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GSTN adds New Feature in Portal

GSTN adds New Feature in Portal

The Goods and Services Tax Network ( GSTN ) has updated a new feature in the GST portal in connection with the filing of an application for ITC accumulated due to Inverted Tax Structure.

“While filing refund application of input tax credit (ITC) accumulated due to Inverted Tax Structure, the taxpayer can now enter his own GSTN in the inward supply detail statement on the portal,” GSTN said in a statement.

Recently, the GSTN enabled GSTR-9 on GSTN Portal for filing Annual Return. For Filing GSTR-9, an option of ‘Annual Return Tab’ has been enabled by the GSTN (Goods and Services Tax Network) which can be seen in the portal. The due date for furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C for the Financial Year 2017 – 2018 has been extended till 30.06.2019.

In January, the portal had updated two new features in the official website including System Generated Acknowledgement of Application of Appeal and the Population of Data from EWB System into Form GSTR-1. At the time of generating E-Way Bill for outward supply, taxpayers enter the details of outward supplies such as invoice number, Date, Value Tax etc. With the new functionality added in the portal, the taxpayers can now easily import these details of outward supply invoices, as indicated in the e-way bill at the time of preparation of Form GSTR-1, by clicking the import ‘EWB Data’ button on the GST Portal in following tiles, (i) B2B Invoices (ii) B2C Large Invoices (iii) HSN-wise summary of Outward supplies.

XaTTaX: Cloud and On-Premises Based GST Filing Software For India

Source: Tax Scan.
Taxpayers can compare tax liability declared in final, summary GST returns forms: GSTN

Taxpayers can compare tax liability declared in final, summary GST returns forms: GSTN

The GST Network (GSTN) on Tuesday said businesses registered under GST can now compare the tax liability declared as well as input tax credit claimed in their final and summary sales returns forms.

The GSTN, which handles the technology backbone for the new indirect tax, has provided a facility to the taxpayers to view and download a report on tax liability as declared in their form GSTR- 1 (final sales return) and as declared and paid in their return filed in form GSTR-3B (summary sales return).

While GSTR-1 for a month is filed by the 11th day of the succeeding month, GSTR-3B is filed and taxes paid by the 20th day of the succeeding month.

GSTN, in a statement said, since GSTR-1 and GSTR-3B are filed independent of each other, a need was felt to provide facility to view liability declared in both the forms at one place.

The new facility enables the taxpayers to view these two liabilities in one table for each return period at one place, which can be compared. This will enable taxpayers to make good of any differences between the two forms filed by them on GST portal, GSTN said.

Further, the GSTN has also provided taxpayers information regarding data of Input tax credit (ITC) as claimed in their form GSTR 3B and as accrued in form GSTR 2A, based on the return uploaded by the supplier.

This functionality has been provided in Returns dashboard on the GST Portal to taxpayers under the headings “Comparison of liability declared and ITC claimed”.

“This facility will help taxpayers in reconciling their liability and ITC details quickly. They can view the monthly comparison as well as cumulative comparison upto the month, on the GST Portal in the tables provided. This will help them in taking corrective steps,” GSTN CEO Prakash Kumar said.

 

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Source: Money Control.
GSTR-9 available on GSTN Portal for Filing Annual Return

GSTR-9 available on GSTN Portal for Filing Annual Return

The Central Government has enabled GSTR-9 on GSTN Portal for filing Annual Return. For Filing GSTR-9, an option of ‘Annual Return Tab’ has been enabled by the GSTN (Goods and Services Tax Network) which can be seen in the portal.

The due date for furnishing the annual returns in FORM GSTR-9, FORM GSTR-9A and reconciliation statement in FORM GSTR-9C for the Financial Year 2017 – 2018 has been extended till 30.06.2019.

GSTR-9 is prepared based on the earlier process of filling GSTR-1, GSTR-2, and GSTR-3. In GSTR-2, there was a requirement to report details of HSN wise summary of inward supplies. However, as GSTR-2 was not required to be filed till now, one will have to carry out an additional exercise to identify and report HSN wise summary from the books of accounts.

As per section 35(5) of CGST Act, every registered person whose turnover during the financial year exceeds prescribed limit (Rs. 2 cr.) shall get his accounts audited by a chartered accountant or a cost accountant and shall submit a copy of the audited annual accounts, the reconciliation statement under sub-section (2) of section 44 which is called GSTR-9C and such other documents in such form and manner as may be prescribed. Hence, the requirement of GST Audit u/s 35(5) would arise only if the prescribed limit of turnover exceeds Rs. 2 cr. and certified reconciliation statement -GSTR-9C shall require to be submitted.

On the other hand, GSTR-9 is an Annual return which is required to be filed by every registered person irrespective of the threshold limit of turnover.

Consequences for not filing GST Annual Return

Notice to return defaulters– Section 46) Where a registered person fails to furnish a return under section 39 or section 44 or section 45, a notice shall be issued requiring him to furnish such return within fifteen days in such form and manner as may be prescribed.

Levy of late fee– Section 47 (2) Any registered person who fails to furnish the return required under section 44 by the due date shall be liable to pay a late fee of one hundred rupees for every day during which such failure continues subject to a maximum of an amount calculated at a quarter percent. of his turnover in the State or Union territory.

 

Ease Your GST Filing & Invoice with XaTTaX GST Software

 

Source: Tax Scan.
GST 2.0: Preparing for integration of e-way bills with GST returns

GST 2.0: Preparing for integration of e-way bills with GST returns

As we prepare to enter the next phase of GST compliance, e-way bills are set to take center stage. With the two systems, GST return filings and e-way bills, likely to see integration and confluence, the challenges are important to make sure that businesses comply with them.

GSTN along with GST Council is steadily paving the way for a smooth transition into the GST 2.0 – the newly proposed GST Return filing system to be introduced on the GST portal. While the full-fledged implementation is starting from 1st July 2019, the pilot run is set to begin in April 2019. While the e-way bill site has seen significant developments in terms of the user interface since its inception, the GST authority has noticed that it is a right time to start integrating the same with GST portal.

One of its plan of actions is to disallow taxpayers from using the e-way bill site from generating e-way bills when they default in filing of GST Returns for two periods consecutively. This would apply when either of GSTR-3B or GSTR-4, whichever applicable, is not filed. It has been observed that most of the taxpayers generating e-way bills belong to the class of taxpayers contributing the most to the GST collections.

Further, sufficient time has lapsed in making sufficient e-way bill data available, which can now be analyzed and gaps can be identified. This change will act as an important tool to locate defaulting taxpayers to fix GST revenue collections. The effective date to implement the rule is still under wraps and currently, the validation on the portal is being worked on.

Another plan of action which has just seen a start is the invoice data transfer from the e-way bill portal to the GST portal for the filing of GSTR-1. This move meets a two-fold objective. The most evident one is to make the users feel accommodative of the ease in data-handling and achieving accuracy. The second objective is to allow real-time monitoring of the transactions to keep an eye on the cases of tax evasion.

The facility for importing e-way bill data for preparing GSTR-1 is already up and running on the GST portal login. It allows importing only those invoices against which e-way bills were generated during the tax period. This serves as an alternative mode of data ingestion apart from the existing methods like excel, JSON or API Integration. However, a taxpayer may still have to separately import the details of the invoices that are not subject to e-way bill rules. The integration works on the basis of a proper declaration of GST Identification number (GSTIN) while generating e-way bills.

It is a noble idea to eliminate the need for multiple feeds of the same invoice data by a taxpayer from the ERP or the accountant’s system onto the GST portal and e-way bill portal. It is a critical regulatory checkpoint to ensure the right amount of ITC claims by businesses through automation.

While these actions point towards the long-term goal of using technology to boost tax compliance, these are most likely to continue under the newly proposed GST Return filing system with few tweaks to fit into the system.

The new system proposes an automated intake of sales invoices on a real-time basis, it also allows the buyer to accept or reject these online, and facilitates seamless single return filing (MAIN Return) for the month. Buyers can also keep such invoices on hold for claiming the Input Tax Credit (ITC) in the following month. His actions will be visible to the seller too, thus enabling lesser turnaround time to file GST Returns.

Small taxpayers having less turnover have got multiple options to submit their quarterly returns – SAHAJ or SUGAM or a more elaborate version of the QUARTERLY return. Likewise, the composition dealers have to continue filing GSTR-4 with the frequency to file being changed now to yearly instead of quarterly.

The crucial aim of building the GST system is to allow a free and transparent flow of credit for taxpayers. The new system looks up to accomplish this. Despite the propositions, there will likely be a few hardships. The input claimed on the missing invoices by the recipient can be filed by the seller within next two tax periods from the input claimed by the recipient. However, if the same is not filed by the supplier, the input claimed by the recipient shall be ultimately reversed with interest and penalty.

Though, taxpayers will continue to face the risk due to the default of supplier when an invoice is not uploaded and returns are not filed timely. Recourse to a genuine buyer is still not available. With the eco-system will continue to evolve and compliance will take center stage for those who want to grow their business. These validations point out that the authorities are chalking out a definitive plan for making way to a smooth implementation of GST 2.0, its on ground implementation will be key.

XaTTaX: Cloud and On-Premises Based GST Filing Software For India

Source: Economic Times
GSTN Alert: New Functionalities enabled from January

GSTN Alert: New Functionalities enabled from January

The Goods and Services Tax Network ( GSTN ) has enabled several new functionalities from January 2019 for the taxpayers. They include the following:

  • Taxpayers can furnish details of security/surety in prescribed form ASMT-05. After submitting the form online, they are required to furnish a hard copy of the original bank guarantee/ surety/ security to the proper officer.
  • Taxpayers can submit an application for compounding of the offenses inform CPD-01.
  • Taxpayers or tax officer can file an application, for rectification of an order passed by an appellate authority (section 161 of CGST Act).
  • The taxpayer can upload notified statements and 5 supporting documents at the time of filing of the refund application, RFD-01A.
  • Tax officer can, after giving an opportunity of hearing to the taxpayer, either allow or reject an application for compounding of offense in form CPD-02.

Further, the below functionalities were added on the CBIC-GST portal for the taxpayers from January 2019.

  • Tax officers can download documents attached with refund application RFD-01A.
  • Tax officers can see GSTR 2A on credit admissible.
  • Tax officers can see ITC 04 on goods sent for job-work.
  • MIS report – on Nil return filers—for a month and for different returns.
  • MIS report—the formation-wise number of taxpayers available fora defined period.


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Source: Tax Scan.
Curb misuse of GST Act before it snowballs into a mega scam: HC

Curb misuse of GST Act before it snowballs into a mega scam: HC

Refuses to grant anticipatory bail to 9 individuals accused of cheating
Attempts to misuse the Goods and Services Tax (GST) by unscrupulous elements, who create fake invoices to claim input tax credit from the government, should be nipped in the bud to ensure that it does not grow into another mega scam having a direct impact on the nation’s economy, the Madras High Court has said.

Justice N. Anand Venkatesh made the observation while refusing to grant anticipatory bail to Vimal Nayan, Pramod Sharma, Ankit Sharma, Natesh Kothari, Narendra Kumar Kothari, Sanjay Kumar Sharma, Vikrant Sharma, Nemichand Kothari and Sandeep Kothari in a case booked under Central Goods and Services Tax Act of 2017.

The case of the prosecution was that several companies, as well as individuals, had registered themselves with the Goods and Services Tax Network (GSTN) portal and begun the practice of issuing fake invoices without supplying goods. The receiver of such invoices claims input tax credit by cheating the public exchequer.

‘Huge loss’
Claiming that the petitioners were part of one such transaction, Special Public Prosecutor for GST cases V. Venkateswaran told the court that what had been unearthed so far was only a tip of the iceberg whereas the offense was expected to unearth huge loss, running to several thousand crores, having been caused against the interest of the country’s economy.

Hence, the Principal Commissioner of Goods and Services Tax and Central Excise had decided to invoke the 2017 Act which provides for arresting the accused and imposing a maximum punishment of five years of imprisonment.

Since prima facie materials were available to suspect the involvement of the petitioners, the prosecution wanted to act fast against the perpetrators.

Observing that the department must be given complete freedom to investigate cases of the present nature because they involve national interest, Justice Venkatesh said: “This court by entertaining an anticipatory bail petition and by imposing certain conditions, should not tie the hands of the department in proceeding further.”

Though the petitioners’ contended that they need not be unnecessarily arrested in a case that rested entirely on written records, he said: “When the accused persons are charged with violation of CGST Act involving colossal loss of revenue and the investigation is at a very nascent stage, prudence demands that this court should keep its hands off.”

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Source: The Hindu.
GSTN Alert: Two New Features added in GST Portal

GSTN Alert: Two New Features added in GST Portal

The Goods and Services Tax Network ( GSTN ) has added two new features in the GST portal including List of Preferred Banks list while making Payment and the Monthly Refund applications by Quarterly GSTR-1 filers.

From now, every time a taxpayer makes GST payment using in the bank, it will be updated in the Preferred Bank list for that taxpayer. As per the statement issued by the GSTN, up to six preferred banks will be shown to the taxpayer while making e-payment on GST portal.

The GSTN further removed the restriction for applying for a refund on a quarterly basis for quarterly GSTR 1 filers. These taxpayers can now file refund application on a monthly basis if Form GSTR1 for the quarter is filed.


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Source: Taxscan
New system of filing returns under GST

New system of filing returns under GST

An ordinance issued to amend SGST Act, The State government has decided to amend the State Goods and Services Tax Act to provide a new system of filing returns and availing input tax credit under the GST.

It has been decided to provide an option for taxpayers to obtain multiple registrations for multiple places of business located within the same State. Separate registration would be provided for units in the special economic zones or developers.

Following the relaxations mooted by the GST Council during its recent meeting, the State government promulgated an Ordinance The Telangana Goods and Services Tax (Amendment) Ordinance 2019 on Wednesday. The Ordinance paves the way to insert a provision for temporary suspension of registration while the cancellation of the registration is under progress. It will allow enhancement of the limit of composition levy from ₹ 1 crore to ₹ 1.5 crores. In addition, composition taxpayers would be allowed to supply services (other than restaurant services) for value exceeding 10 % of the turnover in the preceding financial year or ₹ 5 lakh whichever is higher.

In respect of the reverse charge, the government would be empowered to notify classes of registered persons to pay the tax on reverse charge basis in respect of receipt of supplies of certain specified categories of goods or services or both from unregistered suppliers. The Ordinance also paves the way to increase the period of detention or seizure of goods and conveyance in transit from seven days to fourteen days. Further, it caps the pre-deposit amount payable for the filing of appeal at ₹ 25 crores.

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Source: The Hindu

GSTN develops system to fetch e-way bill data into monthly sales returns to curb evasion

GSTN develops system to fetch e-way bill data into monthly sales returns to curb evasion

Now, businesses supplying goods worth more than Rs 50,000 will have the option to include details of e-way bills generated while filing the final monthly sales return under GSTR-1, a move aimed at curbing tax evasion by reporting different sets of supplies data.

Matching of invoices of e-way bills with the sales shown in GSTR-1 will help taxmen in assessing whether the supplies have been accurately shown in sales return and GST paid on the same, tax experts said.

“To avoid double data entry, GSTN has provided a facility to taxpayers, where month’s e-way bill data is shown in format, which is required by a taxpayer to fill up the Form GSTR-1. The taxpayer can import data in his GSTR-1 form or import the same and use it with GSTR-1 offline tool to create his GSTR-1 Return Form,” GST Network said.

Touted as an anti-evasion measure, e-way bill system was rolled out on April 1, 2018, for moving goods worth over Rs 50,000 from one state to another. The same for intra or within the state movement was rolled out in a phased manner from April 15, 2018.

Following this, it has come to investigative officers’ notice that some transporters are doing multiple trips by generating only a single e-way bill or not reflecting e-way bill invoices while filing GSTR-1. It has also come to the notice that certain e-way bill is not being generated even as supplies are being made.

While generating e-way bill, details of supplier, receiver and other invoice details like number, date, goods, quantity, HSN code etc are provided by the taxpayer on e-way Bill Portal. This data is now transferred to GST portal, GSTN, which has developed the technology backbone for Goods and Services Tax (GST), said.

“With this facility, taxpayer will not be required to enter data in his Form GSTR-1 for all invoices for which he has generated e-way bill. This will avoid double data entry by taxpayers. This facility will help taxpayer to fill up their Form GSTR-1 in less time. This will also avoid any data entry mistakes made while filling details,” GSTN Chief Executive Prakash Kumar said.

GSTN said it has divided the taxpayers into three categories to download /import the data into GSTR-1. In last 18 months, around 90 per cent of taxpayers have reported up to 50 B2B and B2C large invoices in a month.

“Since these invoices can be easily seen on the screen, facility to import the data directly into GSTR-1 has been provided for such taxpayers. These taxpayers can edit the details imported in GSTR-1, if required, and then file their Form GSTR 1 online after adding other details like B2C supplies,” GSTN said.

For those having more than 50 invoices but up to 500, have been provided facility to download the data in a prescribed ‘csv’ file format, which can then be imported into GSTR 1 offline tool.

In case the number of invoices is more than 500, the invoice details can be imported from return Dashboard on GST portal as a ‘zip’ file. Tax payer can add more invoices (like those below Rs 50,000 in value) and upload in offline tool to prepare his/her return.

Linking of e-way bill data with GSTR-1 would help taxmen keep a tab on whether the supplies shown in e-way bill matches the sales shown in the returns form and thereby check evasion.

AMRG & Associates Partner Rajat Mohan said: “This facility would add to the immediate convenience of taxpayers, however, it would also prove to be a swift method of checking tax collections and any probable evasion.

“Once the system is stabilized, GSTN would have automated and regular reports of e-way bills transaction, which were not captured while filing outward supplies in GSTR-1”.


XaTTaX – World Class Automated eSolution for Return filing and e-Waybill

Source: Economic Time
Soon, no e-way bill if GST returns not filed for 6 months

Soon, no e-way bill if GST returns not filed for 6 months

Non-filers of GST returns for 6 consecutive months will soon be barred from generating e-way bills for movement of goods.

The Goods and Services Tax Network (GSTN) is developing such IT system that businesses who have not filed returns for two straight return filing cycle, which is 6 months, would be barred from generating e-way bills, an official said.

“As soon as the new IT system which will ensure barring of e-way Bill generation if returns are not filed for 6 months is put in place, the new rules will be notified,” an official told PTI.

The move, officials believe, would help check Goods and Services Tax (GST) evasion.

Central tax officers have detected 3,626 cases of GST evasion/violations cases, involving Rs 15,278.18 crore in April-December period.

Touted as an anti-evasion measure, e-way bill system was rolled out on April 1, 2018, for moving goods worth over Rs 50,000 from one state to another. The same for intra or within the state movement was rolled out in a phased manner from April 15.

Transporters of goods worth over Rs 50,000 would be required to present e-way bill during transit to a GST inspector, if asked.

Officials feel that to shore up revenue and increase compliance, stringent anti-evasion measures have to be put in place.

To this effect the revenue department is working towards integrating that e-way bill system with NHAI’s FASTag mechanism beginning April to help track movement of goods.

It has come to the investigative officers’ notice that some transporters are doing multiple trips by generating a single e-way bill. Integration of e-way bill with FASTag would help find the location of the vehicle, and when and how many times it has crossed the NHAI’s toll plazas.

As against the budgeted monthly revenue target of over Rs 1 lakh crore, GST collections have so far this fiscal averaged Rs 96,800 crore per month.


XaTTaX – World Class Automated eSolution for Return filing and e-Waybill

Source: Times of India