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…
GST Network today allayed concerns of mixing up of taxpayers’ data on the portal, saying enough protection has been taken to guard against any overlapping. The Mumbai division of the Central Board of Excise and Customs (CBEC) had received complaints from certain taxpayers that the GST portal is mixing up their data with others. GST Network (GSTN), which provides technology backbone for the new indirect tax regime, said instances of one taxpayer’s information being shown to another have happened only at…
GSTN is starting a trial run of the network with 3000 tax payer from today onwards. During this period it will carried out dipstick study. The much awaited technology driven Good & Services Taxes (GST) which is likely to be rolled-out on July 1, 2017 will generate nearly three billion invoices every months. “GSTN is equipped to handle 2.6 billion transactions every month from an estimated 8 million GST tax payers,” said GSTN CEO, Prakash Kumar to Moneycontrol, adding that…
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…
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,…
The Goods and Services Tax Network ( GSTN ) has issued an advisory on Payment of Tax by Fixed Sum Method under QRMP Scheme. W.e.f. 1st January, 2021, following two options are available to the Taxpayers who are under Quarterly Returns and Monthly Payment of Tax (QRMP) Scheme for tax payment for first 02 months of a quarter: a. Fixed Sum Method: Portal can generate a pre-filled challan in Form GST PMT-06 based on his past record. b. Self-Assessment Method:…
The Goods and Services Tax (GST) portal experienced technical failure on Thursday, leaving taxpayers worried amid fast approaching due dates for return filing. The technical failure of the portal, which is maintained by Infosys, caused #gstnfailed to trend on Twitter. The official Twitter handle of the GST Network (GSTN) responded on the micro-blogging site saying: “Dear Taxpayers, we have received complaints regarding difficulty in accessing the portal. We are working to resolve the same and will keep you updated.” Hours…
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…
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…
The Goods and Service Tax Network (GSTN) has enabled the option for opting for quarterly filing of GST returns under the quarterly return with the monthly payment (QRMP) scheme. The GSTN announced that for the small taxpayers with annual aggregate turnover up to 5 Cr. will be made available on the common portal from 1st of January 2021. Once a taxpayer opts-in he may file his FORM GSTR-1 and FORM GSTR-3B returns on a quarterly basis while paying their tax…