GST WEEKLY UPDATE : 14/2022-23 (03.07.2022) GST New Rate & Changes will come into effect from 18th July 2022 subject to CBIC Notification: Description of goods or services Old Rate New Rate Solar water heaters and systems 5% 12% Prepared or finished leather or chamois leather or composition leathers 5% 12% Job work for processing …
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GST WEEKLY UPDATE :13/2022-23 (26.06.2022) Period for levy and collection of Compensation Cess extended till March 31, 2026: The CBIC vide Notification No. 1/2022–Compensation Cess dated June 24 June, 2022 has issued the Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022 w.e.f. July 1, 2022, to extend the period for levy and …
GSTN issued advisory w.r.t. availing ITC as per law and GSTR-2B: The Goods and Services Tax Network (“GSTN”) has issued an Advisory dated June 18, 2022 regarding availing Input Tax Credit (“ITC”) as per law and GSTR-2B. For some of the taxpayers, there was an issue in relation to duplicate entries in GSTR-2B which has since been …
GST Portal facilitates addition of ‘Additional Trade Name’ under Same GSTIN: The Goods and Services Tax Network (GSTN) has enabled the new functionality in the official portal to add “Additional Trade Name” under the same Goods and Services Tax Identification Number (GSTIN). With this now, it is easy to do multiple businesses under the same Legal name with a different …
GST WEEKLY UPDATE :9/2022-23 (29.05.2022) CBIC waives GSTR-4 Late Fee: The CBIC has waived the late fee for GSTR-4 till 30th June 2022. GSTR-4 is a GST Return that has to be filed by a composition dealer. A dealer opting for the composition scheme is required to furnish only 1 return which is GSTR 4 once …
CBIC extends Due Date for filing GST PMT-06: The Central Board of Indirect Taxes and Customs (CBIC) has extended the due date for filing of GST PMT-06 till 27th May 2022. 2. CBIC extends Due Date for filing of GSTR-3B: Due the technical glitches in the Goods and Services Tax Network (GSTN), the Central …
GSTN Clarification On Incomplete GSTR-2B of April-2022: Regarding the incomplete GSTR-2B of April-2022, the GSTN clarified the following: It has been noticed that in a few cases, certain records are not reflected in the GSTR-2B statement for the period of April 2022. However, such records are visible in GSTR-2A of such recipients. The technical team …
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1. The Goods and Services Tax Network (GSTN) has issued an advisory to the composition taxpayers under the GST regime.: • Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while return in Form GSTR-4 is required to be filed on annual basis after end of a …
GST WEEKLY UPDATE :4/2022-23 (24.04.2022) Clarification in respect of refund of tax specified in section 77(1) of the UPSGST Act and section 19(1) of the IGST Act: Regarding the issues in respect of refund of tax wrongfully paid as specified in section 77(1) of the Uttar Pradesh Goods and Services Tax Act, 2017 (hereinafter referred …
2- Factor Authentication for e-Way Bill and e- Invoice System: To enhance the security of e-Way Bill/e-Invoice System, NIC is introducing 2- Factor Authentication for logging in to e-Way Bill/e-Invoice system. In addition to username and password, OTP will also be authenticated for login. There are 3 different ways of receiving the OTP. You may …
GST WEEKLY UPDATE :2/2022-23 GSTN enabled new functionality for filing of application of advance ruling, appeal, etc. by unregistered persons: The Goods and Services Tax Network (“GSTN”) has enabled new functionality to facilitate the filing of application of advance ruling, appeal, etc. by unregistered persons on the GST portal. 2. New Functionalities made available for …
Latest GST News, Information, Notifications & Announcements [Period 28/03/22 to 03/04/22] Government (CBIC) has issued detailed guidelines for Return Scrutiny under GST for FY 2017-18 and 2018-19: Such scrutiny of Returns would be in time bound manner. Some indicative list of parameters for scrutiny have been given in the guidelines as below: Difference in Tax …
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Government (CBIC) has issued detailed guidelines for Return Scrutiny under GST for FY 2017-18 and 2018-19: Such scrutiny of Returns would be in time bound manner. Some indicative list of parameters for scrutiny have been given in the guidelines as below:• Difference in Tax Liability between GSTR-1 and GSTR-3B.• RCM liability to be compared with …
GST WEEKLY UPDATE : 51/2021-22 (20.03.2022) CBIC enables Registration and Login for Taxpayers with Turnover Rs.20 cr: The CBIC has enabled the facility to Registration and Login for Taxpayers with Turnover Rs. 20to 50 crores. The CBIC had notified the reduction in the Applicability of GST E-invoicing threshold from Rs.50 Crores to Rs.20 Crores with …
1. GSTN enhances GST Registration Application user interface: User Interface (UI) with respect to the address fields in the Registration Application GST REG-01 has been enhanced as follows:- Incorporation of a map tile along with a drag and drop facility of address pinhead on to the exact location of the applicant’s address. Once selected, the …
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Taxpayers having T/O more than Rs.20 cr. are enabled for testing on sandbox system of the e-Invoice portal:As per the recent update by GST e-Invoice System, e-Invoicing is mandatory as per notification No. 01/2022 Dated 24, February, 2022 for the taxpayers with annual turnover more than Rs. 20 crores from April 01, 2022. The taxpayer …
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1.Revision of Limit of Aggregate Turnover For E-Invoice W.E.F. 01.04.2022: CBIC made E-invoice under GST mandatory for registered persons having aggregate turnover above ₹20 crore in any of the previous years from 2017-18 till 2021-22 with effect from 01st April, 2022. A registered person (other than a government department, a local authority, a Special Economic …
GSTN enabled feature to withdraw GST registration cancellation application: The Goods and Services Tax Network (GSTN) has enabled the feature to withdraw application for cancellation of GST registration on the GST portal. If the application for cancellation of GST registration is made by mistake and the applicant wishes to withdraw the application, then that may …
GST WEEKLY UPDATE : 46/2021-22 (13.02.2022) 1. Delhi Govt. issues Guidelines on issuance of SCN under GST: a) It should be issued only after proper inquiry/investigation i.e. when the facts used are ascertained and allegations are prima fade made out;b) It should be strictly in the format & manner prescribed under the GST Act and …
GST WEEKLY UPDATE : 45/2021-22 (06.02.2022) Budget amendment in GST & excise & Custom tax: GST: Now ITC can be availed as per GSTR-2B: ITC u/s 16(2)- ITC can be availed only if the same is not restricted under Section 38 – as per the details communicated to the purchaser in GSTR-2B. Now after the …
GSTN enables New Functionality of Interest Calculator in GSTR-3B on GST Portal: This functionality will facilitate & assist the taxpayers in doing self-assessment. This functionality will arrive at the system computed interest on the basis of the tax liability values declared by the taxpayers, along with the details about the period to which it pertains. …
1.GST portal show you E-mail & Cell phone number of jurisdictional Central and State GST officers: Check it out through the steps given below: 1. Login and go to Services ➜ Ledger ➜ Negative liability statement (don’t skip this)2. Now go to Services ➜ User Services ➜ Contacts 2. GST Scrutiny Guidelines Given By The Mahagst: The Maharashtra Government has issued Guidelines with respect to scrutiny …
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GST News – Get latest GST news, updates, announcements, information, and stories in India. Stay updated with all the current notifications GST WEEKLY UPDATE : 1. GePP-On new functionalities for generating E invoicing: To help businesses to generate e-invoices, NIC has released an application known as ‘GePP-On’. To generate e-invoices using GePP-on application, you need to enter …
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GST WEEKLY UPDATE : 41/2021-22 (09.01.2022) 1. GST portal allow to file Option to sent request to supplier for filling of GST return: The tab/ option Communicate on GST portal for the filling of the GSTR-1 return, An option has been enabled wherein the supplier can request the recipient to file GST 1 so as …
1. GST Tax Rates For Textile Industry: In 46th GST Council Meeting, it is decided that the existing rates in the textile sector would continue beyond 1st January, 2022. 2. CBIC notifies Mechanism for Filing of Refund Claim by Taxpayers Registered in erstwhile UT of Daman & Diu for Period prior to Merger with Dadra …
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Latest GST News, Information, Notifications & Announcements 1. CHANGES IN HSN CODES AS PER HS-2022 w.e.f 01.01.2022: The WCO has announced the New (Seventh) edition of HSN – HS-2022 w.e.f 01.01.2022. India being party to HS Convention will also align its First Schedule of Customs Tariff Act with HS-2022. The necessary changes required were already …
1. Clarifications Regarding E-commerce Operators Liable To Pay GST On Restaurant Services: CBIC clarified that the e-commerce operators are liable to pay GST on restaurant services. The GST Council in its 45th meeting held on 17th September, 2021 recommended to notify‚ ‘Restaurant Service’ under section 9(5) of the CGST Act, 2017. Accordingly, the tax on …
New Functionalities On GST Portal: Registration: – A functionality has been introduced for taxpayers to withdraw their application for cancellation of registration, filled in Form REG-16 Effective date of Suspension will be displayed on Portal. Refunds, Registration, Returns and Payment: – Earlier companies were mandatorily required to use DSC on the GST Portal now the facility of using …
GST WEEKLY UPDATE : 36/2021-22 (05.12.2021) Amended FORM GST DRC-03 by inserting specific option to make payments w.r.t. DRC-01A: The CBIC vide Notification No. 37/2021 – Central Tax, dated December 1, 2021, has issued the Central Goods and Services Tax (Ninth Amendment) Rules, 2021, to further amend the format of FORM GST DRC-03 i.e. intimation of payment …
1. Improvement In GSTR-1: Arevamped&enhancedversionofGSTR-1/IFFisbeingmadeavailableontheGSTPortaltoimprovethetaxpayer experience. GSTR-1 can be viewed as usual by navigating from Returns Dashboard > Selection of Period > Detailsofoutward supplies of goods or servicesGSTR-1 >PrepareOnline. Thefollowingprovidesanoverviewoftheupdatedfunctionalityandtheirbenefits inPhase1: (A) ReorganizedGSTR-1Dashboard–Taxpayerswillnowexperienceanenhancedonlineuserinterfacein GSTR-1/IFFwith the followingchanges: (i) GSTR-1/IFFhasbeengroupedintwosectionsnamelyADDRECORDDETAILSandAMENDRECORDDETAILS. (ii) Allthetables/tilesfornewdetailsadditionshallbeavailableunderADDRECORDDETAILS section while all the tables/tiles for amending previously filed details shall beavailable under AMEND RECORD …