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

Source: TaxScan.

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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 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.

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Effortlessly!!!

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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 which is optional for those whose annual turnover is upto 2 crores. The return consists of details such as inward/outward supplies, taxes paid, refund claimed, demand raised and ITC availed by the taxpayer.

It is noteworthy that the due date for filing GSTR-9 (GST Annual Return) and GSTR-9C (GST Audit) for Financial Year 2019-20 is 28th February 2021.

Source: TaxScan.

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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.

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

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: The Tax due is to be paid on actual supplies after deducting the Input Tax Credit available.

In fixed sum method, the 35% Challan can be generated by selecting the Reason For Challan>Monthly Payment for Quarterly Return> 35% Challan which is in turn calculated as per following situation:

1. 35% of the amount paid as tax from Electronic Cash Ledger in their preceding quarter GSTR 3B return, if it was furnished on a quarterly basis;

or

2. 100% of the amount paid as tax from Electronic Cash Ledger in their GSTR-3B return for the last month of the immediately preceding quarter, if it was furnished on monthly basis.

It is to note that, for the months of Jan and Feb 2021, in Q4 of 2020-21, the auto-populated challan generated under 35% Challan would contain 100% of the tax liability discharged from Electronic Cash Ledger for the month of December 2020 (and not 35%). [Reason: Till December 2020, all taxpayers were filing GSTR-3B return on a monthly basis.]

From April 2021 onwards, the pattern as suggested at Para 2 (a) and (b) would follow.

It is noteworthy, that the taxpayers are not required to deposit any amount for the first 02 months of a quarter, if:

1. Balance in Electronic Cash Ledger / Electronic Credit Ledger is sufficient for tax due for the first/ second month of the quarter; or
2. There is a NIL tax liability

Source: TaxScan.

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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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GSTN issues Advisory on Auto-population of E-Invoice details into GSTR-1

GSTN issues Advisory on Auto-population of E-Invoice details into GSTR-1

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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 on 30/12/2020.

A detailed advisory regarding methodology of auto-population of e-invoice details into GSTR-1 is already published on GSTR-1 dashboard.

It is observed that, while pulling the e-invoice data for the month of December, 2020 into GSTR-1, details of some invoices were not populated into GSTR-1. This inadvertent gap is being rectified on priority and details of those invoices will be pushed to GSTR-1 shortly.

However, taxpayers should not wait for the same and advised to proceed with preparation and filing of GSTR-1 for the month of December, 2020 (before the due date), based on actual data as per their records.

As already noted in the afore-mentioned advisory, the taxpayers may modify/delete only those documents where the details auto-populated from e-invoices are not as per the actual documents issued.

Otherwise, the details of e-invoices auto-populated in GSTR-1 can be edited/deleted by the taxpayer. However, in such cases, the ‘Source’, ‘IRN’ and ‘IRN date’ fields will be reset to blank in respective tables of GSTR-1 and accordingly won’t get reflected in GSTR-2A/2B/4A/6A also. Such edited documents will be treated as if they were not auto-populated but uploaded separately by taxpayer.

Other than the details auto-populated from e-invoices, taxpayers are required to add details of any other supplies made, in respective tables of GSTR-1.

An additional facility of consolidated excel download of all documents auto-populated from e-invoices is available in GSTR-1 dashboard. This file includes details of cancelled documents also.

However, any subsequent modifications made to the auto-populated documents (in GSTR-1 tables) would not be reflected in this excel file.

Source: TaxScan.

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GSTN
Invoice Furnishing Facility (IFF) functionality now available on GST Portal

Invoice Furnishing Facility (IFF) functionality now available on GST Portal

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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 FORM GSTR-1 quarterly as per rule 59 of the CGST Rule. For each of the first and second months of a quarter, such a registered person will have the optional facility Invoice Furnishing Facility (IFF) to furnish the details of such outward supplies to a registered person, as he may consider necessary, between the 1st day of the succeeding month till the 13th day of the succeeding month.

The said details of outward supplies shall, however, not exceed the value of Rs. 50 lakh each month. The facility of furnishing details of invoices in IFF has been provided so as to allow details of such supplies to be duly reflected in the FORM GSTR-2A and FORM GSTR-2B of the concerned recipient.

There are various advantages attached to IFF namely buyers of goods from small taxpayers can claim ITC every month; the facility allows the monthly reconciliation of data and makes return filing easier; small taxpayers can increase their business by providing faster ITC claims and eases the compliance burden by reducing the volume of invoices to be uploaded at the end of the quarter.

The IFF is a facility similar to Form GSTR-1, and it allows filing of details of B2B invoices in following tables only.

The option to upload details in IFF can be availed till 13th of the subsequent month. Any invoices remaining to be furnished, can be filed using the IFF in the subsequent month IFF or in the quarterly Form GSTR-1. For e.g. for Apr-June qtr., B2B invoices for the month of April (M1) can be filed in IFF by a taxpayer till 13th May. Any IFF which is not filed till the due date of 13th of the subsequent month will expire.

Overall, this is a good move to help both small taxpayers and buyers from small taxpayers. This facility will indirectly help small taxpayers to enhance their business by providing faster ITC claims to their buyers.

However, this will increase compliance costs for them. Hence, one has to make a comparison between the benefit of opting for IFF and the cost involved. It is good to opt-in for this facility if a small taxpayer raises large volumes of B2B invoices when compared to B2C invoices in a quarter.
The end date for furnishing details of supplies of Goods or Services is February 13, 2021.

Source: TaxScan.

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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.

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

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 is an important element is invoice based. In case there is some error in the invoice, that has to be immediately rectified so as to enable the buyer to take ITC.

The new facility will make communication easy; bring transparency in the system; help in the matching of invoices and avoid complications of Goods and Service Tax Framework.

This facility helps the taxpayer to raise questions related to Tax Invoices, Debit Note, Credit Note, Missing Document, Amendment of Filed Document, or any other issue. A taxpayer can raise questions both as a buyer or supplier of goods or services.

Source: TaxScan.

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Change In GST Filing Rules For Small, Medium Assessees From 2021: Check Details

Change In GST Filing Rules For Small, Medium Assessees From 2021: Check Details

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In a move to ease the pressure on small taxpayers, the Centre has decided to introduce quarterly filing of return with monthly payment. Under this scheme, Goods and Services Tax (GST) assessees — having an annual aggregate turnover (AATO) up to Rs 5 crore — will be required to fill only four GSTR 3B forms as against 12 now.

The new scheme will be applicable from January 1, 2021 onwards and will impact almost 94 lakh taxpayers. The scheme referred to as Quarterly filing of Return with Monthly Payment (QRMP) Scheme would be available on the GST common portal. The taxpayers will also have the facility to opt in and opt out and again opt in.

“With quarterly scheme put to practice in GST, the small taxpayer, from January onward, would need to file only eight returns (four GSTR-3B and four GSTR-1 returns) instead of 16 returns at present, in a financial year. This would also result in the taxpayers’ professional expenses for filing returns getting significantly reduced,” HinduBusiness Line quoted an official as saying.

The government official stated that the new scheme will help put a curb on the menace of fake invoice frauds and bring Input Tax Credit (ITC) only on the reported invoices. Recently, the GST intelligence wing DGGI along with the CGST Commissionerates have arrested 114 persons besides booking 1,230 cases against 3,778 fake GSTIN entities so far.

Invoice Filing Facility (IFF):
Apart from other benefits, the QRMP scheme has an optional feature of Invoice Filing Facility (IFF). This facility has been added to mitigate business-related hardships for medium and small taxpayers.

This facility has been added for those taxpayers who opt to be quarterly return filers. It will enable them to file and upload the invoices. Also, it will enable them to upload those invoices for the first and second month of the quarter, which the recipients have demanded.

However, IFF allows taxpayers to upload invoices of the first and second months in the quarterly GSTR-1 return. The facility will be available up to a cut-off date and will help taxpayers receive the credit after the cut-off date on filing of the IFF.

Also, the option of paying the due monthly taxes as per his/her own choice by cash ledger or through pre-filled challan has been added in the scheme. With this, the requirement of professional help would decrease and taxpayers simply make payments through a system-generated pre-filled challan.

Source: Money-Control.

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.

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.

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