Browsed by
Tag: GSTN

Few more days to file your GST Annual Return Form GSTR-4: Know Complete details

Few more days to file your GST Annual Return Form GSTR-4: Know Complete details

The last date of Annual Return Form GSTR-4 is April 30, 2021, so file your annual return without a late fee.

The GSTR-4 is a GST Return that has to be filed by a composition dealer. Unlike a normal taxpayer who needs to furnish 3 monthly returns, a dealer opting for the composition scheme is required to furnish only 1 return which is GSTR 4 once in a year by the 30th of April, following a financial year.

Salient Features of GSTR 4 Return Form

Firstly, GSTR 4 Returns will file on an annual basis for compounding Taxable persons. The last date for filing the GSTR- 4 (CMP-08) payment form is the 18th of the month following the quarter. GSTR 4 (CMP-08) returns can be filed on 18th April, 18th July, 18th October, and 18th January, and so forth.
Secondly, GSTR 4 Form is filed by all the taxpayers who registered under the composition scheme.
Thirdly, business entities registered under the composition scheme will be required to pay taxes at fixed rates quarterly without availing input tax credit facility.
Fourthly, the taxpayer will be required to show the total value of supplies made in a specific period and tax paid at the composition rate.
Fifthly, the taxpayer will be required to insert invoice- level purchase details for the purchases from normal taxpayers, which will be automatically updated GSTR 4A Form from supply invoice uploaded by the opposite party in GSTR 1.

Procedure for filing GSTR 4 Return Form

GSTR 4 return form is divided into 13 sections but it is not necessary to fill all these sections.
1.GSTIN
Every Taxpayer gets a state-wise PAN-based 15 digit Goods and Services Taxpayer Identification Number (GSTIN) from the Government. It must be noted that the identification of the taxpayer will be automatically filled at the time of filing return in the coming future.

2. Legal Name of the Registered Person and Trade name
The taxpayer name will automatically fill time of filing the returns at GSTN portal

3. Annual Turnover in the preceding Financial Year
A taxpayer will be required to fill all the information only for the first time of filing and after then it will be automatically updated in the succeeding years.

4. Inward supplies including supplies on which tax is to be paid on reverse charge
Inward supplies received from a registered supplier (other than supplies attracting reverse charge), the information will be auto-populated from the provided by the supplier in GSTR-1 and GSTR-5. Inward supplies received from a registered supplier (attracting reverse charge- this information will be automatically filled from the information provided by the supplier in GSTR-1, inward supplies received from an unregistered supplier, and Import of service. It must be noted that all inward supplies to composition will auto-filled here.

5. Amendments to details of inward supplies furnished in returns for earlier tax periods in Table 4
It will include amendment information mentioned in earlier tax periods and also original amendments of debit or credit note received, rate-wise. Place of supply to be mentioned in case if the same is different from the location of the recipient. While providing the information of the original debit /credit note, the details of the invoice must be provided in starting three columns, whereas, providing the revision of the details of the original debit /credit note shall be provided in the first three columns of Table.

6. Tax on outward supplies made
Under this section, you will provide the details of a tax rate, total turnover, out of turnover reported, and the composition tax amount including both central tax & State/UT tax.

7. Amendments to Outward Supply details furnished in returns for earlier tax periods in Table No. 6
Under this section, you will be able to rectify the incorrect details you provided in Table 6 in previous returns, without turnover reported details additionally added.

8. Consolidated Statement of Advances paid/Advance adjusted on account of receipt of supply
Under this, details of the advance paid relating to reverse charge supplies and if you paid taxes on them, adjustments against invoices issued to be mentioned in Table 8.

9. TDS Credit received
The Tax Deduct at Source will be auto-filled in Table 9.

10. Tax payable and paid
Under this section, you will be to provide the details of Integrated Tax, Central Tax, State/UT Tax, and cess tax amount payable as well tax amount paid

11. Interest, Late Fee payable and paid
This section for those taxpayers who have not paid the taxes timely.

12. Refund claimed from Electronic cash ledger
If in case the tax liability of the composition dealer is below than the TDS deducted, he can get a refund of balancing amount. The amount which is available for the refund will auto-filled under this section.

What happens after Form GSTR-4 (Annual Return) is filed?
After Form GSTR-4 (Annual Return) is filed:
1. ARN will be generated on successful filing of the Form.
2. An SMS and email will be sent to the mobile number of the authorized signatory on the successful filing of Form GSTR-4 (Annual Return).
3. Electronic Cash Ledger and Electronic Liability Register Part-I will get updated.

Late Fees and Penalty
A late fee of Rs. 200 per day is levied if the GSTR-4 is not filed within the due date. The maximum late fee that can be charged cannot exceed Rs. 5,000.

Source: TaxScan.

Get Your GST Returns Filed Easily and
Effortlessly!!!

Our GST software enables you to file your GST returns free of any hassle. Get more details by writing to us at gst@xattax.in.

Know 12 New Functionalities made available for Taxpayers on GST Portal

Know 12 New Functionalities made available for Taxpayers on GST Portal

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 respective authority of the State or Centre (who have earlier rejected the same), whenever these applicants/ taxpayers apply for registration under the same PAN and within the same State/ UT.
• Aadhaar Authentication enabled for Persons/ applicants applying for GST registration through MCA portal in SPICe -AGILE Form
The persons/ applicants applying for new registration in GST, through MCA portal in SPICe -AGILE Form, can now opt for Aadhaar Authentication (while applying for registration).
• Disabling entering Aadhaar number by Taxpayers/Applicants in registration application
The field for entering Aadhaar number has been disabled for Taxpayers in two scenarios.
Firstly, while adding Authorised Signatory/Authorised Representative through Non-Core amendment of registration.
Secondly, while adding Promoter/ Partner through Core amendment of registration.
The Applicants/ taxpayers adding details of Authorised Representatives in the New Registration application.
• Selection of Core Business Activity by existing Taxpayers on the GST Portal
The existing taxpayers have been provided with a functionality on the GST portal to select their core business activity. They can select one of the categories as their core business activity, based on their turnover namely Manufacturer, Wholesaler/Distributors/ Retailers, and Service Providers and others
• Reset button enabled on GST Portal for Form GSTR1/ IFF
Normal taxpayers, irrespective of their filing profile (of quarterly or monthly), have now been provided with a RESET button on the GST Portal, in Form GSTR-1/IFF. This will enable them to delete the entire saved data, for the specific return period, but not yet submitted or filed their Form GSTR-1 or Invoice Furnishing Facility (IFF).
• Reporting and paying interest & other amounts, in Form GSTR-5A by OIDAR registrants
A person registered as OIDAR can now declare interest and any other liabilities in Table 6 i.e. Interest or any other amount of their Form GSTR 5A and discharge it through Electronic Cash Ledger.
• Download of Table 5 data, after filing, enabled for Form GST ITC-04
The registered manufacturers who are required to file quarterly Form GST ITC-04 (to furnish details of inputs or capital goods, sent to a job worker without payment of tax), can now download the data of Table 5 of Form GST ITC-04 (on the GST Portal), after filing the Form, when there is change in the state code, due to merger or creation of a State/ UT. This is to download data, when there is change in State/ UT code, before the goods are received back.
• Filing of refund application in Form GST RFD-01, by exporter of services, in cases of Foreign exchange fluctuations
The system earlier validated the refund amount claimed by the exporter of services (with payment of tax), against the proceeds realised (against exports, as submitted by the claimant in form of FIRC). If the value realised mentioned in BRC/FIRC column, was less than the refund amount claimed, then such taxpayers were not allowed to file their refund application on GST Portal. This validation has now been removed and taxpayers will be able to file refund applications now in such cases (As the value realised in BRC/FIRC may fluctuate due to foreign exchange fluctuations and net realisation may be less than the refund amount).
• Audit related functionalities made available to taxpayers
All notices and reports issued by tax officials will be available to taxpayers under ‘Additional Notices and Orders’. Taxpayers can reply to the audit notices and can upload documents. Taxpayers can accept/reject/pay the liabilities, discrepancy-wise, as outlined in the Notice for Discrepancies or in Addl. Notice for Discrepancies (if any) or in Audit Report (Form GST ADT-02). Taxpayers can apply for Adjournment or for extension of the date of Audit to the tax officer.
1. Status of Aadhaar authentication or E- KYC verification of a GSTIN in search taxpayer functionality
In the Search Taxpayer functionality (both pre-login and post login), the user will now be shown status of Aadhaar authentication or E-KYC verification of the searched GSTIN.
1. Change in label and functionality of HSN / Service Classification Code Tax Rate search
The label for “Search HSN / Service Classification Code Tax Rate” has now been changed to “Search HSN Code”. The functionality also has been enhanced wherein if the user searches for an item or a HSN code, the output is displayed systematically under the associated Chapter head, the description of the keyed- in HSN code and also other associated HSN codes (all hyperlinked) along with it. (Services> User Services > Search HSN Code).
1. Webinar
The Webinar on e-Invoicing for Taxpayers especially for those who are going to start e-invoicing from March 1, 2021 onwards.

Source: TaxScan. 

Get Your GST Returns Filed Easily and
Effortlessly!!!

Our GST software enables you to file your GST returns free of any hassle. Get more details by writing to us at gst@xattax.in.

Government allows further operational flexibility to GST filers

Government allows further operational flexibility to GST filers

The government has allowed further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme of GST.

These tax filers will now be permitted to declare invoices pertaining to movement of goods and services in their quarterly return form GSTR 1 to be filed in the last month of each quarter.

As per an advisory issued by the Goods and Services Tax Network (GSTN), the taxpayer must ensure that any saved but not Filed/Submitted IFF (Invoice Furnishing Facility) records for the first two months of the quarter i.e. month of Jan-2021 or Feb-2021 must be deleted using RESET button before filing GSTR-1 for Jan-Mar-2021 quarter.

The advisory added that the deleted records should be added in GSTR-1 for Jan-Mar-2021 quarter after deleting the saved records from IFF. In future this may not be required as invoices already saved in any of the months on the quarter may be either deleted/moved to quarterly GSTR-1 by a functionality to be introduced shortly.

The advisory also said that any submitted but not filed IFF for the month of Jan-2021 or Feb-2021 must be filed before filing GSTR-1 for Jan-Mar-2021 quarter.

The advisory has been issued for filing quarterly GSTR-1 for January – March 2021 under QRMP scheme.

The taxpayers under QRMP scheme have a facility to file Invoice Furnishing Facility (IFF) in first two months of the quarter and file Form GSTR-1 in third month of the quarter. As IFF is an optional facility it cannot be filed after the end date (13th of the month succeeding the IFF period).

The document saved in IFF, where taxpayer has not filed by the end date, cannot be filed anymore. Hence taxpayers have a been asked to declare such document in the GSTR-1 for the quarter.

Source: Business-Standard.

XaTTaX is Best GST Software, Simplify your Financial matters with GST eFiling Software for Return Filing & GST Billing Software in India.

  • Automate Invoicing and get Paid Faster
  • Integration with all popular accounting software
  • Manage your GST and E-WayBill Software anytime anywhere using multiple devices

Get Our GST Software DEMO and E-WAY BILL DEMO for FREE

GST: Govt. issues Advisory on Opting-in for Composition Scheme for Financial year 2021-22

GST: Govt. issues Advisory on Opting-in for Composition Scheme for Financial year 2021-22

The Goods and Services Tax Network (GSTN) has issued Advisory on Opting-in for Composition Scheme for Financial year 2021-22.

How to opt-in for Composition Scheme:
1. The eligible registered taxpayers, who want to opt-in for composition scheme for the FY 2021-22, need to file FORM GST CMP-02 application, on or before 31st March, 2021, post login on GST portal. The taxpayers may navigate as follows:

Log-in>Services > Registration > Application to opt for Composition Levy>Filing form GST CMP-02>File application under DSC/EVC

1. Once Form GST CMP-02 application is filed, the composition scheme will be available to the taxpayer, w.e.f. 1st April 2021.
2. The taxpayers already opted in for composition scheme earlier are not required to opt in again for FY 2021-2022.
3. Taxpayers who were regular taxpayers in previous FY, but are opting-in for composition scheme for 2021-22, must file Form GST ITC-03 for reversal of ITC on stocks of inputs, semi-finished goods and finished goods available with them, within 60 days from the effective date of opting in.

Who is eligible for opting-in for Composition Scheme:– Following Normal taxpayers, who don’t want to avail ITC facility, may opt for this scheme:

1. having aggregate turnover (at PAN level) upto Rs. 1.5 Crore in the previous FY.
2. having aggregate turnover (at PAN level) upto Rs. 75 lakh in the previous FY and who are registered in Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura & Uttarakhand.
3. supplying services and/or mixed supplies having aggregate turnover of previous FY upto Rs. 50 lakhs.

Who is not eligible for opting in composition scheme:
1. Suppliers of the goods/services who are not liable to pay tax under GST
2. Inter-State outward suppliers of goods/services
3. Taxpayers supplying goods through e-commerce operators who are required to collect tax under sec 52
4. The manufacturers of notified goods like Ice cream and other edible ice, whether or not containing cocoa, tobacco and manufactured tobacco substitutes, Pan Masala & Aerated water

Source: TaxScan.

XaTTaX is Best GST Software, Simplify your Financial matters with GST eFiling Software for Return Filing & GST Billing Software in India.

  • Automate Invoicing and get Paid Faster
  • Integration with all popular accounting software
  • Manage your GST and E-WayBill Software anytime anywhere using multiple devices

Get Our GST Software DEMO and E-WAY BILL DEMO for FREE

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 2A but not in 2B which shows difference in ITC with auto populated data,” he added.

The GSTN responded that it was a policy-related issue and has been forwarded to the Government.

“Input tax credit is required to be availed based on details available in FORM GSTR-2B, which is a static ITC statement generated for each month,” the Board tweeted.

Dear Taxpayer,

Input tax credit is required to be availed based on details available in FORM GSTR-2B, which is a static ITC statement generated for each month.
— CBIC (@cbic_india) March 15, 2021

Source: TaxScan.

Get Your GST Returns Filed Easily and
Effortlessly!!!

Our GST software enables you to file your GST returns free of any hassle. Get more details by writing to us at gst@xattax.in.

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 colour and remaining pending stages being greyed out.

2. Issuance of Form GSTR 3A, for Non Filing of GSTR-3B Returns to taxpayers, under QRMP scheme:
Functionality has been deployed on GST Portal for issuance of system generated notice in Form GSTR-3A, to the taxpayers who have opted for/ assigned to QRMP Scheme and fail to file their GSTR-3B return on quarterly frequency, by due date.

3. Discontinuation of filing of Form GSTR-9A, for FY 2019-20 & onwards:
The facility of filing Annual Returns in Form GSTR-9A by taxpayers in Composition Scheme, as per proviso to sub-section (1) Section 44 has been done away with on GST Portal, from FY 2019-20 & onwards. Thus, now taxpayers will not be able to view/save/file Form GSTR-9A for FY 2019-20 & onwards. Filing of the said return for the FY 2017-18 and 2018-19 is available (& is optional).

4. Facility to file NIL Form GST ITC-03 by the taxpayers opting in to Composition scheme:
Existing taxpayers while opting for composition scheme are required to file details of stock in Form GST ITC-03 and pay tax on the stock (on which ITC has been claimed by them). Now a facility has been provided on the GST Portal to such taxpayers to file NIL Form GST ITC-03.

5. Validation of date on entry of invoices of cancelled suppliers and date of registration, in Form GSTR-6 and showing of tax period and filing status in Excel download of Form GSTR 6A:
An ISD distributes the credit availed on inward supplies, received from the suppliers, to its units through monthly return, filed in Form GSTR-6. ISDs would now not be able to enter invoices/debit notes/credit notes of their suppliers having cancelled status in their Form GSTR 6, having date after their effective date of cancellation, or having date before the date of grant of registration to suppliers or that of ISD (itself).

6. Implementation of 35% Challan in QRMP Scheme in Form GST PMT-06 for making payment:
From 1st January, 2021, the two options namely Fixed Sum Method and Self-Assessment Method are made 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.
Fixed Sum Method: Portal can generate a pre-filled challan in Form GST PMT-06, based on past record.
Self-Assessment Method: The tax due is to be paid on actual supplies, after deducting the Input Tax Credit available.

7. Editing the Auto- population of some data in Form GSTR-3B:
Now, in case a taxpayer decreases the liability or increases the ITC availment by editing these values, beyond the designated threshold of 5%, the system will show a warning message to the taxpayer.
Similarly, if a taxpayer decreases the reverse charge liability in Table 3.1(d) and ITC reversal in Table 4B in Form GSTR-3B, auto-populated from system generated Form GSTR-2B, the system will show a warning message.

8. Pre login Tracking of Refund Application Status:
Now taxpayers can navigate to Services > Track Application Status > Select the Refund option > Enter ARN to track their refund application, without logging into the GST Portal. This will display various stages of Refund application filed by them, with the current status of their application in green colour and remaining pending stages being greyed out.

9.Withdrawal of Refund Application by Taxpayer, in Form GST RFD-01W:
Earlier the taxpayers had no option to withdraw their refund applications, if they have committed any mistakes, while filing the application. A functionality has now been implemented for the taxpayer, to withdraw an already filed refund application, by filing Form GST RFD-01W (until the Refund Processing Officer issues an acknowledgement in Form GST RFD-02 or a deficiency memo in Form GST RFD-03).

10. Enabling taxpayers/ applicants with (only) TRN, to manually enter bank account details in Refund Application in Form GST RFD-01:
So far the taxpayers/applicants having (only) TRN were unable to file an application for refund, as they were not allowed to enter or add bank account details in the Registration Module. To enable filing of Refund Application by such taxpayers/applicants, a facility has been made available to them for manual entry of bank account details in Form GST RFD-01, while filing an application for refund.

11. Selection of two more reasons for voluntary payment in Form GST DRC-03:
The two reasons have been included for selection in drop down list for Form GST DRC-03, for the taxpayers to make voluntary payment namely Liability Mismatch – GSTR-1 to GSTR-3B and ITC Mismatch – GSTR-2A/2B to GSTR-3B.

12. Auto-generation of Form GST DRC-01 and its availability to the taxpayer on the GST Portal:
As per Rule 142(1) of the CGST/SGST Rules, summary in Form GST DRC-01, is required to be served to the taxpayer along with the notice issued by the tax official under Section 73, 74, 129, 130 etc. The auto-generation of Form GST DRC-01 (upon issuance of SCN/MOV-07/MOV-10 in Enforcement Module) has been enabled on the GST Portal and the same is now made available to the taxpayer under Additional Notices & Orders sub menu

13. Saving Advance Ruling/Advance Ruling Appeal applications by applicants:
Applicants can now save Advance Ruling/Advance Ruling Appeal applications upto 15 days, before editing and filing it on GST Portal. These applications in the saved stage will be automatically purged after 15 days.

14. Additional information about taxpayers under Search Taxpayer functionality:
In the “Search Taxpayer” functionality (Search Taxpayer> Search by GSTIN/UIN) available on the GST Portal, Post Login, users can now view certain additional details like Aadhar Authentication, e-KYC Verification, Compliance Rating, GSTIN/UIN status update, Annual Aggregate Turnover, Gross Taxable Income etc of the taxpayer.

15. Furnishing of details in IFF and Payment of tax (Form GST PMT- 06) by taxpayers in QRMP scheme:
The Webinars has been conducted in various languages namely English, Hindi, Marathi, Telugu and Tamil.

Source: TaxScan. 


XaTTaX is Best GST Software, Simplify your Financial matters with GST eFiling Software for Return Filing & GST Billing Software in India.

  • Automate Invoicing and get Paid Faster
  • Integration with all popular accounting software
  • Manage your GST and E-WayBill Software anytime anywhere using multiple devices

Get Our GST Software DEMO and E-WAY BILL DEMO for FREE

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 1 this year. The government had earlier planned to extend e-invoicing to all entities from April 1, 2021, but has refrained, taking care of interest of small entities.

The system is aimed at bringing in more transparency in sales reporting, minimising errors and mismatches, automating data entry work, and improving compliance. It will help prevent tax evasion once it is made mandatory for small and medium firms in phases.

Rajat Mohan, partner, Associates said, “Government had earlier planned to roll out the electronic invoicing system for all business-to-business (B2B) transactions from April 1, whereas government has now zeroed on a threshold of Rs 50 crores. Keeping MSME organisations with turnover of upto Rs 50 crores out of the E-invoicing net would help them thrive and grow without any change in business processes.

Under e-invoicing, companies have to generate an invoice registration number (IRN) from a government portal and it has to be shown to the authorities while moving goods. Sectors like transportation, insurance and banking companies, other financial institutions, non-banking financial companies, goods transportation agencies, and passenger transportation services are exempt from e-invoicing. Besides, units in special economic zones too are exempt from this.

Source: Business-Standard 

XaTTaX is Best GST Software, Simplify your Financial matters with GST eFiling Software for Return Filing & GST Billing Software in India.

  • Automate Invoicing and get Paid Faster
  • Integration with all popular accounting software
  • Manage your GST and E-WayBill Software anytime anywhere using multiple devices

Get Our GST Software DEMO and E-WAY BILL DEMO for FREE

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 PAN in the preceding Financial Year.

If the Aggregate Turnover is Upto Rs. 5 Crore then Minimum 4 digit reporting of HSN Code, Mandatory reporting of all B2B supplies & exports (includes supplies made to SEZ units & developers and Deemed Exports) and Optional reporting of HSN Code for all B2C supplies will be there.

If the Aggregate Turnover is more than Rs. 5 Crore the Minimum 6 digit reporting of HSN Code and mandatory reporting of all supplies, including exports (includes supplies made to SEZ units & developers and Deemed Exports).

Source: TaxScan 

XaTTaX is Best GST Software, Simplify your Financial matters with GST eFiling Software for Return Filing & GST Billing Software in India.

  • Automate Invoicing and get Paid Faster
  • Integration with all popular accounting software
  • Manage your GST and E-WayBill Software anytime anywhere using multiple devices
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

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, GSTR-5 and GSTR-6 furnished by their suppliers. The statement will clearly show document-wise details of ITC eligibility.

Source: TaxScan. 

Get Your GST Returns Filed Easily and
Effortlessly!!!

Our GST software enables you to file your GST returns free of any hassle. Get more details by writing to us at gst@xattax.in.

CBIC clarifies Applicability of Dynamic QR Code on B2C Invoices

CBIC clarifies Applicability of Dynamic QR Code on B2C Invoices

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 November 2020, penalty has been waived for non-compliance of the provisions of Notification No.14/2020 Central Tax for the period from 1st December, 2020 to 31st March, 2021, subject to the condition that the said person complies with the provisions of the said Notification from 01st April, 2021.

The Board has received various references from trade and industry seeking clarification on applicability of Dynamic QR Code on B2C (Registered person to Customer) invoices and compliance of Notification No. 14/2020-Central Tax, dated 21stMarch, 2020 as amended.

The issues have been examined and in order to ensure uniformity in the implementation of the provisions of the law across the field formations the Board, in the exercise of its powers conferred under section 168(1) of the CGST Act, 2017, clarified various issues.

Firstly, notification No 14/2020- Central Tax dated 21st March, 2020 is applicable to a tax invoice issued to an unregistered person by a registered person (B2C invoice) whose annual aggregate turnover exceeds Rs.500 Crores in any of the financial years from 2017-18 onwards.

However, the said notification is not applicable to an invoice issued in cases where the supplier of taxable service is an insurer or a banking company or a financial institution, including a non-banking financial company; a goods transport supplying services in relation to transportation of goods by road in a goods carriage; supplying passenger transportation service; agency supplying services by way of admission to exhibition of cinematography in films in multiplex screens and OIDAR supplies made by any registered person, who has obtained registration under section 14 of the IGST Act 2017, to an unregistered person.

As regards the supplies made for exports, though such supplies are made by a registered person to an unregistered person, however, as e-invoices are required to be issued in respect of supplies for exports, in terms of Notification no. 13/2020-Central Tax, dated 21st March 2020 treating them as Business to Business (B2B) supplies, Notification no. 14/2020- Central Tax, dated 21st March 2020 will not be applicable to them.

Secondly, CBIC clarified that Dynamic QR Code, in terms of Notification No. 14/2020-Central Tax, dated 21st March 2020 is required, inter-alia, to contain the information namely Supplier GSTIN number, Supplier UPI ID, Payee’s Bank A/C number, and IFSC, Invoice number & invoice date, Total Invoice Value and GST amount along with breakup i.e. CGST, SGST, IGST, CESS, etc. Further, a Dynamic QR Code should be such that it can be scanned to make a digital payment.

Thirdly, if the supplier has issued invoice having Dynamic QR Code for payment, the said invoice shall be deemed to have complied with Dynamic QR Code requirements.

In cases where the supplier, has digitally displayed the Dynamic QR Code and the customer pays for the invoice Using any mode like UPI, credit/ debit card or online banking or cash or combination of various modes of payment, with or without using Dynamic QR Code, and the supplier provides a cross reference of the payment (transaction id along with date, time and amount of payment, mode of payment like UPI, Credit card, Debit card, online banking etc.) on the invoice ; or in cash, without using Dynamic QR Code and the supplier provides a cross reference of the amount paid in cash , along with date of such payment on the invoice;

The said invoice shall be deemed to have complied with the requirement of having Dynamic QR Code.

Fourthly, if the cross reference of the payment made using such electronic modes of payment is made on the invoice, the invoice shall be deemed to comply with the requirement of Dynamic QR Code. However, if payment is made after generation / issuance of invoice, the supplier shall provide Dynamic QR Code on the invoice.

Fifthly, if cross reference of the payment received either through electronic mode or through cash or combination thereof is made on the invoice, then the invoice would be deemed to have complied with the requirement of Dynamic QR Code.

In cases other than pre-paid supply i.e. where payment is made after generation / issuance of invoice, the supplier shall provide Dynamic QR Code on the invoice.

Lastly, the provisions of the notification shall apply to each supplier/registered person separately, if such person is liable to issue invoices with Dynamic QR Code for B2C supplies as per the said notification.

In case, the supplier is making supply through the E-commerce portal or application, and the said supplier gives cross-references of the payment received in respect of the said supply on the invoice, then such invoices would be deemed to have complied with the requirements of the Dynamic QR Code. In cases other than pre-paid supply i.e. where payment is made after generation/issuance of the invoice, the supplier shall provide a Dynamic QR Code on the invoice.

Source: Taxscan.


Get Your GST Returns Filed Easily and
Effortlessly!!!

Our GST software enables you to file your GST returns free of any hassle. Get more details by writing to us at gst@xattax.in.