GSTN now enables the option to download GSTR-2B summary and 2B in detail

GSTN now enables the option to download GSTR-2B summary and 2B in detail

The Goods and Service Tax Network (GSTN) has enabled the option to download GSTR-2B summary and GSTR-2B in detail on the GST Portal. The GSTR-2B is a new static month-wise auto-drafted statement for regular taxpayers introduced on the GST portal. It provides eligible and ineligible Input Tax Credit (ITC) for each month, similar to GSTR-2A but remains constant for a period. It is available to all the regular taxpayers. Every recipient can generate it on the basis of the GSTR-1,…

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CBIC clarifies Applicability of Dynamic QR Code on B2C Invoices

CBIC clarifies Applicability of Dynamic QR Code on B2C Invoices

The Central Board of Indirect Taxes and Customs (CBIC) notified the clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March 2020. The Notification No. 14/2020-Central Tax, dated 21st March 2020 had been issued which requires Dynamic QR Code on B2C invoice issued by taxpayers having aggregate turnover more than 500 crore rupees, w.e.f. December 1, 2020. Further, vide Notification No. 89/2020- Central Tax, dated 29th…

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GSTN issues Advisory on Annual Return Form GSTR-9

GSTN issues Advisory on Annual Return Form GSTR-9

The Goods and Service Tax Networks (GSTN) issued the Advisory on Annual Return Form GSTR-9. The GSTN advised the taxpayers 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. GSTR-9 is an annual return to be filed by all registered taxpayers under GST…

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Campaign against Fake Invoice: GST Wing detects 252 Fake Invoices, unlawful ITC claimed upto Rs.491 Cr

Campaign against Fake Invoice: GST Wing detects 252 Fake Invoices, unlawful ITC claimed upto Rs.491 Cr

The Enforcement and Compliance Monitoring Unit of GST & Central Excise, Chennai Outer CGST Commissionerate, have so far detected 252 fake invoice cases, with an intention to pass illegal and unlawful Input Tax credit to the tune of Rs.491 Crore. Fourteen persons have been arrested so far and further investigations are under progress. In order to create awareness regarding the economic impact of fake invoice menace, especially among tiny and small taxpayer’s / GST registrants, CGST Seva Kendra has launched…

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GST officers to immediately suspend taxpayer’s registration for ‘significant anomalies’ in sales return

GST officers to immediately suspend taxpayer’s registration for ‘significant anomalies’ in sales return

GST officers will immediately suspend registration of taxpayers whose sales return or GSTR-1 forms show “significant differences or anomalies” from the return filed by their suppliers, a move aimed at curbing tax evasion and safeguarding revenues. The Central Board of Indirect Taxes and Customs (CBIC) has issued a Standard Operating Procedure (SOP) for suspension of registration of a person on observance of such discrepancies /anomalies which indicate violation of the GST Act. As per the SOP, the registration of specified…

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GST: CBIC extends Sanction for pending IGST Refund Claims on GSTR-1 and GSTR-3B mismatch error

GST: CBIC extends Sanction for pending IGST Refund Claims on GSTR-1 and GSTR-3B mismatch error

The Central Board of Indirect Taxes and Customs (CBIC) notified the extension of Sanction for pending IGST refund claims where the records have not been transmitted to ICEGATE due to GSTR-1 and GSTR-3B mismatch error. The Board has received several representations in respect of IGST refunds which are pending due to mis-match of data between GSTR-1 and GSTR-3B. The resolution to the problem was provided by the Board, as an interim measure, vide Circular No. 12/2018-Cus dated May 29, 2018…

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GST: NIC issues list of GSTINs on whom E-Invoicing is Mandatory

GST: NIC issues list of GSTINs on whom E-Invoicing is Mandatory

The National Informatics Centre (NIC) has issued a list of GSTINs dated January 27, 2021, for whom e-invoicing shall be mandatory. There are 73308 GSTNs who are enlisted by the NIC for whom it is mandatory for the taxpayer to upload the invoice details and register supply transaction on the Government Invoice Registration Portal. ‘E-invoicing’ or ‘electronic invoicing’ is a system where the taxpayer will upload his invoice details and register his supply transaction on the Government Invoice Registration Portal…

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GST Returns: GSTN reminds due date for filing GSTR-3B for Taxpayers having turnover above Rs.5 cr

GST Returns: GSTN reminds due date for filing GSTR-3B for Taxpayers having turnover above Rs.5 cr

The Goods and Service Tax Network (GSTN) reminded all the taxpayers having turnover above Rs. 5 Crores the due date for filing GSTR-3B is 20 February, 2021. The Taxpayers with an annual turnover of over Rs.5 Crores filed their monthly GSTR-3B for January 2021 on or before 20 February, 2021 failing to attract a late fee and interest. GSTR-3B is a monthly self-declaration to be filed by a registered GST dealer along with GSTR 1 and GSTR 2 return forms….

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GST: CBIC issues SOP for implementation of Provision of Suspension of Registrations under Rule 21A(2A) of CGST Rules, 2017

GST: CBIC issues SOP for implementation of Provision of Suspension of Registrations under Rule 21A(2A) of CGST Rules, 2017

The Central Board of Indirect Taxes and Customs (CBIC) notified the Standard Operating Procedure (SOP) for implementation of the provision of suspension of registrations under sub-rule (2A) of rule 21A of CGST Rules, 2017. Sub-rule (2A) of rule 21A provides for immediate suspension of registration of a person, as a measure to safeguard the interest of revenue, on the observance of such discrepancies /anomalies which indicate a violation of the provisions of Act and rules made thereunder; and that continuation…

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Over Rs 2.06 trillion GST compensation to states due for April-November

Over Rs 2.06 trillion GST compensation to states due for April-November

The Centre has released Rs 84,000 crore till date to states under the special borrowing window to meet GST shortfall, while the provisional GST compensation due for April-November 2020 stands at over Rs 2.06 lakh crore, Parliament was informed on Monday. Minister of State for Finance Anurag Singh Thakur, in a written reply in the Lok Sabha, said GST compensation of Rs 40,000 crore has been released to all states/Union Territories to meet partly the bi-monthly compensation for period April-May…

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