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

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

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

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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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gstr-9
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

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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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GST collection
February 2021 GST collection at Rs 1.13 lakh crore: Finance ministry

February 2021 GST collection at Rs 1.13 lakh crore: Finance ministry

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The GST collection in February this year stood at Rs 1.13 lakh crore, according to the data released by finance ministry on Monday. This is the fifth straight month of the GST collection exceeding the Rs 1 lakh crore-mark. The current mop-up is an increase of 7 per cent over the February collection last year. This is a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance, the finance ministry…

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

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 invoice
CBIC clarifies Applicability of Dynamic QR Code on B2C Invoices

CBIC clarifies Applicability of Dynamic QR Code on B2C Invoices

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The Central Board of Indirect Taxes and Customs (CBIC) notified the clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March 2020. The Notification No. 14/2020-Central Tax, dated 21st March 2020 had been issued which requires Dynamic QR Code on B2C invoice issued by taxpayers having aggregate turnover more than 500 crore rupees, w.e.f. December 1, 2020. Further, vide Notification No. 89/2020- Central Tax, dated 29th…

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gstr-9
GSTN issues Advisory on Annual Return Form GSTR-9

GSTN issues Advisory on Annual Return Form GSTR-9

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The Goods and Service Tax Networks (GSTN) issued the Advisory on Annual Return Form GSTR-9. The GSTN advised the taxpayers to ensure that values are reported upto two decimal places in the GSTR-9 offline utility. The error “Error! Invalid Summary payload” after uploading the JSON created from the Offline Utility of GSTR-9 is reported due to reporting values upto three decimal places instead of two decimals. GSTR-9 is an annual return to be filed by all registered taxpayers under GST…

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fake invoice
Campaign against Fake Invoice: GST Wing detects 252 Fake Invoices, unlawful ITC claimed upto Rs.491 Cr

Campaign against Fake Invoice: GST Wing detects 252 Fake Invoices, unlawful ITC claimed upto Rs.491 Cr

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The Enforcement and Compliance Monitoring Unit of GST & Central Excise, Chennai Outer CGST Commissionerate, have so far detected 252 fake invoice cases, with an intention to pass illegal and unlawful Input Tax credit to the tune of Rs.491 Crore. Fourteen persons have been arrested so far and further investigations are under progress. In order to create awareness regarding the economic impact of fake invoice menace, especially among tiny and small taxpayer’s / GST registrants, CGST Seva Kendra has launched…

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

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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IGST
GST: CBIC extends Sanction for pending IGST Refund Claims on GSTR-1 and GSTR-3B mismatch error

GST: CBIC extends Sanction for pending IGST Refund Claims on GSTR-1 and GSTR-3B mismatch error

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The Central Board of Indirect Taxes and Customs (CBIC) notified the extension of Sanction for pending IGST refund claims where the records have not been transmitted to ICEGATE due to GSTR-1 and GSTR-3B mismatch error. The Board has received several representations in respect of IGST refunds which are pending due to mis-match of data between GSTR-1 and GSTR-3B. The resolution to the problem was provided by the Board, as an interim measure, vide Circular No. 12/2018-Cus dated May 29, 2018…

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