GSTN

B2C QR code extended by 3 months

GST Update: GSTN is Organising Webinar on E-Invoicing under GST

The Government had earlier mandated e-invoicing for the taxpayers with aggregate turnover exceeding Rs. 500 Cr. from 1st Oct., 2020 and for taxpayers with aggregate turnover exceeding Rs. 100 Cr. from 1st Jan., 2021. From 1st April, 2021, Government has mandated e-invoicing for taxpayers with aggregate turnover exceeding Rs. 50 Cr. (in any preceding financial …

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Latest GST Weekly News, Information, Judicial, Notifications & Announcements [Period 20/09/21 to 26/09/21]

New Functionalities on GST Portal You Must Know

Various new functionalities are implemented on the GST Portal for the benefit stakeholders. These functionalities are related to to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. Month/ Quarter wise functionalities deployed on GST Portal are as under. Functionalities deployed in February, 2021 Click Here to Download PDF Functionalities …

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GSTN Enables the Facility for Core Business Selection on GST Portal

Immediately after logging in to GST portal, a pop-up for core business selection is showing as per attached image. The pop-up is asking for identifying the core business i.e. trader/ manufacturer/ service provider etc. This is mandatory in nature. If you want to change the selection in future, you may navigate to- My Profile >> Core Business Activity Status.

Upcoming Changes in GSTR-1 You Must Know

Upcoming Changes in GSTR-1 You Must Know

GSTN has recently twitted about some upcoming changes in GSTR-1 which are as under:

1. Column “Total Value” to be removed from Table-12 (HSN wise summary of outward supplies) of Form GSTR-1.

2. A new entry “Rate of Tax” to be inserted in place of Column “Total Value”. Thus, HSN code to be reported Rate Wise.

3. Changes in reporting of number of digit of HSN code as per Notification No. 78/2020- Central Tax and 79/2020- Central Tax Dated 15/10/2020.

Important Advisory on GSTR-9 Annual Return by GSTN

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.

Don’t Forget to Avail the Benefit of QRMP Scheme in GST before 31 January, 2021

Government has launched Quarterly Return Monthly Payment (QRMP) Scheme in GST in order to accomplish the target of Ease of Compliance and Ease of Doing Business. To avail the benefit of this scheme, government has notified due dates, after which we can avail this scheme in next quarter. So, for the quarter January- March, 2020, the due date to opt QRMP Scheme is 31st January, 2021.

Tax Associations Come Together against Wrong Implementation of Tax Laws in India

Tax Associations Come Together against Wrong Implementation of Tax Laws in India

Tax Associations Come Together against Wrong Implementation of Tax Laws in India As we all know that tax implementation in our country is very poor. When portals are not working, government extend due dates but when taxpayers are not able to do compliance due to any reason/ pandemic, government is not extending due dates and …

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Reconciliation Between Books and GST Portal and Adjustments in GSTR-9 Annual Return

As we know that Reconciliation is most important part of GST. Without Reconciliation between Books and Portal, we can not determine how much tax is required to be paid/ how much ITC is required to be claimed in next year’s returns. Reconciliation also enable us to make proper adjustments in relevant tables of GSTR-9. To ease our Reconciliation process, I have prepared two examples which will guide us about how to reconcile books with GST Portal and also how to make relevant adjustments in GSTR-9.

WMTPA Calls for Nationwide Protest against GST and Income Tax Issues

WMTPA Calls for Nationwide Protest against GST and Income Tax Issues THE WESTERN MAHARASHTRA TAX PRACTITIONERS’ ASSOCITATION Yadav Vyapar Bhavan, Shivaji Road, 602, Shukarwar Peth, Pune 411 002 Phone No : 020-2447 0237.Website : http://www.wmtpa.org Email : thewmtpa@gmail.com ALL INDIA PROTEST CALL BY WMTPA On 29th Jan 2021, outside CGST Office in Each District/City of …

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How Tax Concept Became an Instrument for Inspiration to Top Winner of GST-n-You Creative Contest Mr. Viraj Rashmikant Raval

How Tax Concept Became an Instrument for Inspiration to Top Winner of GST-n-You Creative Contest Mr. Viraj Rashmikant Raval

How Tax Concept Became an Instrument for Inspiration to Top Winner of GST-n-You Creative Contest Mr. Viraj Rashmikant Raval GSTN had launched GST-n-You Creative Contest on 14.09.2020, so that professionals/ taxpayers/ other interested persons can participate in the contest by submitting their writeups or videos on some matters provided by the GSTN. One of the …

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GSTN Enabled Facility for “Communication between Taxpayers” on GSTN Portal

GSTN Enabled Facility for “Communication between Taxpayers” on GSTN Portal

GSTN Enabled Facility for “Communication between Taxpayers” on GSTN Portal Now, taxpayers registered on GSTN portal can send and receive notifications related to invoices/ debit notes/ credit notes for (A) file missing document, (B) rejected- amendment required, (C) rejected- wrongly send to me, (D) re-upload document, (E) payment made and (F) others. This will made …

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GST RATES APPLICABLE FOR JUTE & JUTE GOODS Prepared by IJMA based on decisions taken in GST Council Meetings (based on present HS Code classification as adopted by the Indian jute industry)

CBIC issues FAQs on Quarterly Return Monthly Payment (QRMP) Scheme in GST

What is “Quarterly Returns with Monthly Payment (QRMP)” Scheme? Answer: QRMP scheme is for small taxpayers to file their FORM GSTR1 and FORM GSTR-3B returns on quarterly basis while paying their tax dues monthly through a simple challan. Is this scheme available to everyone? Answer: No. This scheme is available only to those who are …

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GSTN Enabled Option for Opting Quarterly Filing of GST Returns under QRMP Scheme

Today, GSTN has enabled option for opting quarterly filing of GST returns under QRMP scheme. Payment will be monthly in this scheme. The said option can be navigated through : Services >> Returns >> Opt-in for Quarterly Return However, the window will open on 5th December, 2020. Currently, the message as shown in below picture …

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GSTN Portal Started Showing Annual Aggregate Turnover for Previous Financial Year

GSTN Portal Started Showing Annual Aggregate Turnover for Previous Financial Year Recently, GSTN has launched many new features on GSTN portal. One of its feature is that GSTN portal is now showing aggregate annual turnover for previous F.Y. after logging in to portal. The screenshot of which is attached here : The methodology to calculate …

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Outcome of 42nd GST Council Meeting Held on 05.10.2020

Outcome of 42nd GST Council Meeting Held on 05.10.2020

Outcome of 42nd GST Council Meeting Held on 05.10.2020 The GST Council has made the following recommendations:  (1.) Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June, 2022, for such period as may be required to meet the revenue gap. Further details to be worked out. (2.) …

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GSTN Launches GST-n-You Creative Contest

GSTN Launches GST-n-You Creative Contest

GSTN Launches GST-n-You Creative Contest GSTN Launches a creative contest namely “GST-n-You” today (14.09.2020). The last date to participate in the contest is 15.10.2020 Details of Contest: (1.) GSTN invites creative entries in form of videos (animation, tutorials, short-films etc.) of 30-120 seconds or static graphics on the various recent initiatives and reforms on GST, …

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