Search Results for: goods and service tax

Taxpayers can use ITC to discharge GST dues for March

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

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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

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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

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

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

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

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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: GSTN issues Advisory on Payment of Tax by Fixed Sum Method under QRMP Scheme

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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:…

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GST portal experiences technical glitch raises worries of taxpayers

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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…

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GSTN enables facility of Communication between supplier and recipient on GST portal

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The Goods and Service Tax Network (GSTN) has enabled the new facility of “Communication between Taxpayers” on the GST portal After the introduction of this facility the supplier and recipient can directly communicate with each other on GST Portal itself. They can also give a reply to communication received on the portal. The GSTN has given this facility taking care of the requirement that the communication forms a significant part of GST as Input Tax Credit (ITC) in GST which…

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