GST
GST: CBIC issues Advisory on Implementation of PMT-03 to Re-Credit the ITC sanctioned as Refund

GST: CBIC issues Advisory on Implementation of PMT-03 to Re-Credit the ITC sanctioned as Refund

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The Central Board of Indirect Taxes and Customs (CBIC) has issued the advisory on the implementation of PMT-03 to re-credit the Input Tax Credit (ITC) sanctioned as a refund. The Board has highlighted the notification No.16/2020-Central Tax dated March 23, 2020, vide which sub-Rule (4A) has been inserted in Rule 86 of the CGST Rules, 2017 and Para 4 of the Circular No 135/05/2020 dated March 31, 2020, wherein the procedure for refund of tax paid on supplies, other than…

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e-way bill
GST officers to soon have real-time data on vehicles moving without e-way

GST officers to soon have real-time data on vehicles moving without e-way

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The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to help intercept stuck trucks at toll plazas and check GST evasion. The tax officers would also be provided analysis reports on identifying e-way bill EWB with no movement of goods as it would help officials identifying cases of circular trading. It would also provide reports on recycling of e-way bills for tax…

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GSTN
GST: Relaxation to assessee whose GSTIN has been cancelled during Mar 15, 2020, to Mar 14, 2021

GST: Relaxation to assessee whose GSTIN has been cancelled during Mar 15, 2020, to Mar 14, 2021

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The Commercial Tax Department Chennai issued the instructions to all the territorial joint commissioners in respect of the exclusion of the period from March 15, 2020, to March 14, 2021, from the limitation period. The Department has highlighted the Supreme Court’s observation, in view of the Global Pandemic Situation across the Country, took Suo Motu cognizance of the situation arising out of the difficulties faced by the litigants in filing petitions/applications/suits/appeals/all other proceedings within the period of limitation prescribed under…

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gst audit
GST Audit is not an avoidable Compliance, Chartered Accountant ensures checks and balances: ICAI President

GST Audit is not an avoidable Compliance, Chartered Accountant ensures checks and balances: ICAI President

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GST Audit is not an avoidable compliance. GST Audit by a Chartered Accountant ensures maker checker concept thereby detecting inconsistencies, lapses, errors and ambiguities, if any, in complying with the provisions of GST law, said the ICAI President CA. Nihar N. Jambusaria. The ICAI President said that, he met key Government functionaries to discuss matters related to contribution of accounting profession and its increasing role in economy. Our meeting with Smt. Nirmala Sitharaman, Hon’ble Union Finance and Corporate Affairs Minister…

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GST: CBIC issues Clarification on reporting 4-digit/6-digit HSNs

GST: CBIC issues Clarification on reporting 4-digit/6-digit HSNs

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The Central Board of Indirect Taxes and Customs ( CBIC ) has issued Clarification on reporting 4-digit/6-digit HSNs. GST helpdesk is in receipt of some tickets at helpdesk wherein it was reported that certain 6-digit HSN codes are not available in HSN Master/ not accepted on e-invoice/e-Way bill portals. Background: Notification No. 12/2017-Central Tax dated June 28, 2017, as amended vide Notification No. 78/2020 – Central Tax, dated October 15, 2020, mandates taxpayers to declare specified digits, as follows, of…

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Offline version for GSTR-4 launched on GST portal
Few more days to file your GST Annual Return Form GSTR-4: Know Complete details

Few more days to file your GST Annual Return Form GSTR-4: Know Complete details

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The last date of Annual Return Form GSTR-4 is April 30, 2021, so file your annual return without a late fee. The GSTR-4 is a GST Return that has to be filed by a composition dealer. Unlike a normal taxpayer who needs to furnish 3 monthly returns, a dealer opting for the composition scheme is required to furnish only 1 return which is GSTR 4 once in a year by the 30th of April, following a financial year. Salient Features…

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GST
Know 12 New Functionalities made available for Taxpayers on GST Portal

Know 12 New Functionalities made available for Taxpayers on GST Portal

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The Goods and Service Tax Networks (GSTN) has made available new functionalities pertaining to registration, returns, audit, front office, and Webinars Conducted for Taxpayers on GST Portal. 1. Assignment of new applications of registration, in certain cases, with same PAN and in same State/ UT New registration applications of the applicants, whose previous application for registration were either rejected by Tax Officer or whose GSTIN was cancelled (either suo-moto or if surrendered by the taxpayer), will now be assigned to…

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GSTN
Government allows further operational flexibility to GST filers

Government allows further operational flexibility to GST filers

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The government has allowed further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme of GST. These tax filers will now be permitted to declare invoices pertaining to movement of goods and services in their quarterly return form GSTR 1 to be filed in the last month of each quarter. As per an advisory issued by the Goods and Services Tax Network (GSTN), the taxpayer must ensure that any saved but not…

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E-invoice
India’s GST e-invoicing system registered nearly 40 cr invoices in first 6 month

India’s GST e-invoicing system registered nearly 40 cr invoices in first 6 month

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The Indian government’s GST e-invoice system has registered over 39.81 crore e-invoices over its first six months, the government announced today. Over 37.42 lakh of these e-invoices were generated on March 31 alone, which is the highest for a single day in the last six months. Over 47 lakh recipients were involved in these transactions. The Indian government’s e-invoice system was launched in October last year and required taxpayers whose annual aggregate turnover came in at over Rs. 500 crore…

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GST collection
GST collections hit record high of Rs 1.24 lakh crore in March

GST collections hit record high of Rs 1.24 lakh crore in March

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GST collections rose 27% to hit a record high of nearly Rs 1.24 lakh crore in March, helping to narrow the deficit for the full financial year to around 7%. The mop-up — based on sales in February 2021, for which returns were filed in March — was boosted by imports with revenue from imported goods jumping 70%, while those from domestic transactions, including services imports, were 17% higher than the corresponding period in 2020. The impact of the coronavirus…

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