GST technical glitches behind input tax credit frauds: CAG report

GST technical glitches behind input tax credit frauds: CAG report

The Comptroller and Auditor General (CAG) of India has found that the goods and services tax (GST) system is prone to input tax credit (ITC) frauds due to complexity in the compliance system. “The originally envisaged system-validated ITC through ‘invoice matching’ had not been implemented. The complexity of return mechanism and technical glitches had resulted in roll-back of key GST returns, rendering the system prone to ITC frauds,” CAG said in its report submitted in Parliament on Wednesday. The GST…

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Taxpayers can use ITC to discharge GST dues for March

Taxpayers can use ITC to discharge GST dues for March

The Finance Ministry on Saturday said GST taxpayers can utilise the Input Tax Credit available in their credit ledger to discharge their GST dues for the month of March. “Taxpayers are free to utilise the Input Tax Credit available in their credit ledger, as permissible in law, to discharge their GST dues for the month of March, 2021 – the last month of this financial year,” the Central Board of Indirect Taxes and Customs (CBIC) said in a statement. Goods…

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GST: ITC to be availed based on details available in FORM GSTR-2B, clarifies CBIC

GST: ITC to be availed based on details available in FORM GSTR-2B, clarifies CBIC

The Central Board of Indirect Taxes and Customs (CBIC), via its Twitter, handle clarified that Input Tax Credit ( ITC ) can be availed based on details available in FORM GSTR-2B. The department was responding to an inquiry from one Mr. Rahul Modi, who asked whether the Goods and Service Tax Network (GSTN), whether ITC needs to be claimed as per 2A or 2B. “Many clients are filing their GSTR 1 after 12th of the months which gets reflected in…

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GST e-invoices spell end to sales under-reporting

GST e-invoices spell end to sales under-reporting

The practice among small businesses of issuing ‘kacha bills’ or informal sales invoices to under-report turnover is likely to become a thing of the past with the government quietly extending the scope of e-invoicing to ever more businesses. The requirement of e-invoicing —live reporting of business-to-business transactions to a government portal—which is being applied to ever more small businesses is set to make it harder to keep their final retail sales under wraps as the wholesale purchases have already been…

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Government plans to include GST in UPI QR code

Government plans to include GST in UPI QR code

The government is looking at upgrading the QR code for UPI in such a way that it can incorporate the GST component and show the same separately. This will enable the government to come out with fiscal incentives for payments that are made digitally. The National Payments Corporation of India (NPCI) is working on UPI to enable this feature, CEO Dilip Asbe revealed. According to Asbe, when both ends of the payment are driven by software with information going to…

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Mandatory to mention 4/6-digit HSN/SAC Code w.e.f. April 1, 2021

Mandatory to mention 4/6-digit HSN/SAC Code w.e.f. April 1, 2021

The Central Board of Indirect Taxes (CBIC) issued Notification No. 12/2017-Central Tax dated June 28, 2017, to show specified digits of Harmonised System of Nomenclature (HSN)/ Service Accounting Code (SAC) Code on raising of tax invoices for supply of goods or services as under: Subsequently, the above notification was amended vide Notification No. 78/2020 – Central Tax, dated October 15, 2020 to mandate 4/6- digit HSN/SAC Code on supply of goods or services on the tax invoices w.e.f. April 1,…

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Know 15 New Functionalities made available for Taxpayers on GST Portal from February 2021: GSTN

Know 15 New Functionalities made available for Taxpayers on GST Portal from February 2021: GSTN

The Goods and Service Tax Network (GSTN) has enabled the new functionality for Taxpayers on GST Portal from February 2021. 1. Post TRN Login, Tracking of Registration Application Status: The Search ARN Functionality for Registration, post TRN Login (i.e. after TRN is generated by taxpayer/ applicant but has not completed the filing of registration application), has been enhanced for the taxpayers. They will now be displayed at various stages of Registration, with the current status of their application in green…

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GST e-invoicing mandatory for turnover of Rs 50 cr and above from April 1

GST e-invoicing mandatory for turnover of Rs 50 cr and above from April 1

E-invoicing under the goods and services tax (GST) regime will become mandatory for entities with a turnover of Rs 50 crore and more from April 1 for business to business transactions, the government said in a notification on Monday. This will be the third phase of e-invoicing roll out, which was rolled out for entities with Rs 500 crore and more turnover from October 1 last year and later extended to entities with Rs 100 crore and above from January…

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Know the GSTR-1 Table-12 Upcoming changes on GST Portal: GSTN

Know the GSTR-1 Table-12 Upcoming changes on GST Portal: GSTN

The Goods and Service Tax Network (GSTN) has notified the Upcoming changes in GSTR-1 Table-12 on GST Portal. The Upcoming changes in Table-12 format of GSTR-1 Return are changes in the format of GSTR-1 Return and changes in the number of digits of the HSN Code to be reported. From 1st April 2021 onwards, it is mandatory to report a minimum 4 digit or 6 digits of HSN Code in Table-12 of GSTR-1 on the basis of Aggregate Turnover on…

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Govt extends due date for filing FY20 GST annual returns till March 31

Govt extends due date for filing FY20 GST annual returns till March 31

The government on Sunday extended the deadline for filing GST annual returns for 2019-20 fiscal by a month till March 31. This is the second extension given by the government. The deadline was earlier extended from December 31, 2020, to February 28. In view of the difficulties expressed by the taxpayers in meeting this time limit, Government has decided to further extend the due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 to March 31, 2021…

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