Search Results for: GSt Network

GST Network issues FAQs on einvoicing scheme ahead of Oct 1 launch

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E-invoicing will not be applicable for business-to-consumer supplies or import bills of entries, while special economic zone units, banking companies, insurers, goods transport agencies and passenger transport companies will be exempt from issuing them. The GST Network issued clarifications through frequently asked questions on Monday, ahead of the October 1 launch of the scheme for businesses with more than Rs 500 crore turnover. The scheme will introduce a standard invoicing standard for all companies. “Businesses will continue to issue invoices…

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GST Network starts providing auto-drafted input tax credit statement to taxpayers

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Goods and Service Tax Network (GSTN), the information technology backbone provider for GST introduced new return filing form which has auto-populated input tax credit. The new form – GSTR 2B – has been activated for July 2020, and will be available for each month on the 12th day of the succeeding month. “It is expected that GSTR-2B will help in reduction in time taken for preparing return, minimising errors, assist reconciliation & simplify compliance relating to filing of returns,” GSTN said…

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GST Network makes annual returns available online for composition dealers

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The GST Network (GSTN) has made the annual returns for composition tax payers available on the GST portal. Composition dealers are those with the annual turnover of Rs 1.5 crore and who opt for a flat tax rate in GST, but without input tax credit. This will enable 1.7 million composition dealers to file their returns on an annual basis with effect from 2019-20. Prior to this period, the composition tax payers were required to file their returns every quarter. From 2019-20, only a…

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GST network in local lingo: GSTN CEO

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GST Network will be in all languages present in Schedule 8 of the Constitution in two months — a step that will make it easy for assesses in all states to upload returns and other documents with or without the help of a chartered accountant or advocates. Speaking to TOI, GSTN CEO Prakash Kumar said as of now the GSTN has asked all states to translate the details on the website. “At present, the GSTN is only in English and…

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GST Network to release new version of return filing interface on 22 October

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GST Network (GSTN) will release improved version of GST return filing interface on 22 October with an aim to further simplify the process. “Many of the suggestions were incorporated in version 2 which is in place right now. Version 3 is going to come on October 22 of this month,” GST Network CEO Prakash Kumar said at a seminar organised by IIT Delhi Alumni Association here. GST Network provides IT infrastructure and services to central and state governments, taxpayers and…

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GST Network starts online refund processing

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GST Network, the IT backbone of the indirect tax system, on Thursday unveiled an online refund process as decided by the GST Council. With the deployment of online refund functionality, taxpayers can now file refund application (in RFD 01 form) easily and tax officers can process the same online, GST Network said in a statement. All communications between taxpayers and tax officers will also be online. The online refund process has become effective from September 25, 2019, on the GST…

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GST network releases online version of two simplified forms for taxpayers

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The Goods and Services Tax Network (GSTN) on Friday released two forms– ANX-1 and ANX-2–for simplified online returns. A taxpayer will have to file FORM GST RET-1 (normal), or FORM GST RET-2 (Sahaj), or GST RET-3 (Sugam) returns. Annexure of supplies (GST ANX-1) and annexure of inward supplies (GST ANX-2) will also have to be uploaded on the tax portal as part of these returns. GSTN had earlier released the offline tools of these forms. With the release of the…

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GST Network has 1.2 crore taxpayers registered: CEO

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A total of 1.21 crore taxpayers have been registered by the Goods and Services Tax Network (GSTN), its CEO Prakash Kumar said on Friday. “We started with 60 lakh taxpayers. Today, we have 1.21 tax-payers registered and 57.12 crore e-way bills generated so far,” he said. An e-way bill is an electronic permit that was made mandatory for inter-state transport of goods from June 1, 2018. It is required to be generated for every inter-state movement of goods beyond 10…

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Two years on, GST network continues to be vulnerable

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Two years after its implementation, goods and services tax (GST) continues to be dogged by loopholes. The directorate general of GST Intelligence (DGSTI) has come across a case in which an assessee could secure ten times more input tax credit (ITC) than eligible by just adding one zero in the returns. In the case which involves a city-based business, it was found that the company had shown ITC to the tune of Rs3.5 crore instead of Rs35 lakh actually available,…

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Government Now Owns GST Network

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With the onset of the new single uniform tax process which has subsumed a number of previous multiple tax regimes including excise duty, additional excise duty, service tax, value added tax, sales tax, octroi, luxury tax, etc. Goods and Services Tax (hereinafter referred to as “GST”) is a single tax on the supply of goods and services. It is essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by…

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