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GST
Government plans to include GST in UPI QR code

Government plans to include GST in UPI QR code

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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 a cloud, there is no limit to the innovation that can take place. Additionally, information provided to the merchant and customer can grow manifold.

He said that the NPCI was working with banks and payment companies to create the capacity to handle a billion UPI transactions daily. “UPI has grown 250% in nine months. It is a journey where everyone has to keep investing,” he said.

Asbe was speaking at an event organised by Paytm to launch an upgraded version of its soundbox, which provides payment confirmation through audio and a screen. The payment company also launched a software application developed jointly with Visa which enables any NFC-equipped smartphone to accept contactless card payments from all card networks.

Speaking at the launch, Paytm founder Vijay Shekhar Sharma said that the company has sold 9 lakh point-of-sale (PoS) devices in 18 months and was targeting to upgrade 50 lakh merchants to accepting contactless payment over smartphones and IoT (internet of things, or net-connected) devices.

Sharma said that Paytm was already working on developing the dynamic QR that could incorporate GST. Speaking at the same event, Visa’s India chief T R Ramachandran said that with 25 billion IoT devices in the world, the scope for contactless payments has increased. He said that over 50 countries have increased their limit for contactless payments and the RBI has also revised the limit after analysing years of fraud data.

On the proposed licences for the new umbrella entities proposed by the RBI, Ramachandran said that the heterogeneous nature of the Indian market meant that one size does not fit all. He pointed out that there were under-penetrated segments in digital payments, such as B2B transactions and cross-border remittances. “It requires a thousand flowers to bloom to satisfy the appetite of India,” he said.

Source: Times-Of-India.

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GSTN
GST portal experiences technical glitch raises worries of taxpayers

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 later, in another tweet, it said: “Dear Taxpayers, we have again received complaints of denial of access to the portal and are working to resolve it. Inconvenience caused is regretted. Team Infosys-GSTN.”

The Infosys-GSTN team has finally confirmed in a tweet that the problem faced by the users has been resolved.

“Dear taxpayers, we observed some activity in cyber space by unscrupulous elements because of which some taxpayers may have experienced difficulties/delays in accessing GST Portal which otherwise is working fine. We have resolved the problem and blocked these activities. Kindly retry to access the portal. Inconvenience caused is regretted. Infosys-GSTN team,” it wrote on Twitter.

The Centre has extended the due date for furnishing annual GST or goods and services tax returns for the financial year 2019-20 by two more months. The new deadline is 28 February, 2021, instead of 31 December, 2020.
GST is an indirect tax that replaced a welter of indirect taxes in India such as the excise duty, services tax, and VAT. The GST Act was approved in Parliament on 29 March, 2017, and became law on 1, 2017.

Form GSTR 9 is used by the registered taxpayers to file a GST return every year.

Source: Live-Mint

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GST Return
GSTN enables option for opting quarterly filing of GST returns under QRMP Scheme

GSTN enables option for opting quarterly filing of GST returns under QRMP Scheme

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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 dues monthly through simple challan.

This form for opting in the scheme shall be made available from the 5th of December 2020. Currently, the message is shown on GSTN Portal.

Source: TaxScan.

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gstr 9
Due Date For Filing 2018-19 Annual GST Returns Extended Till December 31

Due Date For Filing 2018-19 Annual GST Returns Extended Till December 31

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The government on Saturday extended the due date for furnishing annual GST or goods and services tax returns for financial year 2018-19 by two months. The new deadline is December 31, instead of October 31. This is applicable to businesses filing annual returns as well as audit reports for the year to March 31, 2019. Earlier, the taxman had extended the due date by a month till October 31. Now, businesses can file the annual return, using Form GSTR-9, and the reconciliation statement, Form GSTR-9C, for financial year 2018-19 by December 31.

The Central Board of Indirect Taxes and Customs (CBIC) said the government has been receiving a number of representations on the need to extend the due date, on account of obstruction to business due to COVID-19-related restrictions.

Form GSTR 9 is used by registered taxpayers to file a GST return every year. The return contains details on inward and outward supplies under different heads.

Form GSTR-9C comprises a statement of reconciliation, matching details provided in a GSTR-9 return with the audited annual financial statements.

Currently, GST assessees with aggregate annual turnover of more than ₹ 2 crore have to furnish annual returns mandatorily. Only by registered GST assesses with aggregate annual turnover of more than ₹ 5 corer are required to file the reconciliation statement (GSTR-9C).

Source: NDTV.

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gstr 9
Government extends due date for GSTR-9 and GSTR 9C till October 31

Government extends due date for GSTR-9 and GSTR 9C till October 31

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The Government on Wednesday extended the due date to file GSTR9 and 9C for 2018-19 by a month.

“After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, Government has extended due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 from 30.09.2020 to 31.10.2020,” said a tweet from Central Board of Indirect Taxes and Customs (CBIC).


“With the GST annual compliance date coinciding with implementation of e-invoicing, the industry had given up hope on meeting both the statutory deadlines. Though announced at the last moment, still the deferment is likely to bring some respite to the industry,” said Harpreet Singh, Partner,  in India.

Earlier the Institute of Chartered Accountants of India (ICAI) has written to the GST Council seeking deferment of 2018-19 GST annual return filing deadline by three months till December 31. The government had in May extended the last date for filing annual GST return for financial year 2018-19 by three months till September 2020.

Source: Economic-Times

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Govt dumps new GST return system; to continue with modified version of existing one

Govt dumps new GST return system; to continue with modified version of existing one

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The government plans to improve existing GST return filing system instead of rolling out a new model. The new system was supposed to be launched on 1 October this year. Yogendra Garg, Principal Commissioner, GST Policy at CBIC, while speaking at a webinar hosted by Assocham, said that the move is aimed at making compliance much easier.

The GST Network, the IT support of the GST regime, is working on modifying and improving the current returns and will soon announce an advanced version of the existing system.

They are going to introduce a new form GSTR 2B, which like the GSTR 2A will have details of purchases of the company or business with added information on input tax credits. The existing GSTR 1 form, which captures sales-related information, will be more detailed. The Form GSTR 3B, which gives the tax computation, will be auto-populated.

New features likely to be added in the new improved version of the existing return system include matching tool for comparison of GSTR 2A with purchase register, communication channel between buyer and seller, and an improved comparison table of tax liability and input tax credit (ITC) after incorporating ITC on IGST paid on imports.

The GSTN is also looking to reduce error on part of taxpayers by improving the process of linking GSTR1 with GSTR3B and GSTR2A data with GSTR3B for flow of ITC.

Meanwhile, Garg also said that the e-invoicing, a form of electronically-authenticated invoices, will be implemented from 1 October only for businesses with turnover of Rs 500 crore or more. Earlier, it was planned to implement e-invoicing for businesses with turnover of Rs 100 crore or more in a year.

Source: Business-Today.

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GST Composition scheme
Govt extends FY20 GST return filing date for composition dealers till Aug 31

Govt extends FY20 GST return filing date for composition dealers till Aug 31

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The government has extended the due date for filing annual return by composition dealers for 2019-20 till August 31.

The Central Board of Indirect Taxes and Customs (CBIC) issued a notification, extending the deadline for filing GSTR-4 annual returns for 2019-20 by composition dealers from July 15 to August 31.

GST composition scheme can be opted by any taxpayer whose turnover is less than Rs 1.5 crore. Under the scheme, manufacturers and traders are required to pay GST at 1 per cent, while it is 5 per cent for restaurants (which do not serve alcohol).

Source: Economic-Times.

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gst erp
FM asks GST officers to proactively address issues faced by biz in tax compliance

FM asks GST officers to proactively address issues faced by biz in tax compliance

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Finance Minister Nirmala Sitharaman on Wednesday asked GST officers to foresee the issues faced by domestic businesses and address them proactively so that they can compete on a global scale and build a self-reliant India.

In a message to tax officers on the third anniversary of Goods and Services Tax (GST), Sitharaman also said there is scope for easing compliance further for taxpayers, especially MSMEs.

Asking taxmen to focus on the clarion call by Prime Minister Narendra Modi for an ‘Atmanirbhar Bharat’, she said for this motto of self reliance tax, especially GST, administration will have a large role to play.

“We must foresee the issues faced by our business community and proactively address the same to enable them to compete on a global scale. Only by this proactivity can we ensure much needed economic growth in near future,” she said in the message on the occasion of GST Day, 2020.

GST, which subsumed over a dozen local taxes, was introduced on July 1, 2017. Since then the GST process has been simplified and return filing made easy especially for small businesses.

The GST administration has also introduced SMS-based return filing system for ‘NIL’ filers.

Sitharaman said more efforts are required to ease tax compliance further for taxpayers and made an assurance that the government is committed to continuing these reforms in future as well to facilitate taxpayers.

“We must strive to make the tax administration so simple that taxpayers find it easy to comply with all their tax obligations. This is the true essence of ‘ease of doing business’ as far as tax administration is concerned,” she said.

The Minister also said the COVID-19 pandemic has led to some disruptions in the economic activities in the country.

She also congratulated Central Board of Indirect Taxes and Customs (CBIC) and its officers for handholding taxpayers during this crucial time and disbursing record amount of refunds to ease their cash flow.

Source: Economic-Times.

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gst moblie
Government rolls out facility of filing of Nil GST return through SMS

Government rolls out facility of filing of Nil GST return through SMS

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In a bid to make compliance easier for taxpayers, the Government on Monday allowed filing of Nil GST monthly return in FORM GSTR-3B through SMS.

This would substantially improve ease of GST compliance for over 22 lakh registered taxpayers who had to otherwise log into their account on the common portal and then file their returns every month.

Now, these taxpayers with NIL liability need not log on to the GST Portal and may file their NIL returns through a SMS. According to a statement, the functionality of filing Nil FORM GSTR-3B through SMS has been made available on the GSTN portal with immediate effect.

The status of the returns so filed can be tracked on the GST Portal by logging in to GSTIN account and navigating to Services>Returns>Track Return Status. The procedure to file Nil returns by SMS is as follows: –

“This is a good move by the Government to ease the compliance burden for taxpayers with nil liability. India ranks a lowly 115 out of around 190 countries in ease of paying taxes, and such initiatives are definitely needed to make the compliances easy, less time consuming and in line with global best practices,” said Harpreet Singh, Partner, KPMG India.

Similarly, MS Mani, Partner, Deloitte India says, “Filing Nil returns through an SMS would significantly help smaller businesses as they can now focus on businesses revival.”

Source: Economic-Times.

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GSTN
Nandan Nilekani gets govt summons over persisting GSTN glitches

Nandan Nilekani gets govt summons over persisting GSTN glitches

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The government has asked Infosys chairman Nandan Nilekani to explain why the IT major has failed to fix glitches in the GST Network.

According to TNN, Nilekani will have to make a presentation when the GST Council meets next.

The government recently staggerred the deadline for filing returns as Infosys executives were unable to address the concerns. These include a slow platform, log-in errors, as well as delays in getting one-time passwords (OTPs).

Meanwhile, in a strongly worded letter to Infosys on March 5, the ministry said some of the problems highlighted as early as 2018 are still unresolved and failures month after month lead to genuine taxpayers “getting frustrated”.

According to the report, the failure happened despite summons to senior company executives by revenue secretary A B P Pandey, prompting the finance ministry to take up the issue with Nilekani over a month ago. Finance minister Nirmala Sitharaman has also held discussions on the issue, discussing the GST Network, as well as Infosys’s role.

The IT company has developed the software for GST Network (GSTN) — which provides the technology backbone for Goods and Services Tax (GST).

The GST Council, headed by Sitharaman, is scheduled to meet on Saturday.

Officials admitted that the IT platform has not stabilised even two and a half years after GST was rolled out. Even earlier, a ministerial panel had ticked off Infosys as it believed that the IT major had not deputed senior executives across states to tackle glitches that had emerged, prompting the Bengaluru-based company to deploy better quality manpower.

Repeated problems with the platform, which taxpayers claimed often delay filings beyond the deadline and lead to penalties, have also led to the Supreme Court recently asking the government to resolve technical difficulties.

Source: Economic-Times

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