CBIC reminds due dates for filing monthly GSTR-5 Return, GSTR-3B and GSTR-5A

CBIC reminds due dates for filing monthly GSTR-5 Return, GSTR-3B and GSTR-5A

The Central Board of Indirect Taxes and Customs (CBIC) notified January 20, 2021, as a due date for filing monthly GSTR-5 Return, GSTR-3B, and GSTR-5A. The Ministry of Finance announced for the non-resident GST payers that the due date for filing monthly GSTR-5 Return for the month of December 2020 is January 20, 2021, failing which will attract a late fee and interest. The Government announced for OIDAR service suppliers that the due date for filing monthly GSTR-5A return for…

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FinMin releases weekly installment of Rs 6,000 cr to states to meet GST compensation shortfall

FinMin releases weekly installment of Rs 6,000 cr to states to meet GST compensation shortfall

The Finance Ministry on Monday released the 12th instalment of Rs 6,000 crore to states to meet the GST compensation shortfall, taking the total amount released so far under this window to Rs 72,000 crore. The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of Goods and Services Tax (GST). The ministry in a statement said it has released the…

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GSTN issues Advisory on Auto-population of E-Invoice details into GSTR-1

GSTN issues Advisory on Auto-population of E-Invoice details into GSTR-1

The Goods and Services Tax Network (GSTN) has issued an advisory on Auto-population of E-Invoice details into GSTR-1. From 1-10-2020, certain notified taxpayers have been issuing invoices after obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). From 1-1-2021, the taxpayers with aggregate turnover above Rs. 100 Cr. had also started reporting invoices to IRP. Details from the reported e-invoices are being auto-populated in respective tables of GSTR-1. Update on the same was last published…

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Invoice Furnishing Facility (IFF) functionality now available on GST Portal

Invoice Furnishing Facility (IFF) functionality now available on GST Portal

The Goods and Service Tax Network (GSTN) has made available the new Invoice Furnishing Facility (IFF) functionality on the Goods and Service Tax (GST) Portal. The Invoice Furnishing Facility (IFF) is a facility where quarterly GSTR-1 filers can choose to upload their invoices every month. A quarterly GSTR-1 filer is a small taxpayer with a turnover of up to Rs.1.5 crore. The registered persons opting for the Scheme would be required to furnish the details of an outward supply in…

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GST E-Invoice System completed 3 months; Enabled more than 37000 Taxpayers to Generate more than 1680 Lakh IRNs

GST E-Invoice System completed 3 months; Enabled more than 37000 Taxpayers to Generate more than 1680 Lakh IRNs

GST e-invoice system, the game-changer in the GST system, has completed a journey of three months and has facilitated the smooth transition of the taxpayers to the new platform. It has enabled more than 37000 taxpayers to generate more than 1680 Lakh Invoice Reference Numbers (IRNs), during the last three months from the NIC developed e-Invoice system. Starting with 495 lakhs during October 2020, the generation of e-Invoice has increased to 589 lakhs in November 2020 and 603 Lakhs in…

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GST collection in December at all-time high with over Rs 1.15 lakh crore revenue

GST collection in December at all-time high with over Rs 1.15 lakh crore revenue

The Goods and Services Tax (GST) collection in the month of December as the month saw the collection of over Rs 1.15 lakh crore, the finance ministry said on Friday. December 2020 saw a record high of over Rs 1.15 lakh crore in the GST collection revenue. In fact, the revenues for the month of December 2020 are 12 per cent higher than the GST revenues in the same month in 2019. In November 2020, the GST collection had crossed…

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CBIC extends deadline for filing GST Annual Returns

CBIC extends deadline for filing GST Annual Returns

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the filing of GST Annual Returns ( GSTR-9 ) for the Financial Year 2019-2020 till February 28th, 2021. Earlier, the due date was December 31. There have been demands to extend the date for two reasons: first, the pandemic, and second, the due date for annual returns for FY19-20 is December 31. GSTR-9 is an annual return to be filed yearly by taxpayers registered under GST. It…

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New GST rule is not applicable for MSMEs

New GST rule is not applicable for MSMEs

Micro, small and medium enterprises (MSMEs) do not require to pay minimum 1% Goods and Services Tax (GST) liabilities in cash as businesses with annual turnover of less than Rs 6 crore are exempted from the new rule, a finance ministry official said. The Central Board of Indirect Taxes and Customs (CBIC) last week introduced a change in the GST rules that restricted the use of input tax credit (ITC) for discharging GST liability to 99%, the official said requesting…

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Businesses with monthly turnover of over Rs 50 lakh to pay at least 1% GST liability in cash

Businesses with monthly turnover of over Rs 50 lakh to pay at least 1% GST liability in cash

Businesses with monthly turnover of over Rs 50 lakh will have to mandatorily pay at least 1 per cent of their GST liability in cash, the Finance Ministry said as it moved to curb evasion by fake invoicing. The Central Board of Indirect Taxes and Customs (CBIC) has introduced Rule 86B in Goods and Services Tax (GST) rules which restricts use of input tax credit (ITC) for discharging GST liability to 99 per cent. “… The registered person shall not…

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Centre transfers Rs 42,000 crore to states after 7th weekly GST compensation tranche

Centre transfers Rs 42,000 crore to states after 7th weekly GST compensation tranche

The central government released the seventh weekly installment of Rs 6,000 crore under the first option of the goods and services tax (GST) compensation on Monday, taking the total amount provided to the states to Rs 42,000 crore. From the latest tranche, 23 states would get Rs 5,517 crore and the three Union Territories of Delhi, Jammu and Kashmir and Puducherry will receive Rs 483 crore, a finance ministry statement said. The five states of Arunachal Pradesh, Manipur, Mizoram, Nagaland…

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