharaman chaired the GST Council Meeting from New Delhi via video conferencing. The meeting was attended by MOS Anurag Thakur along with Finance Ministers of States and UTs and Sr. Officers from Union Government and States. There were several GST updates and announcements related to GST Compensation Cess, waiver of taxes, and GST concessions on critical medical and health care equipments, vaccines, etc.

Read the Key Highlights of the 43rd GST Council Meeting

GST Collection – May 2021

The gross GST revenue collected in the month of May 2021 saw a slight drop. It amounted to Rs. 1,02,709 crore of which CGST is Rs. 17,592 crore, SGST is Rs. 22,653, IGST is Rs. 53,199 crore (including Rs. 26,002 crore collected on import of goods) and Cess is Rs. 9,265 crore (including Rs. 868 crore collected on import of goods).

43rd GST Council Meeting Updates:

The much-awaited ‘43rd GST Council Meeting’ is taking place on the 28th of May 2021 from 11.00 am onwards. Finance Minister Nirmala Sitharaman will chair the GST Council Meeting from New Delhi via video conferencing. The meeting will be attended by MOS Anurag Thakur along with Finance Ministers of States and UTs and Sr. Officers from Union Government and States. This is the very first GST Council meeting of 2021; after the deadly second wave of COVID-19 hit the country. Read here the expectations and assumptions from 43rd GST Council Meeting.

GST Updates on Compliance:

Module wise new functionalities deployed on the GST Portal for taxpayers – Visit the GST Portal for more details.
Extension of the due date of filing Revocation application of Cancellation: In view of Notification No. 14/2021 dated. 01.05.2021, the timeline for filing the ‘Application for Revocation of Cancellation’ has been extended for those applicants, for whom the due date to file the same falls between 15 April to 30th May, 2021. Now, they can file the said application till 31st May, 2021
Generation of GSTR 2B for April 2021: Rule-60(7) of CGST Rules-2017 prescribes for generation of the auto-drafted statement containing the details of input tax credit in GSTR-2B for counter-party recipients. As per Rule-60(8) of CGST Rules-2017, GSTR-2B shall be made available to the recipients after the Due date of filing GSTR-1/IFF by the suppliers. Notification No. 12/2021-CT and 13/2021-CT, both dated 1st May 2021 extend the Due date of GSTR-1 and IFF for April 2021, to 26th and 28th May 2021, respectively. Consequently, GSTR-2B for April 2021 will be generated after the Due dates, on 29th May 2021.
Taxpayers willing to file GSTR-3B for April 2021 before GSTR-2B generation may do so on a self-assessment basis. Notification No. 13/2021-CT dated 01.05.2021 prescribes a cumulative limit under Rule-36(4) for ITC claimed in periods April & May 2021

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Top GST News for the month of April 2021

The month of April witnessed yet another lockdown throughout the country. Some states imposed a partial lockdown while a few others held a complete lockdown considering the rising COVID-19 cases. In this article, we have compiled all the latest information and GST updates from April for your reference. So, let us dive straight into all the important GST news right here…

Important GST Notifications and circulars released in April 2021

GST Notification 07/2021-Central Tax, dated 27-04-2021 – Companies can file GSTR 1/ IFF & 3B using EVC instead of DSC from 27th Apr to 31st May 2021

GST Collection – April 2021

The gross GST revenue collected in the month of April’ 2021 is at a record high of Rs. 1,41,384 crore of which CGST is Rs. 27,837 crore, SGST is Rs. 35,621, IGST is Rs 68,481 crore (including Rs. 29,599 crore collected on import of goods) and Cess is Rs. 9,445 crore (including Rs. 981 crore collected on import of goods). The GST collections for the month of April 2021 are the highest since the introduction of GST.

Updates on GST Compliance:

QRMP Scheme:

The central board of indirect taxes and customs released an update regarding GSTR-1 (Q) filing for Jan-Mar 2021 under the new QRMP Scheme.

The CBIC department has provided guidance for the QRMP scheme regarding monthly payments and quarterly GST Return filing for the taxpayers. It states all taxpayers having aggregate turnover up to Rs 5 crores, under QRMP Scheme (w.e.f. 01.01.2021 onwards) who have opted for quarterly filing, are required to furnish return on a quarterly basis, along with payment of tax on a monthly basis. Taxpayers availing QRMP Scheme are required to pay the tax due, in each of the three months of the quarter, by depositing the due amount. Check details on the GST Portal.

There is another update for the QRMP Scheme. It is related to formsGSTR-1, GSTR-3B, and matching offline tool.

Auto-generation in GSTR 2B and auto-population of ITC in GSTR 3B form enabled for the QRMP Scheme taxpayers.

For Quarterly taxpayers, the tile for Jan and Feb is being removed. The taxpayers are required to file GSTR3B for the quarter Jan-Mar, 21 using tile for Mar, 21.

New GST Functionalities:

GSTIN has made several module-wise new functionalities for GST stakeholders on the official GST portal from January 2020 to March 2021.

Now, taxpayers can view GST Returns of the last 5 return periods with a new feature of the ‘Return Calendar’ on their GST dashboard.

GSTN has issued an advisory on the auto-population of e-invoice details into GSTR 1.

Clarification on reporting 4-digit/6-digit HSNs:

It may be noted that specific 6-digit HSNs, as available in the HSN/Customs Tariff (with the corresponding description of goods) are allowed in the system. It also follows that the declaration of HSN at 4/6 Digits has to be out of valid HSN codes only. However, there are instances that some taxpayers are trying to report truncated first 6-digits out of an otherwise valid 8-digit HSN; which are actually not available in Tariff at 6-digit level and with no corresponding description of goods; these are invalid and hence not being allowed in the System. Read more: All about HSN Code

GST Due-dates

The due dates for filing Form GSTR-3B from the Tax Period of January 2021 have been revised by the CBIC. Check our compliance calendar for the change in the dates for the said tax period: GST Compliance Calendar. Follow our monthly compliance calendar for the latest GST news and updates.

Auto-population of e-invoice details into GSTR-1:

The CBIC informed that for the month of March 2021, the auto-population of e-invoices into GSTR-1 (of March 2021) is still in progress and is likely to take some more time. Hence, the notified taxpayers who are reporting e-invoices, are hereby advised not to wait for the complete auto-population, and instead proceed with preparation and filing of GSTR-1 for March 2021 (by the due date), based on actual data as per their records.

Read: Auto-population of e-invoice details into GSTR-1

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Top GST News for the month of March 2021

The government has released a few notifications, circulars, and GST rule changes in March 2021. Here we have compiled all the data and latest GST news and changes so that you get all the important information at one place!

Important GST Notifications and circulars released in March 2021

GST Notification 05/2021 dated 08-03-2021 – E-Invoicing is mandatory from 1st April 2021 for entities whose aggregate turnover exceeds Rs. 50 crore

GST Notification 06/2021 dated 30-03-2021 – The penalty payable for non-compliance of QR Code on B2C transactions waived further till 30th June 2021, subject to compliance from 1st July 2021.

GST Circular No 147/2021 dated 12-03-2021 – CBIC issued clarifications on refund related issues

GST Collection – March 2021

The total GST Collection for March 2021 amounted to Rs 1.24 lakh crore. These collections are at an all-time high. For March 2021, it is 27% higher than the same month last year.

Updates on GST Compliance:

New changes in Table-12 format of form GSTR-1 return are expected soon.

The reset function has been added in GSTR 1 and Invoice Furnishing Facility (IFF) on the GST Portal.

Composition Scheme: New guidelines have been released by the CBIC for taxpayers who want to switch registration type regarding opting for GST Composition Scheme.

HSN Code in GSTR 1: The government has notified that from 1st April onwards, it will become mandatory to report a minimum of 4 digits or 6 digits of the HSN Code in Table-12 of GSTR-1 and in Tax Invoice. Also currently the taxpayers need to provide HSN-wise the invoice value, taxable value, and tax amounts in Table-12 of GSTR-1. From 1st April 2021, the taxpayers need to provide HSN plus rate-wise taxable value and tax amounts in Table-12 of GSTR-1. All the tax invoices should consist of proper HSN Digits, a detailed explanation of the products, and correct tax rates for better transparency and to escape future litigations. Under section 125 of GST, there is a fine for any mistakes related to GSTR-1. The no. of HSN Code to be reported will be on the basis of Aggregate Turnover on PAN in the preceding fiscal year. For companies with a turnover of Rs. 5 crores and above 6 digits HSN is mandatory while those below 5 cr need to have 4 digit HSN code.

GSTR 9 filing last date on 31st March for FY 2019-20.

GST News and GST Updates:

The GST Portal has deployed new functionalities for taxpayers module-wise for ease of operations.

The new feature to choose core company activity on the official portal has been approved.

The MSME has issued a notification that GSTIN is not mandatory for MSME Udyam Registration.

Compensation to States: GST compensation 19th installment shortfall released INR 1.10 lakh crore to the States & UTs with Legislative Assembly. Read Compensation Cess.

The government has exposed GST frauds of Rs. 20,124 Cr within 3 months period from 9th Nov 2020 to 31st Jan 2021 stated the Finance Ministry.

General queries are updated on the act of enrollment under GST for core & non-core fields.

Classification: After login into the portal, taxpayers are required to select their business activity only once, as – Manufacturer, wholesaler/Distributor/Retailer, service providers & others based on the highest turnover amongst them. This can be changed later.

CBDT informed that the taxpayers are free to use available ITC in their credit ledger, as permissible in law, to discharge their GST dues for the month of March 2021.

The Karnataka Government released the Karasamadhana Scheme, 2021 for completing the pre-GST legacy audit and clear tax arrears. Here are the details of the scheme: 100% waiver of arrears of penalty and interest payable by a dealer under the Karnataka Sales Tax Act, 1957 and Central Sales Tax Act. The assessments / re-assessments/ rectification orders already need to be completed on or before July 31, 2021.

HSN Code

As per GST Notification 90/2020, taxpayers need to include the 8 digit HSN Code for specified products in their Tax Invoice from April 01, 2021.

Earlier, the 8 digit HSN code was mandatory to be included in GST Invoice only for taxpayers with turnover above RS. 5 crore. However, as per the above-mentioned notification, the 8 digit HSN code is mandatory for all tax invoices (specified products) irrespective of the turnover. Notification 90/2020 amends Notification 12/2017 and correspondingly Notification 78/2020. This is one of the most important GST rule changes.

E-invoicing Updates

As per GST Notification 05/2021, e-invoicing is mandatory from 1st April 2021 for entities whose aggregate turnover exceeds Rs. 50 crore in any of the preceding financial years from 2017-18.

As per the latest GST Notification 06/2021 released on 30-03-2021, the penalty payable for non-compliance of QR Code on B2C transactions waived further till 30th June 2021, subject to compliance from 1st July 2021.

Read: GST Rule Changes Applicable From April 2021

Approx. Rs. 40 crore were generated in e-invoicing since its commencement in India. E-invoicing has been a revolutionary step for the Indian market scenario. The e-invoicing mandate went live on October 1, 2020, and now after six months, around 88,000+ suppliers have generated more than 39.81 crores in e-invoice.

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Top GST News for the month of February 2021

There have been a few new changes, additions, and GST updates in the month of February 2021. Here we have compiled them together for your quick reference. Read on…

Important GST Notifications and circulars released in February 2021

GST Notification 04/2021-Central Tax, dated. 28-02-2021: CBIC extends the due date of GSTR 9 & 9C for FY 2019-20 to 31st March 2021
GST Notification 03/2021-Central Tax, dated. 28-02-2021: CBIC notifies a list of persons who are exempted from Aadhaar Authentication

GST Circular no: 145/2021 dated 11-02-2021 – SOP issued for implementation of suspension of GST Registration where significant deviation/anomalies are noticed between GSTR 3B and 1 or GSTR 3B and GSTR 2B

GST Circular no.146 dated on 23/02/2021 for Dynamic Quick Response (QR) Code on B2C invoices

GST Collection – February 2021

The total GST Collection for February 2021 amounted to Rs 1.13 lakh crore. Of this aggregate amount, Rs 21,092 crore was Central GST (CGST), Rs 27,273 crore as State GST (SGST) and Rs 55,253 crore as Integrated GST (IGST). The amount collected through cess stood at Rs 9,525 crore, including Rs 660 crore collected on import of goods.

GST Proposals in Union Budget 2021

Our FM Nirmala Sitharaman presented the Union Budget 2021 which focused on 6 pillars – Health & Well-being, Inclusive Development, Human Capital, Innovation, and R&D. At one end, the budget focused on raising funds by allowing FDI investments in the Insurance sector, divestments of 2 PSU banks, and 1 general insurance company. The other end committed missions like Jal Jeevan Mission, Urban Swachh Bharat Mission 2.0 and roll out of Infrastructure projects in Tamil Nadu, Kerala, West Bengal, and Assam, National Rail Plan upto 2030, and much more. There are twelve proposals in this union budget 2021 impacting the indirect tax arena which are decoded here: GST Proposals in Union Budget 2021

GST News and GST Updates:

Advisory on Annual Return (GSTR-9): The taxpayers are advised to ensure that values are reported upto two decimal places in the GSTR-9 offline utility. The error “Error! Invalid Summary payload” after uploading the JSON created from the Offline Utility of GSTR-9 is reported due to reporting values upto three decimal places instead of two decimals

Advisory on Reconciliation Statement (GSTR-9C): The reconciliation statement to be filed in Form GSTR-9C requires the tax ratewise declaration of transactions for the concerned financial year. In the said form, tax amount pertaining to tax rates 1%, 1.5%, and 7.5% in section III (table 9 and 11) and section V may be made in the row/ under label ‘Others’ of the said tables, wherever applicable.

GSTR 9C: Form GSTR 9C has been proposed to be abolished by the government to further clarify the overall GST scheme and making taxpayers relieved from much more filing procedures.

Payment of Tax by Fixed Sum Method under QRMP Scheme: Using Invoice Furnishing Facility, QRMP taxpayers can upload selective or all B2B invoices on the GST portal for the first two months of the quarter and their counterparties can claim their Input tax credit( ITC ) without any delay. To ease the compliance burden, the system has assigned quarterly frequency to small taxpayers automatically. Payment can be made in the first two months by a simple challan in FORM GST PMT-06.The last due date for filing IFF by filing Invoice B2B on 13th Feb 2021 for January 2021. Read more about the Invoice Furnishing Facility (IFF) under GST.

Form PMT-06: Form PMT-06 is a GST challan or a form for the deposit of goods and services tax. This Challan has gained significance after the introduction of the QRMP Scheme. It can be generated for any payment made via net banking or OTC (over the counter). Read all about Form PMT-06.

Compensation to the States: On 15th February, the Finance Ministry delivered the 16th instalment of Rs. 5 thousand crores to the states. The central government is trying to complete the GST shortfall compensation amount.

Updates in the E-invoice System

Auto-population of e-invoice details into GSTR-1: Auto-population of details from e-invoices into GSTR-1 is only a facility for the taxpayers and not final numbers from a legal point of view. After viewing the auto-populated data, the taxpayers need to verify the propriety and accuracy of the amounts and other data in each field, especially from the perspective of GSTR-1 and file the same, in the light of relevant legal provisions. Read all about Auto-population of e-invoice details into GSTR-1.
Also read: preparations to be done for GSTR1 – Post e-invoicing

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Top GST News for the month of January 2021

After the successful implementation of the e-invoicing mandate from 1^st January 2021 onwards, there have been some changes in the GST compliance arena too. We have compiled all the top GST news updates of January 2021 here for your reference.

Important GST Notifications released in January 2021

GST Notification 01/2021-Central Tax, dated. 01-01-2021: GSTR 1 or Invoice furnishing facility will be blocked if GSTR 3B is not filed on time

GST Notification 02/2021-Central Tax, dated. 12-01-2021: CBIC notifies amendment Jurisdiction of Commissioners of Central Tax of Delhi and Mumbai

GST Advisory issued in January 2021:

GSTR 2B will be available for download:

GSTR 2B for December 2020 will be available to all taxpayers for download post 13th January 2021 as the last cut off of quarterly filers is 13th January 2021.

Trade Circular 01/2021:

Maharashtra GST Department to issue separate circulars on applicability and implementation of CBIC Circulars to MGST Act. Hence, taxpayers in Maharashtra state have to adopt circulars issued by MGSTD since CBIC circulars are no more deemed to be auto-adopted by MGST Act.

GST Collection – January 2021

The GST collections for the month of January 2021 are the highest since the introduction of GST and have almost touched the Rs. 1.2 lakh crore mark. This is a good recovery post lockdown.

GST News and GST Updates on GST Compliance:

The due date of GSTR-9 & GSTR-9C: The due date of GSTR-9 & GSTR-9C for Financial Year 2019-20 has been extended up to 28th February 2021.

Aadhaar Authentication / e-KYC for Existing Taxpayers on GST Portal: Functionality for Aadhaar Authentication and e-KYC where Aadhaar is not available has been deployed on GST Common Portal from 6th January 2021 onwards for existing taxpayers. All taxpayers registered as Regular Taxpayers (including Casual Taxable persons, SEZ Units/Developers), ISD, and Composition taxpayers can do their Aadhaar Authentication or e-KYC on the GST Portal. This is not applicable for Government Departments, Public Sector Undertakings, Local Authorities, and Statutory Bodies.

Auto-population of e-invoice details into GSTR-1: The first advisory about auto-population of e-invoice into GSTR 1 was issued on 13^th November followed by a second advisory issued on 30^th November suggesting the Government’s plan towards the same. The auto-population for the month of October and November 2020 was expected to go LIVE from Nov 2020, however the same got delayed due to some technical issues. The first auto-population happened for December 2020 on 3^rd December 2020 followed by October and November auto-population. Read more Auto-population of e-invoice details into GSTR-1

Due dates for filing of Form GSTR-3B for the Tax Period of December 2020: Government of India, Ministry of Finance (Department of Revenue), CBIC, vide Notification No. 82/2020 – Central Tax, dated 10th Nov. 2020, has inserted sub-rule 6 in Rule 61 of the Central Goods and Services Tax Rules, 2017, to provide for staggered filing of Form GSTR-3B, for the tax period of December 2020

GST News and GST Updates in E-way Bill system:

The Union Ministry of Road Transport and Highways had issued a notification making a FASTag mandatory for all four-wheel vehicles from January 1, 2021. FASTag has been made mandatory for four-wheelers or M&N category of vehicles that were sold before 1 December 2017. For this, the Central Motor Vehicles Rules, 1989 were amended. Later, the deadline got extended to January 15, 2021.

GST News and GST Updates:

Fake GST invoice cases on the rise. Over 2,500 cases booked since mid-November

GST scam: Haryana police recover ₹112 crores; 89 arrested

Fake GST invoice cases: 215 persons arrested, ₹700 cr recovered in 2 months – Haryana

8 Chartered Accountants among 258 arrested in GST fake invoice frauds – Jaipur

GST officers arrested one person for operating 46 fake firms and passing on fake input tax credit (ITC) worth Rs 82.23 crore – updated by the finance ministry

Govt releases ₹6,000 cr to states, UTs to meet GST compensation shortfall: Out of this, Rs 5,516.60 crore has been released to 23 states, and Rs 483.40 crore has been released to the three Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry).

Apart from these updates, the e-invoicing system has seen several technical glitches since its introduction, the last one happened on 23rd Jan 2021. These glitches are not favorable for businesses as the economy comes to a standstill without IRN generation.

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Latest GST News for the month of December 2020:

GST laws are constantly being upgraded lately with new notifications and circulars. The areas of E-way Bill and E-invoicing have also seen major changes. Also, along with these, there are several other changes that have been implemented. So, we have compiled all the latest GST News and GST Updates from the month of December 2020 to give you a complete overview of the month at one place!

Important GST Notifications released in December 2020

GST Notification 95/2020-Central Tax, date. 30-12-2020: Due date of GSTR 9, 9A & 9C for FY 2019- 20 is extended to 28th Feb 2021. However, due date for FY 2018-19 remains to be 31st Dec 2020

GST Notification 94/2020-Central Tax, date. 22-12-2020: Bunch of new provisions and updates introduced in provisions of GST Registration, GST Cancellation, Provisional ITC Claim, GSTR 1 blocking, EWB Validity by CGST (Fourteenth Amendment) Rules 2020

GST Notification 93/2020-Central Tax, date. 22-12-2020: Late fees waived for the delay in filing GSTR 4 in Ladakh for FY 19-20 from Nov to Dec 20

GST Notification 92/2020-Central Tax, date. 22-12-2020: From 1st January 2021 provisions of Section 119, 120, 121, 122, 123, 124, 126, 127, and 131 of the Finance Act 2020 shall be effective thereby amending the provisions of the CGST Act.

GST Notification 91/2020-Central Tax, date. 14-12-2020: Due date for compliances and actions by any authority in respect of anti-profiteering measures u/s 171 due from 20.03.2020 to 30.03.2021 is extended to 31.03.2021. The earlier notification said time limit for completion of actions due from 20th March to 29th November to be done by 30th November 2020 -65/2020

GST Notification 90/2020-Central Tax, date. 01-12-2020: Taxpayer has to include 8 digit HSN Code for specified products in Tax Invoice. Earlier, for taxpayers having turnover above Rs. 5 Cr, 8 digit HSN code was mandatory to be included in GST Invoice. But with Notification 90/2020, 8 digit HSN has to be included for specified products irrespective of the turnover.

GST Circulars:

Circular 144/2020 – CBIC waived recording of UIN on invoices pertaining to refund claim from Apr 20 to Mar 21, subject to the condition that copies of such invoices are attested by the authorized representative of such UIN entity and submitted to the jurisdictional officer. This waiver was available till Mar 20, however, with circular 144/14/2020 it is further extended to Mar 21. Recording of UIN on invoices does not impact the liability of supplier but would have enabled recipient i.e. Foreign Diplomatic Missions/Consulates/UN Organizations to claim a refund of the taxes paid by them. Read more about UIN under GST here.

Advisory

Advisory issued by GSTN on auto-population of details in Form GSTR 3B from Form GSTR 1 & GSR 2B. Read more about it here: Auto-population of GSTR 3B from GSTR 1 and GSTR 2B

GST Collection – December 2020

The gross GST revenue collected in the month of December 2020 rose to Rs. 1,15,174 crores. This is an all-time monthly high since the implementation of the new tax regime, according to the Finance Ministry. It certainly shows that the country is recovering slowly and gradually from the crisis situation.

Updates on GST Compliance:

The major change that is being implemented from 1st January 2021 is the implementation of the all-new Quarterly Return Monthly Payment (QRMP) scheme. Taxpayers with Aggregate Annual TurnOver(AATO)AATO of up to Rs. 5 crores in the financial year will be required to file quarterly GSTR-3B. Invoice Furnishing Facility (IFF) will be introduced to offer a choice of uploading the sales invoices on a monthly basis. It will also apply more regularly for those filing quarterly GSTR-1.

E-way Bill Updates:

From 1st December 2020 onwards, the EWB generation facility is being blocked for all taxpayers, irrespective of their AATO, for default in GSTR 3B filing or CMP 08, for two or more consecutive tax periods. However, the taxpayers have the option to have it unblocked by filing an application to the tax officer in such cases. Earlier this application could only be filed offline, however, the GSTN portal has now made the process completely online.

There have been quite a few updates in the E-Way Bill System from the validity of E-Way Bill extending to 200 km from 100 km to blocking of E-Way Bill generation for non-filers of GST Returns. Read all the updates here.

With the introduction of e-invoicing- IRN and E-Way Bill can be generated simultaneously, hence taxpayers need not visit 2 different portals for Invoice registration and E-Way Bill generation. However, Part B update etc will still need to be done from the E-Way Bill portal. The Go-LIVE for this is 1st Jan 2021 which was earlier scheduled to be 7th December 2020.

E-invoicing Updates:

The penalty for Non-compliance with QR Code on B2C transactions which was to go LIVE from 1st December 2020 has been further waived till 31st March 2021.

The taxpayers having an aggregate turnover exceeding Rs.100 crore should implement e-invoicing from 1st January 2021. GSTN conducted a webinar for such companies on e-invoicing on 16th December 2020.

NIC has also released an excel tool for IRN generation.

In the 2nd week of the month, GSTN started auto-populating GSTR 1 on the basis of IRN on a near to real-time basis along with the source, IRN Number, and date. The IRN data to be reflected in counterparty’s GSTR 2A

GST News:

GST registration cancellation under CGST Rule 21A by tax officers:

Major inconsistency between the GSTR-3B with GSTR-1 and GSTR-2B

Taxpayer has not filed GSTR-1 since GSTR-3B is not filed for more than 2 consecutive periods (1 quarter for those who opt for the QRMP scheme). You may read here for more details: Quarterly Return Monthly Payment (QRMP) scheme.

Changes in Rule 36(4) from 1st January 2021:

Input Tax Credit: The ITC will be available to taxpayers as per the invoices uploaded by their respective suppliers (GSTR-1 or by using the Invoice Furnishing Facility (IFF).

Claiming Provisional ITC: The recipients can claim provisional ITC in the form GSTR-3B to the extent of 5% instead of 10%. It can be availed from the total ITC available in GSTR-2B for the month.

GSTR 2A to have auto-populated details based on ICEGATE Data:

Form GSTR-2A contains import data on the basis of information received from ICEGATE. PART-D has been added to the existing Part A, B & C. Read more: GSTR 2A: Details and Format

GSTR 9 of FY 2019-20:

Facility to file GSTR 9 of FY 2019-20 was made available on the GST portal from 10th December 2020. The form is enabled for taxpayers whose Table 8A computation has been completed, Computation of the Table 8A of the said return for auto-population from returns in under progress likely to be completed soon.

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Top GST News for the month of November 2020

A lot of new notifications and updates on the GST front have been released this month. Since this is the last quarter of the year 2020 and e-invoicing will be made mandatory for taxpayers with an aggregate turnover of over Rs. 100 Cr. from Jan 2021, a lot more changes are expected soon. Here, we have compiled all the big GST News updates from November for your reference. So let’s dive straight in…

Important GST Notifications released in November 2020

GST Notification 81/2020-Central Tax, dated. 10-11-2020: The new provisions of section 39 of the Central Goods and Services Tax Act, 2017 shall come into force from 10th Nov 20.
GST Notification 82/2020-Central Tax0, date. 10-11-2020: CBIC seeks to make the Thirteenth amendment (2020) to the CGST Rules.201.
GST Notification 83/2020-Central Tax, date. 10-11-2020: CBIC extends the time limit of filing GSTR 1
GST Notification 84/2020-Central Tax, date. 10-11-2020: Option to file quarterly returns now available to taxpayers having turnover up to Rs. 5 Cr. notified by CBIC
GST Notification 85/2020-Central Tax, date. 10-11-2020: CBIC notifies procedure to opt Quarterly GSTR 3B
GST Notification 86/2020-Central Tax, date. 10-11-2020: Notification 76/2020-Central tax dated 15.08.2020 rescinded by CBIC, w.r.t to due dates of GSTR 3B for October 20 to March 21
GST Notification 87/2020-Central Tax, date. 10-11-2020: ITC-04 due date for period July- September 2020 is extended till 30th November 2020
GST Notification 88/2020-Central Tax, date. 10-11-2020: E-invoicing mandatory for taxpayers having aggregate turnover above Rs. 100 Cr from 01st Jan 2021

Notification 89/2020-Central Tax, date. 29-11-2020: Penalty for Non-compliance with QR Code on B2C transactions waived from 1st December 2020 till 31st March 2021

GST Circular No 143/2020: Provisions relating to Quarterly Return Monthly Payment Scheme

The gross GST revenue collected in the month of November 2020 is Rs. 1,04,963 crore of which CGST is Rs. 19,189 crore, SGST is Rs. 25,540 crore, IGST is Rs. 51,992 crore (including Rs. 22,078 crore collected on import of goods) and cess is Rs. 8,242 crore (including Rs. 809 crore collected on import of goods).

Updates on GST Compliance:

Auto-populated Form GSTR 3B (PDF) to be made available for the taxpayers, from the month of October 2020 onwards.
Staggered filing of Form GSTR 3B for the tax periods from October 2020 till March 2021.
CBIC enabled auto-population of e-invoice details into GSTR-1
Quarterly Return filing & Monthly Payment of Taxes (QRMP) Scheme has been introduced for the taxpayers below the turnover of Rs. 5 Cr
GST portal has been scaled up to handle 3 lakh taxpayers concurrently.
The finance ministry on Friday said taxpayers are required to report in the annual GST return of 2018-19 only the values of transactions pertaining to that financial year.
GSTN has also issued the Taxpayers guide to GST Errors and Solution.

E-Way Bill Updates

The GST Network plans to activate an automated system from 1st December 2020 that will block the generation of E-way Bills for non-filers of monthly GST return form GSTR-3B, irrespective of turnover limits.

E-invoicing Updates:

From 1st Jan 2021, the Government has made it mandatory for the taxpayers with aggregate turnover exceeding Rs. 100 Cr. (in any preceding financial year from 2017-18 onwards) to prepare e-invoice – Invoice with QR Code as per the Notification: 88/2020-Central Tax dated 10.11.2020.

As per sources, the Government plans to implement e-invoice for less than 100 Rs. Cr turnover companies as well in a few months time. As per Finance Secretary, monthly GST filing will not be necessary after the e-invoice system is in place.

GSTN on 16th Nov issued an advisory on e-invoicing for 100 CR companies and the way forward.

Other GST News and GST Updates

Puducherry, Rajasthan, Telangana, Kerala and West Bengal- have opted for Centre’s Option-1 to meet the revenue shortfall arising out of Goods and Services Tax (GST) implementation.
The government proposes to match the GST data mentioned in Form 26AS with the turnover numbers provided by taxpayers while filing income tax returns. IT profiling to help revenue dept nab fraudsters claiming fake GST credits however no extra compliance burden on taxpayers for GST turnover displayed in Form 26AS.
The law committee of the GST Council has provided its recommendations with an aim to tighten compliance measures including the use of Aadhaar or Aadhaar-like biometric identification for new registrations, steps to identify businesses that pose a risk of revenue loss to the exchequer, use of income tax returns to verify the credentials of entrepreneurs seeking GST registration, and restriction on using tax credits from the purchase of raw materials to meet the final tax liability.
Finance Ministry extends last date for filing applications under SVLDR Scheme for UT of Jammu & Kashmir and Ladakh.

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GST News Updates for the month of October 2020

GST News and GST Updates for the month of October 2020

E-invoicing has been the most important GST news for this month. The e-invoicing mandate goes LIVE for taxpayers with a turnover of more than Rs. 500 CR from October 1, 2020. Few important e-invoicing notifications were released to clarify that taxpayers who have crossed Rs. 500 CR turnover in any FY after 2017 are to be covered under e-invoicing. This has been a revolutionary step towards transparency and embracing technology. This is a GST news highlight for the month and yes, the recent GST Council Meeting also brought in a lot of new changes. We have compiled the list of latest GST news and updates for the month here:

Important GST Notifications released in October 2020

GST Notification 73/2020-Central Tax , dated 01-10-2020: 30 days of time period allowed generating IRN for any invoice prepared between 01.10.2020 to 31.10.2020.

GST Notification 74/2020-Central Tax, dated 15.10.2020: Due dates of GSTR 1 Quarterly returns for tax period Oct 20 to Mar 21 is notified to be 13th of month following the quarter.

GST Notification 75/2020-Central Tax, dated 15.10.2020: Due dates of GSTR 1 Monthly returns is notified for tax period Oct 20 to Mar 21.

GST Notification 76/2020-Central Tax, dated 15.10.2020: Due date of filing GSTR 3B for tax period Oct 20 to Mar 21 notified to be 20th, 22nd, 24th of the following month based on turnover and States / UT’s.

GST Notification 77/2020-Central Tax, dated 15.10.2020:

GST Notification 78/2020-Central Tax, dated 15.10.2020: For a taxpayer with turnover up to Rs. 5 Cr. mention 4 digit HSN Code and for turnover above Rs. 5 Cr. mention 6 digit HSN Code.

GST Notification 79/2020-Central Tax, dated 15.10.2020: Taxpayers having turnover up to Rs. 5 Crores are exempted from the requirement of GST Audit for FY 2019-20 as well.

GST Notification 80/2020-Central Tax, date. 28-10-2020: Due date of GSTR 9, 9A, 9C is extended to 31st December 2020 for FY 2018-19

GST Circular Released in October 2020:

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. The meeting was attended by Shri. Anurag Thakur, Union Minister of State for Finance & Corporate Affairs besides Finance Ministers of States & UTs and Senior officers from Union Government & States.

Read the highlights here: 42nd GST Council Meeting

The total GST revenue collected in October 2020 is Rs. 1,05,155 crore of which Central Goods and Services Tax (CGST) is Rs. 19,193 crore, State Goods and Services Tax (SGST) is Rs. 25,411 crores, Integrated Goods and Service Tax (IGST) is Rs. 52,540 crores (including Rs. 23375 crores collected on import of goods) & Cess is Rs. 8,011 crores (including Rs. 932 crores collected on import of goods).

Other Important GST Updates of the Month

Temporary Relief on E-invoicing: The government offered a temporary relief on E-Invoicing and QR Codes have been deferred on consumer invoices by 2 months i.e. till December 1, 2020. And for companies with a turnover more than Rs. 500 have also been given a temporary relief if they are not fully prepared for e-invoicing

Extension of Annual Return Due-Date FY19: The government extended the due-date for filing the Annual Return in GSTR-9 and GSTR 9C for 2018-19 by 1 month. Now the extended timeline is from 30.09.2020 to 31.10.2020.

Government announces 4% Growth in GST: After witnessing 6 months of steady decline the economy saw an upward trend. In September, the GST collections rose 4% to Rs 95,000 cr. So, the government is hopeful that the market will slowly returning to the pre-COVID levels.

GSTN clarified that carrying physical invoice copies is not required: Again a big relief to companies while the movement of goods, the physical invoice copy is not mandatory but an electronic copy with the QR Code is needed for verification.

Small businesses can file their GST returns on quarterly basis: The government simplified filing returns for small businesses by allowing them to only file their returns quarterly. So, companies with aggregated annual turnover of less than Rs 5 cr. can file returns on a quarterly basis with monthly payments from January 1, 2021.

Sub-rule (4) of Rule 36 of CGST Rules, 2017: Clarification regarding the application of sub-rule (4) of Rule 36 of CGST Rules, 2017 for the months of February 2020 to August 2020 was provided by the GSTN.
Blocking EWB Generation: The decision was made to block the E-way Bill or EWB generation facility for taxpayers having AATO over ₹ 5 Crores after 15th October 2020.

Regarding the new GST Return GSTR 2B: GSTN tweeted saying that the new return – ‘GSTR-2B’ for ITC Period September 2020 has been generated and is made available on the GST Portal.

Extension of GSTR 1/GSTR 3B: The facilities extended to the companies for filing GSTR 1/GSTR 3B with the EVC in place of DSC will be withdrawn from 1st November 2020 onwards.

Filing NIL GST of CMP-08: Filing Nil GST CMP-08 Form statement by SMS facility has been made available on the GST Portal.

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Latest GST News for the month of September 2020

The month of September had quite a few major changes and updates on the GST front. Let us go through all the top GST updates from the month of September 2020:

Important GST Notifications released in September 2020:

GST Notification 72/2020-Central Tax ,dt. 30-09-2020: Certain class of persons may be exempted from issuance of E-Invoice and QR code shall be embedded with IRN which can be reproduced for verification instead of physical copies.
GST Notification 71/2020-Central Tax ,dt. 30-09-2020: Requirement of Dynamic QR Code on B2C invoices is deferred to 1st December 2020.
GST Notification 70/2020-Central Tax ,dt. 30-09-2020: Turnover from FY 2017-18 shall be considered for determining the applicability of E-Invoicing and e-invoice shall be generated for export transactions as well.
GST Notification 69/2020-Central Tax ,dt. 30-09-2020: Due date of Annual Return GSTR 9/9C is extended to 31st October 2020
GST Notification 68/2020-Central Tax ,dt. 21-09-2020: Late fees is capped to Rs. 500 if taxpayer files GSTR 10 between 22nd September 20 to 31st December 20
GST Notification 67/2020-Central Tax ,dt. 21-09-2020: Late fees is capped to Rs. 500 for taxpayers having liability and fully waived off in case taxpayer filing nil GSTR 4 between 22.09.2020 to 31.10.2020, for tax period July 17 to March 19
GST Notification 66/2020-Central Tax ,dt. 21-09-2020: CBIC has extended the time limit to 31st Oct, 2020 for issuing invoices in case of goods being sent or taken out of India on approval for sale or return, which falls during the period from March 20, 2020, to October 30, 2020
GST Notification 65/2020-Central Tax ,dt. 01-09-2020: Timelimit of compliance of Anti Profeeting Measures u/s 171 is extended to 30th November 2020 by CBIC

GST Council Meeting and Compensation Cess

The centre had given two options in the 41st GST Council Meeting to the states to meet the shortfall of the compensation cess. Here are the options:

Option I: The centre can aid Rs 97,000 crore to states as borrowings, through a special window by the RBI. This money can be repaid after 5 years on the collection of cess along with paying a reasonable rate of interest.
Option II: Option two is that the states can borrow Rs 2,35,000 crore directly from the RBI.

The states had to evaluate both these options and choose one. In the 42^nd GST Council meeting, the decision was made to extend Compensation Cess levy beyond June 2022. Compensation of ₹ 20,000 crores to be released to States towards loss of revenue during 2020-21. Additionally, an amount of approx. ₹ 25,000 CR towards IGST of 2017-18 was to be released soon.

GST Collection – September 2020

The GST collections in September amounted to Rs. 95,480 crore. Out of Rs 95,480 crore, Rs 17,741 crore is Central GST; Rs 23,131 crore is State GST; and Rs 47,484 crore Integrated GST, including Rs 22,442 crore collected on import of goods while Rs 7,124 crore is Cess, including Rs 788 crore on import of goods.

Important AAR/Orders/Judgements released in September 2020

Delhi High Court rejects plea challenging 5% GST on all varieties of fabrics.
GST to be imposed on wellness centres depending on services offered
ITC can be availed on Equipment, Furniture, Reagents/consumables used for Performing Test
18% GST is applicable on Plastic Mechanical Liquid Dispenser
Patrator liable to take GST Registration and pay GST on Supply of Goods and Services
AAR ruled that 5% GST is not applicable on local transportation services.
No GST on Scanning OMR Flying Slip, Marks Foil, Attendance Sheet etc. provided to Educational Institution
The Karnataka AAR has adjudged that no deduction towards property taxes is allowed from the value of renting of immovable services (RIS). Further notional amount of interest on security deposit would be included in value, only if it influences the monthly rent.

Miscellaneous GST News and GST updates:

Due- Date extended for Anti-profiteering related compliance to 30th November 2020

The government has given time till November 30 for authorities, like DGAP, to complete anti-profiteering related compliance, which falls due between March 20 and November 29. In a notification, the CBIC said “where any time limit for completion or compliance of any action, by any authority,…under section 171 of the said Act, which falls during the period from the March 20 to November 29, 2020, and where completion or compliance of such action has not been made within such time, then, the time-limit for completion or compliance … shall be extended up to November 30, 2020”.

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Latest GST News for the month of August 2020

August 2020, the month of independence and festivals saw major GST changes and Updates. The government release quite a few important notifications that were to be implemented. Also, the news about the new returns to be scrapped has been shared. We have created an array of resources about all the Top GST News in this month. Let us go through it one by one:

GST Notifications and Circulars Released in August 2020

GST Notification 64/2020-Central Tax ,dt. 31-08-2020: Due date of GSTR 4 i.e. Annual returns for Compositon taxpayers is extended to 31st October 2020

GST Notification 63/2020-Central Tax ,dt. 25-08-2020: Interest is chargeable on net GST Liability from 1st Sept 2020 and not from July 2017

GST Notification 62/2020-Central Tax ,dt. 20-08-2020: Provisions for Aadhar Authentication during GST Registration notified

New E-Invoice Schema Released:

New E-Invoice Schema is released as per Notification 60/2020.

E-Invoicing in India is going LIVE from 1st October 2020 as per Notification 61/2020.

E-invoice API Specification: Versions and Updates

With the new E-invoice APIs, E-way Bill generation flow has been enabled. Thus while sending invoice details for IRN generation, if transport details are included, E-way Bill Number (EWB) will get generated. The APIs available for the e-way bill are:

Generate IRN – Wherein transport details can be provided along with invoice details. Based on transport details are provided e-way bill number gets generated

Generate E-way Bill by using IRN – From the IRP portal itself, an E-way Bill can be generated by providing the IRN

GST Data Based Lending – The Emerging Case for MSMEs Credit Appraisal

We updated an article about GST Data based lending and how it can benefit MSMEs.

Changes Expected in Current GST Returns –New Returns Scrapped

Another important article that we published is this one where all the changes that were expected are explained in detail. This is where the introduction to GSTR 2B was made. Read: Expected Changes in GST Returns

How to generate an E-way Bill using IRP?

E-invoicing and E-way Bill generation can take place simultaneously as well. The Government has streamlined the generation of E-way Bill with E-Invoicing. An IRP can be used to generate not only IRN but also E-way bills, for the documents which qualify. Thus, depending on the data sent, the IRP system will return IRN or E-way Bill Number or both. Read all about E-invoicing and E-way Bill here.

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

The new GST Return – GSTR-2B is an auto-drafted Input Tax Credit ( ITC ) statement, recently introduced by GSTN to simplify Input Tax Credit Claim for taxpayers. It is a fixed statement and will be generated on 12th of every month for every recipient on the basis of the information furnished by their suppliers in their respective GSTR-1, GSTR 5 and GSTR 6.

Read all about GSTR 2B here.

E-invoicing and B2C Transactions | QR Code – FAQs

Understanding E-invoicing and QR code generation for B2C transactions has become quite important in the current scenario when the e-invoicing system is set to be mandatorily implemented for taxpayers with turnover over INR 500 cr. from October 1, 2020. Read all about E-invoicing and B2C Transactions here.

Is Reverse Charge Transaction covered under E-invoicing?

Companies were in a state of confusion on RCM transactions because when e-invoice goes live as in the case of Reverse Charge Mechanism (RCM), Purchaser issues self-invoice which is reported in GST returns and under E-Invoicing, Purchasers under no situation can generate Invoice Reference Number (IRN). To understand the rules of e-invoicing in relation to Reverse Charge Mechanism (RCM), read: E-invoicing for RCM.

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Top GST News for the month of January 2020

With the arrival of the year 2020, GST is all set to pace up with some crucial updates. These updates are being brought into effect to simplify GST compliance, curb tax evasion, and, improve the GST filing ratio.

The main highlight of the year 2020 is going to be the new GST returns. 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. Unlike the current filing system, the new forms shall be uploaded on a real-time basis, and backed with eInvoicing mechanism, it is expected to partially automate the form preparation process.

However, these returns forms will be introduced from the month of April 2020. Thus, going by a chronological sequence.

List of important updates and amendments for and from the month of January:

1. eInvoicing system is made available on a voluntary basis

The eInvoicing system has been made available on a voluntary basis for businesses with an aggregate turnover exceeding INR 500 crore. Under the eInvoicing system, a taxpayer can generate an eInvoice from any accounting/billing software of his preference. However, the generated eInvoice will be considered valid only once it has been reported on the IRP portal and a unique IRN number has been issued to it.

2. GST Collection crossed 1 lakh crores for the month of December

The GST collection for the month of December was INR 1.03 lakh crores. This is the 2^nd consecutive month where the GST collection has exceeded 1 lakh crores, indicating the stabilisation of revenue collection, credits to the anti-evasion measures introduced by the government.

3. Sabka Vishwas Legacy and Dispute Resolution Scheme Extended

Sabka Vishwas LDRS is a dispute resolution and amnesty scheme under GST that came into force on September 1, 2019. The day to avail the benefits of the scheme was December 31^st, 2019. However, considering the taxpayer response to the scheme, the central government has extended the same for a period of 15 days i.e. until January 15, 2020.

4. Aadhaar to be made mandatory for GST

The GST Network has decided to make Aadhaar authentication or physical verification mandatory for new dealers from January 1, 2020, to keep malpractice in check. This is because there are currently 66.79 lakh new dealers registered under the Goods and Service Tax who are contributing to just 15% of the total revenue under the tax regime.

5. GSTR 1 filing and EWB

The 38^th GST Council waived off the late fee for unfurnished GSTR 1 form for the period between July 2017-November 2019, if the same is filed on or before January 10^th, 2020. Henceforth, if a taxpayer does not file his GSTR 1 for 2 consecutive filing period, his/her EWB system will be blocked.

6. New Offline Tools (Version 1.6) for annual returns now available on GSTN Portal

In order to simplify annual return filing for a taxpayer, some changes have been brought into the annual return form GSTR 9 and the recon statement GSTR 9, vide Notification No. 56/2019 dated 17.11.2019. The last date to furnish the annual return forms was extended to January 31, 2020, on account of unavailability of the updated offline tool.

Accordingly, the changes in the application software and the offline tools are now made available on the GSTN portal. The GSTN has resolved the following two issues as per press note:

Error JSON not showing any error now fixed.
Column 5G, 12B and 12C made optional.

7. GSTN has enabled a Statistics column under downloads section for the taxpayers to access data

The GSTN has enabled a Statistics column under the download section. By clicking on the relevant tab, a taxpayer can access the following data from the statistics option are as under.

Registration:The State-wise data having details of active taxpayers at the close of last month. This excludes those taxpayers whose registration has been cancelled but includes those taxpayer’s registration was restored on application/appeal.
Tax Collection:

1. Tax data is divided into three parts viz. Tax Paid on GST Portal, IGST paid on Customs Portal and IGST settled to States/UTs.
2. July 2017 is the first month, there was no settlement and hence there is no data under the same.

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Top GST News for the month of March 2019

CBIC has recently announced many updates to the existing GST rules in various meetings and through notifications. These are going to be in effect within 15 days from 1^st April 2019. We have brought a compilation of all the updates for our users:

1. Notifications
Following Notifications come into effect from 1st April 2019:
1. GST Registration Exemption
W.e.f. 1^st April 2019, any person who is engaged in exclusive supply of goods and whose aggregate turnover in the financial year does not exceed forty lakh rupees is exempt from obtaining the registration under GST Act except for the following:

Persons required to take compulsory registration under section 24
Person engaged in the supplies of Ice cream and other edible ice, whether or not containing cocoa , Pan masala and All goods, i.e. Tobacco and manufactured tobacco substitutes (24)
Persons engaged in making intra-state supplies in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura, Uttarakhand
Persons exercising option under the provisions of sub-section (3) of section 25, or such registered persons who intend to continue with their registration

[Notification 10/2019-Central Tax dt. 07-Mar-2019] & [Notification 02/2019-Union Territory Tax dt. 07-Mar-2019]
2. Due Date of filing GSTR-1
The due date for filing GSTR 1 has been notified as follows:

Period	Turnover Upto	Due Date
April 19 – June 19 (Quarterly)	1.5 Crore	31.07.2019
Apr-19	Above 1.50 Crore	11.05.2019
May-19	Above 1.50 Crore	11.06.2019
Jun-19	Above 1.50 Crore	11.07.2019

[Notification 11 & 12/2019-Central Tax dt. 07-Mar-2019]
3. Due date of filing GSTR-3B
The due date for filing GSTR 3B for all the registered person is notified as follows:
S.NO. Month Due Date

1 Apr-19 20.05.2019

2 May-19 20.06.2019

3 Jun-19 20.07.2019
[Notification 13/2019-Central Tax dt. 07-Mar-2019]
4. Threshold limit of composition scheme
Threshold limit of composition scheme has been increased which has to be opted from 01-04-2019.

Taxable Person

Turnover

Taxable person located in Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Uttarakhand

75 Lacs

Taxable person located in states other

than above state

1.50 Crore

[Notification 14/2019-Central Tax dt. 07-Mar-2019]
5. New composition scheme for SME and MSME:
New Composition has been announced for SME and MSME sector First supplies of goods or services or both upto an aggregate turnover of fifty lakh rupees made on or after the 1st day of April in any financial year, by a registered person. For availing this scheme following condition need to be satisfied:-

Supplies are made by a registered person, –
1. whose aggregate turnover in the preceding financial year was fifty lakh rupees or below;
2. who is not eligible to pay tax under sub-section (1) of section 10 of the said Act;
3. who is not engaged in making any supply which is not leviable to tax under the said Act;
4. who is not engaged in making any inter-State outward supply;
5. who is neither a casual taxable person nor a non-resident taxable person;
6. who is not engaged in making any supply through an electronic commerce operator who is required to collect tax at source under section 52; and
7. who is engaged in making the supplies of Ice cream and other edible ice, whether or not containing cocoa ( 2105 00 00), Pan masala (2106 90 20) and All goods, i.e. Tobacco and manufactured tobacco substitutes (24)

2. Where more than one registered persons are having the same Permanent Account Number, issued under the Income Tax Act, 1961(43 of 1961), central tax on supplies by all such registered persons is paid at the rate specified under this notification.

The registered person shall not collect any tax from the recipient on supplies made by him nor shall he be entitled to any credit of input tax.
The registered person shall issue, instead of tax invoice, a bill of supply as referred to in clause (c) of sub-section (3) of section 31 of the said Act with particulars as prescribed in rule 49 of Central Goods and Services Tax Rules.
The registered person shall mention the following words at the top of the bill of supply, namely: – ‘taxable person paying tax in terms of notification No. 2/2019-Central Tax (Rate) dated 07.03.2019, not eligible to collect tax on supplies’.
The registered person opting to pay central tax at the rate of three percent under this notification shall be liable to pay central tax at the rate of three percent on all outward supplies specified in column (1) notwithstanding any other notification issued under sub-section (1) of section 9 or under section 11 of said Act. 7.
The registered person opting to pay central tax at the rate of three percent on inward supplies on which he is liable to pay tax under sub-section (3) or, as the case may be, under sub-section (4) of section 9 of said Act at the applicable rates.

Explanation: For the purposes of this notification, the expression “first supplies of goods or services or both” shall be for the purposes of determining eligibility of a person to pay tax under this notification, include the supplies from the first day of April of a financial year to the date from which he becomes liable for registration under the said Act but for the purpose of determination of tax payable under this notification shall not include the supplies from the first day of April of a financial year to the date from which he becomes liable for registration under the Act.
In computing aggregate turnover in order to determine eligibility of a registered person to pay central tax at the rate of three per cent under this notification, value of supply of exempt services by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount, shall not be taken into account.
[Notification 02/2019-Central Tax (rate) dt. 07-Mar-2019] & [Notification 02/2019-Union Territory Tax (rate) dt. 07-Mar-2019]
2. Circulars
Following Circulars come into effect from April 2019:
1. Sales Promotions Schemes
Following clarification has been issued w.r.t. doubts related to treatment of sales promotion scheme under GST:

Transaction Type	Supply	Value	ITC
Free Samples and Gifts given to other than distinct entity and related person	No Supply	NIL	No ITC to be availed and reversal 42, 43 needs to be made
Free Samples and Gifts given to distinct entity and related person	Supply	Valuation in Accordance to Rule 28 of CGST Rules 2017	ITC to be availed on all the inputs, input services and capital goods
Buy one get one free offer when goods or services are different or same	One Supply /Mixed Supply /Composite Supply as the case may be	Taxable value to be ascertained in accordance to Section 15 read with Valuation provisions	ITC to be availed on all the inputs, input services and capital goods
Discounts including ‘Buy more,save more’ offers ((if shown on invoice itself)	Supply	Valuation will be after discounts	ITC to be availed on all the inputs, input services and capital goods
Staggered Discount Determined established before or at the time of supply	Supply	Valuation will be after discounts	ITC to be availed on all the inputs, input services and capital goods
Discount offered by way of Credit note after time of supply	Original Supply	Tax liability can be reduced only after ensuring recipient has reversed the IRC
Secondary Discounts offered subsequently even if not known prior to supply	Original Supplies	Value to be considered without discount	No impact on availability or otherwise of ITC in the hands of supplier in this case.

[Circular-No 92/11/2019- GST dt. 07-Mar-2019]
2. Nature of supply of Priority Sector Lending Certificates (PSLC)
GST on PSLCs for the period 1.7.2017 to 27.05.2018 will be paid by the seller bank on forward charge basis and GST rate of 12% will be applicable on the supply as per Circular No. 62/36/2018-GST dated 12.09.2018
GST on PSLC trading on reverse charge basis from 28.05.2018 onwards to be paid by the buyer bank as per Notification No. 11/2018-Central Tax (Rate) dated 28.05.2018
Nature of supply of PSLC between banks may be treated as a supply of goods in the course of inter-State trade or commerce. Accordingly, IGST shall be payable on the supply of PSLC traded over e-Kuber portal of RBI for both periods i.e 01.07.2017 to 27.05.2018 and from 28.05.2018 onwards.
However, where the bank liable to pay GST has already paid CGST/SGST or CGST/UTGST as the case may be, such banks for payment already made, shall not be required to pay IGST towards such supply.
[Circular No. 93/12/2019-GST dt. 08-Mar-2019]
3. TCS Exclusion to compute GST liability:
Corrigendum to Circular No. 76/50/2018-GST dated 31st December, 2018 issued vide F.No. CBEC- 20/16/04/2018-GST- Reg. TCS amount would be excluded from the value of goods for computing GST liability.
The CBDT has clarified that TCS is not a tax on goods but an interim levy on the possible “income” rising from the sale of goods by the buyer In a relief to buyers of high value cars and jewellery, the Central Board of Indirect Taxes and Customs (CBIC) has said that the tax collection at source (TCS) amount would be excluded from the value of goods for computing GST liability.
What is the correct valuation methodology for ascertainment of GST on Tax collected at source (TCS) under the provisions of the Income Tax Act, 1961?

Section 15(2) of CGST Act specifies that the value of supply shall include “any taxes, duties cesses, fees and charges levied under any law for the time being in force other than this Act, the SGST Act, the UTGST Act and the GST (Compensation to States) Act, if charged separately by the supplier.”
For the purpose of determination of value of supply under GST, Tax collected at source (TCS) under the provisions of the Income Tax Act, 1961 would not be includible as it is an interim levy not having the character of tax.

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Top GST News for the month of February 2019

There are few major updates being announced by CBIC on 18th February 2019. Please find the same below:

1. CBIC mandates every registered person to specify Place of Supply with the name of State in tax invoice in case of inter-State supply:-

CBIC vide Circular No .90/09/2019- GST dated 18.02.2019 clarify the compliance of rule 46(n) of the CGST Rules, 2017. All Registered persons making supply of goods or services or both in the course of inter-state trade or commerce shall specify the place of supply along with the name of the State in the tax invoice as per the provision contained in section 31 of the CGST Act, 2017. Further the provisions of sections 10 and 12 of the IGST Act, 2017 may be referred to in order to determine the place of supply in case of supply of goods and services respectively.
Contravention of any of the provisions of the Act or the rules made there under will attracts a penalty of Rs. 25000/- as per sections 122 or 125 of the CGST Act.

2. CBIC mandates every registered person making inter-State supplies to unregistered persons to report the details of such supplies along with the place of supply in Table 3.2 of FORM GSTR-3B and Table 7B of FORM GSTR–1.

CBIC vide Circular No .89/08/2019- GST dated 18.02.2019 clarifies a registered supplier is required to mention the details of inter -State supplies made to unregistered persons, composition taxable persons and UIN holders in Table 3.2 of FORM GSTR-3B. Further, the details of all inter-State supplies made to unregistered persons where the invoice value is up to Rs 2.5 lakhs (rate-wise) are required to be reported in Table 7B of FORM GSTR-1. It has been brought to the notice of the Board that a number of registered persons have not reported the details of inter-State supplies made to unregistered persons in Table 3.2 of FORM GSTR-3B. However, the said details have been mentioned in Table 7B of FORM GSTR-1.

Accordingly, it is instructed that the registered persons making inter-State supplies to unregistered persons shall report the details of such supplies along with the place of supply in Table 3.2 of FORM GSTR-3B and Table 7B of FORM GSTR–1 as mandated by the law. Contravention of any of the provisions of the Act or the rules made there under attracts penal action under the provisions of section 125 of the CGST Act.

3. CBIC clarify regarding tax payment made for supply of warehoused goods while being deposited in a customs bonded warehouse for the period July, 2017 to March, 2018 .

CBIC vide Circular No .91/10/2019- GST dated 18.02.2019 clarify the Circular No. 3/1/2018-IGST dated 25.05.2018 whereby applicability of integrated tax on goods transferred/sold while being deposited in a warehouse was clarified. In the said circular, it was said that from 1st of April, 2018 the supply of warehoused goods before their clearance from the warehouse would not be subject to the levy of integrated tax.

It has been notice that during the period from 1st of July, 2017 to 31st of March, 2018, the common portal did not have the facility to enable the taxpayer to report payment of integrated tax, in the details required to be submitted in FORM GSTR-1, for such supplies especially where the supplier and the recipient were located in the same State or Union territory.

Hence taxpayers making such supplies have reported such supplies as intra-State supplies and discharged central tax and state tax instead of integrated tax accordingly.

CBIC clarifies, in view of revenue neutral position of such tax payment and that facility to correctly report the nature of transaction in FORM GSTR-1 furnished on the common portal was not available during the period July, 2017 to March, 2018, it has been decided that, as a one-time exception, suppliers who have paid central tax and state tax on such supplies, during the said period, would be deemed to have complied with the provisions of law as far as payment of tax on such supplies is concerned as long as the amount of tax paid as central tax and state tax is equal to the due amount of integrated tax on such supplies.

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Latest GST News for the month of January 2019

The President of India gave assent on 29th August 2018 to make amendments to following GST laws:

The Central Goods and Services Tax (Amendment) Act 2018
The Integrated Goods and Services Tax (Amendment) Act 2018
The Union Territory Goods and Services Tax (Amendment) Act 2018
The Goods and Services Tax (Compensation to States) Amendment Act 2018.

The GST council in its 31st GST Council Meeting held on 22nd December 2018, has announced through the press release that the effective date of applicability of amendments in GST Act(s) 2018 will be from 1st February 2019.

Following are Some Key Changes in the Relevant Sections of CGST Act 2017 that are to be replaced with the Central GST Amendment Act 2018:

1. Omission of the definition of business vertical
[Amendment of Section 2(18) of the CGST Act, 2017]

Multiple registrations of GSTIN were allowed earlier in case of separate business verticals. The law now allows a separate registration for each place of business in respect of persons having multiple places of business in a state. So, the definition of business verticals is not required anymore under the GST law

2. Definition of services modified to cover facilitation or arranging transactions and securities [Amendment of Section 2(102)]

Service charges or service fees or documentation fees or broking charges or such like fees or charges are charged in relation to transactions in securities, the same would be a consideration for provision of service and chargeable to GST.

3. Restrictive applicability of Section 9 (4) [Amendment of section 9 (4)]

Section 9(4) which deals with payment of tax on reverse charge basis by a registered person upon receipt of supply from unregistered persons is now under suspension
It has been proposed that the government will notify certain class of registered person who shall be liable to pay tax on reverse charge basis in case of receipt of goods from an unregistered person.
Only a notified class of registered taxpayers are purported to be covered by this substituted section now. This will bring a huge sigh of relief to those registered taxpayers who will now be outside the scope of this section as it involved a substantial burden of compliance and cash flow on their part.

4. Amendment of section 10

Increase in composition threshold limit, rationalization of reverse charge provisions and allowance of provision of services for composition dealers

It has been specified that the tax payable under composition scheme will only be in lieu of tax leviable under normal charge/forward charge.
Any reverse charge tax liability upon composition dealers will continue as applicable to a normal taxpayer.
The limit has been raised from Rs 1 Crore to Rs 1.5 Crore so as to facilitate trade practices.
At present, traders and manufacturers engaged in supply of services are not eligible for composition scheme even if a small proportion of their supplies relate to services.
A new provision has been inserted which allows registered person engaged in supply of services (other than restaurant services) to opt for composition scheme subject to a threshold limit.
The registered person shall be eligible for composition only if they supply services of value not exceeding 10% of their turnover in the preceding financial year in a State/ Union Territory or Rs 5 lakhs, whichever is higher.

5. Amendment of section 16

ITC on services provided to any person on direction of/on account of another person

To avail ITC the registered person must be in receipt of goods or services
In Bill-to-ship-to model, it is deemed that goods are received when the supplier delivers the goods to any other person on direction of the recipient
This deemed assumption shall now be applicable in case of services as well.
So, ITC will be allowed to a person on whose direction and account, the third person receives the services.

6. ITC availability on Schedule III items [Amendment of section 17(3)

The new provision has been inserted so as to allow ITC on activities mentioned in Schedule III (other than sale of land and subject to clause (b) of paragraph 5 of Schedule II, sale of building) by removing it from the ambit of exempt supplies. Hence, these clauses will not entail any reversal of credit.
Excluding of supplies covered under Schedule III from the scope of exempt supplies under Section 17(3) will result in lower reversal of credit particularly in case of high sea sales, Merchant trade transactions and supply of warehoused goods before clearance for home consumption.

7. Expansion of Scope of availability of ITC on motor vehicles [Section 17(5) clause (a)]

The amendment is brought to expand the scope of availability of ITC on motor vehicles having approved capacity of not more than 13 persons (including the drivers) if used for specified purposes.
ITC shall be available in respect of dumpers, work-trucks, fork-lift trucks.
ITC shall not be available in respect of motor vehicles having capacity of not more than 13 persons (including the drivers), vessels and aircrafts if they are used for personal purpose.
A new provision has been inserted allowing ITC on motor vehicles if they are used for transportation of money for or by banking company and financial institutions.
ITC in respect of services of general insurance, servicing, repair and maintenance in respect of those motor vehicles, vessels and aircraft on which ITC is not available under clause (a) or (aa)
Unrestricted ITC is allowed in respect of vehicles for transportation of goods
ITC cannot be taken in respect of motor vehicles for transportation of persons even if used for transportation of goods
In respect of vessels and aircrafts, ITC will be blocked except if it is used for certain specified purposes
When used for an insurance company for supply of insurance services, Input tax credit will be available in respect of motor vehicles, vessels or aircraft insured by him.
For all other conveyances, Input tax credit will be freely available (eg. motor vehicles for transportation of persons > 13 persons)

8. Expansion of Scope of ITC for Section 17(5) clause(b) [Section 17(5) clause (b)]

The provisions have been amended so as to allow ITC in respect of goods or services or both specified above if it is made obligatory for an employer to provide such services under any law for the time being in force.
ITC has been enabled on food and beverages, outdoor catering, beauty treatment, Health services etc. if required to be provided by the employer through any obligation Imposed under any law
Renting or hiring of motor vehicles, vessels and aircraft are blocked only if the purchase of such motor vehicles, vehicles and aircrafts are blocked as per clause (a) of (aa)

9. Threshold exemption limit for registration increased for certain states [Amendment of section 22]

The aggregate turnover limit for certain states has been increased from Rs 10 lakhs to Rs 20 lakhs.
The power has been provided under the law to increase the threshold limit for registration for certain special category states on their request from Rs. 10 lakhs to Rs. 20 lakhs
Arunachal Pradesh, Assam, Himachal Pradesh, Meghalaya, Sikkim and Uttarakhand have been excluded from the definition of special category states

10. Compulsory registration only for e-commerce operator required to collect TCS [Amendment of section 24]

All E-commerce operators were required to compulsorily register themselves irrespective of whether they were required to collect TCS
Even a person engaged in supply of goods or services through own website would have required compulsory registration irrespective of their turnover.
This is now rationalized to compulsorily require registration only for those e-commerce operators who are required to collect TCS.
This will benefit small e-commerce operator who are not required to collect tax at source under section 52 to enjoy the threshold exemption limit for registration purposes.

11. Multiple registrations for each place of business and separate registration for SEZ [Amendment of section 25]

Multiple registrations were allowed earlier only in case of separate business verticals. The law now allows a separate registration for each place of business in respect of persons having multiple places of business in a state.
It has now been expressly provided in the Act that a person in a SEZ or being a SEZ developer have to apply for separate registration as compared to his registration in respect of the place of business located outside the SEZ in the same state or territory. Earlier the said provision was contained only in the CGST Rules. To rationalize such provision, the empowering provision is now given in the Act.

12. Suspension allowed upon cancellation of registration [Amendment of section 29]

The new proviso ensures that once the registration has been sought to be cancelled, the proper officer may suspend the registration till the procedural formalities have been completed
The suspension will only be for the period and the manner as may be prescribed in the rules
The registration suspended will not be required to file returns till the suspension is in effect
A person who applied for cancellation and stopped collection and payment of taxes may face extreme hardships if the application for cancellation is rejected. He may not have any recourse as to collect the tax and paying the taxes out of his own pocket may be a huge burden for him.

13. Issue of consolidated credit note and Debit Note in a financial year [Amendment of section 34]

The suppliers are now not required to link Credit and Debit notes with individual invoices.
The supplier may now issue a consolidated credit and Debit note in respect of multiple invoices issued in the financial year.

14. Empowerment of time limit and periodicity for filing of return through rules [Amendment of section 39]

Earlier the provisions of the Act required a person to file their GSTR 3/GSTR 3B by 20th of the next month. So, even though the government wished to make this return quarterly for a select group of taxpayers, it could not circumvent the provisions of the Act
Through this amendment, the periodicity and time for filing of this return is now allowed to be prescribed through the rules
Further, an enabling proviso has been inserted to allow the Government to notify certain category of taxpayers who will be allowed to file this return on a quarterly basis.

15. Utilization of IGST first against payment of any tax [Amendment of section 49]

The new process of utilization requires the utilization of IGST first against payment of any output tax liability in the form of CGST/SGST/UTGST/IGST
The balance of CGST/SGST/UTGST can be used only when the balance of IGST is exhausted
This proviso has been inserted to minimise fund settlement on account of IGST
This has been amended to restrict the utilisation of SGST/UTGST credit available against payment of IGST only when the balance in CGST credit is not available for payment of IGST.

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