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Govt collects Rs 1,04,963 crore GST in November, crosses Rs 1 lakh crore mark second time since April

Govt collects Rs 1,04,963 crore GST in November, crosses Rs 1 lakh crore mark second time since April

Goods and service tax (GST) collections for November stood at Rs 1.04 lakh crore, marginally lower than Rs 1.05 lakh crore collected in October this year, but higher than Rs 1.03 lakh crore collected in the same month last year.

The numbers showed the second consecutive month of collections clocking up more than Rs 1 lakh crore, indicating continued economic recovery, said experts.

“In line with the recent trend of recovery in the GST revenues, the revenues for the month of November 2020 are 1.4% higher than the GST revenues in the same month last year,” the finance ministry said in a statement Tuesday.

During the month, revenues from import of goods was 4.9% higher and the revenues from domestic transaction (including import of services) are 0.5% higher that the revenues from these sources during the same month last year, the ministry added.

“Second straight month of Rs 1 lakh plus collection is certainly indicative of continued economic recovery and the collections being slightly more same month last year is quite encouraging. This should also help in containing the shortfall of GST collections caused due to the pandemic,” said Abhishek Jain, tax partner.

Of the gross collections in November, Central GST stood at Rs 19,189 crore, State GST at Rs 25,540 crore, integrated GST at Rs 51,992 crore which included Rs 22,078 crore collected on import of goods, and cess was at Rs 8,242 crore, which included Rs 809 crore collected on import of goods.
The total number of GSTR-3B Returns filed for the month of November up to 30th November 2020 was 82 lakhs, the ministry added.

The government settled Rs 22,293 crore to CGST and Rs 16,286 crore to SGST from IGST as regular settlement. The total revenue earned by central government and the state governments after regular settlement in the month of November 2020 is Rs 41,482 crore for CGST and Rs 41,826 crore for the SGST.

A majority of states have shown an increase in GST collections, data from the ministry revealed, while nearly 15 states showing a dip in collections.

Source: Economic-Times.

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Monthly GST filing will not be necessary after e-invoice system is in place: Finance secretary

Monthly GST filing will not be necessary after e-invoice system is in place: Finance secretary

In a major relief to businesses, the government plans to do away with monthly filing of Goods and Services Tax (GST) returns after the electronic invoice (e-invoice) is fully operationalised, which will not only reduce compliance burden but also check tax evasion, finance secretary Ajay Bhushan Pandey said.

“GSTR-1 and GSTR-3B will ultimately be phased out, once we fully operationalise the electronic invoice (e-invoice),” he said. In the normal course, the two GST returns (GSTRs) means 24 returns filed by GST registered entities every month. The GSTR-1 is a return indicating sales or outward supplies made during the month and the GSTR-3B is the summary return indicating supplies made, input tax credit availed and tax payment made for the month.

E-invoicing is already under implementation in phases. It will be mandatory for all from the next financial year as part of the government’s ongoing efforts towards ‘Ease of Doing Business’ and ‘Honouring the Honest’. Once put into operation, both e-way bill system and filing of certain GST returns (GSTR) would be eventually be withdrawn, said Pandey, who is also the revenue secretary.

The government has already announced a roadmap to implement e-invoices. Currently e-invoicing is mandatory for companies with turnover of Rs500 crore or more. From January 1, 2021 it will be compulsory for companies having turnover of over Rs100 crore, and from April 1, 2020 it will be mandatory for all.

“Actually our objective is, once you have an electronic invoice it should ultimately do away with your e-way bills, and also eventually do away with GST returns because from the e-invoice itself your returns can be generated. Then, at the end of the month the taxpayer has to simply validate his return and make the payment of taxes,” the finance secretary said.

The government on October 1 introduced the e-invoicing system for businesses with an annual turnover of over Rs500 crore, which replaces the physical invoice and allows buyers and sellers to have real time information of the invoices. Eventually, e-invoice will auto-populate GST returns and businesses will not be required to generate e-way bills.

To be sure, the introduction of e-invoicing system was initially scheduled from April 1, 2020, but it was postponed to October 1 because of the sudden outbreak of Covid-19 pandemic.

The finance secretary said “The e-invoice system will lead to a massive reduction in compliance and at the same time it will be good for industry, good for the taxpayers and very difficult for the fraudsters.”

The government, which has launched a major drive against GST frauds, believes that e-invoicing system will instantly eliminate fake invoices, currently rampant to fraudulently claim input tax credit (ITC).

“Rationalisation in the number of returns would really aid businesses by reducing the compliance burdens, which have significantly increased in the GST regime, especially for the service sector. Any method of auto-population of data in the monthly returns, with a facility for businesses to amend the data, would also go a long way in improving the ease of doing business,” MS Mani, partner at consulting firm, said.

Chartered accountant, Sunil Kumar said, “E-invoicing system auto-populates e-invoice data submitted by taxpayer over Invoice Registration Portal to GSTN [GST Network] portal which eventually helps in auto generation of GST returns.”

“Entry of invoices and access to the invoices data on real time basis, will leave less scope for invoice manipulation, thereby reducing the instances of fake invoice and tax invasion. E-invoicing system invites strong IT infrastructure,” he added.

According to experts, this reform will lead to massive reduction in compliance burden as a company having business operations in 25 states have to file both GSTR-1 and GSTR-2B separately in 25 jurisdictions, every month. “If an entity operates in 25 states, it has to file 50 returns per month, hence 600 monthly returns in a year,” Mani said. This is in addition to the two annual returns – GSTR-9 and 9C to be filed for each registration, he added.

Source: Hindustan-Times.

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GST: CBIC notifies due date for filing GSTR-3B for the months of Oct. 2020 to March 2021

GST: CBIC notifies due date for filing GSTR-3B for the months of Oct. 2020 to March 2021

The Central Board of Indirect Taxes and Customs (CBIC) notified the Central Goods and Services Tax (Thirteenth Amendment) Rules, 2020 which seeks to amend the Central Goods and Services Tax Rules, 2017.

The Board inserted Rule 61(6) to provide a due date for filing GSTR-3B for the months of October 2020 to March 2021 as 20th of next month if the turnover of the individual is more than 5 Crores.

The notification says that every registered person or an Input Service Distributor or a non-resident taxable person or a person paying tax under section 10 or section 51 or, as the case may be, under section 52 shall furnish a return in FORM GSTR-3B, electronically through the common portal either directly or through a Facilitation Centre notified by the Commissioner, on or before the 20th day of the month succeeding such tax period.

This provision is not applicable to the registered person referred to in section 14 of the Integrated Goods and Services Tax Act, 2017.

The amendment laid down the the condition for furnishing a return in FORM GSTR-3B that taxpayers must have aggregate turnover of up to Rs.5 crore in the previous financial year, whose principal place of business is in the States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep, the return in FORM GSTR-3B of the said rules for the months of October, 2020 to March, 2021 shall be furnished electronically through the common portal, on or before the twenty-second day of the month succeeding such month.

“Provided further that for taxpayers having an aggregate turnover of up to five crore rupees in the previous financial year, whose principal place of business is in the States of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi, the return in FORM GSTR-3B of the said rules for the months of October, 2020 to March, 2021 shall be furnished electronically through the common portal, on or before the twenty-fourth day of the month succeeding such month,” the notification said.

Source: TaxScan.

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GST collection crosses Rs 1 lakh crore mark for first time since February

GST collection crosses Rs 1 lakh crore mark for first time since February

Goods and Services Tax (GST) collections for October grossed Rs 1.05 lakh crore, the highest so far in the financial year and 10% higher than collections in the same month last year, which stood at Rs 95,379 crore.

The growth in the numbers – crossing the Rs 1 lakh crore mark for the first time since April – showed clear signs of recovery, the department of revenue said in a statement on Sunday.

“The growth in GST revenue as compared to that in months of July, August and September, 2020 of -14%, -8% and 5% respectively clearly shows the trajectory of recovery of the economy and, correspondingly, of the revenues,” the department said.

GST collections in July, August and September this year stood at Rs 87,422 crore, Rs 86,449 crore and Rs 95,480 crore, respectively.

During October, revenues from import of goods was 9% higher and the revenues from domestic transaction (including import of services) are 11% higher that the revenues from these sources during the same month last year.

Experts said the uptick in collections of almost Rs 10,000 crore over last year showed definitive revival of consumption and festival spends across the economy.
“Some potential reasons for this surge could be the splurged demand on account of the festivities and input tax credit/ other similar reconciliations which were due for businesses in September,” said Abhishek Jain, tax partner at EY.

“Continuance of this trend will help in narrowing the fiscal deficit for FY 21 and will go a long way in reviving business confidence across sectors as the impact of the unlock process across states gets translated into GST collection figures,” said MS Mani, Senior Director, Deloitte.

Of the gross GST revenue of Rs 1,05,155 crore collected in October, the Central GST is Rs 19,193 crore, state GST is Rs 25,411 crore, integrated GST is Rs 52,540 crore which includes Rs 23,375 crore collected on import of goods and cess is Rs 8,011crore including Rs 932 crore collected on import of goods.

The government has settled Rs 25,091 crore to CGST and Rs 19,427 crore to SGST from IGST as regular settlement. The total revenue earned by central government and the state governments after regular settlement in the month of October, 2020 is Rs 44,285 crore for CGST and Rs 44,839 crore for the SGST.

The total number of GSTR-3B Returns filed for the month of October up to 31st October, 2020 is 80 lakh.

Source: Economic-Times.


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CBIC withdraws EVC facility extended to companies for filing GSTR-1 and GSTR-3B

CBIC withdraws EVC facility extended to companies for filing GSTR-1 and GSTR-3B

The Central Board of Indirect Taxes and Customs ( CBIC ) has withdrawn the EVC facility extended to companies for filing GSTR1 and GSTR3B.

The facility to file GSTR 3B and GSTR-1 with the Electronic Verification Code in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020.

However, facility to file NIL returns through OTP verification shall be continued for all types of registered persons in view of notification 58/2020- dated 1st July 2020.

The CBIC had also introduced a new rule in Central GST rules stipulating furnishing of ‘Nil’ return by short messaging service (SMS) facility.

Source: TaxScan.

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GST: CBIC notifies due date of Form GSTR-3B for October 2020 to March 2021

GST: CBIC notifies due date of Form GSTR-3B for October 2020 to March 2021

The Central Board of Indirect Taxes and Customs (CBIC) notified that the return in Form GSTR-3B of the Central Goods and Services Tax Rules, 2017 for each of the months from October 2020 to March 2021, which shall be furnished electronically through the common portal, on or before the 20th day of the month succeeding such month.

However, the Board notified 22nd day of the succeeding month to file the return in Form GSTR-3B if the taxpayers having an aggregate turnover of up to Rs. 5 crore in the previous financial year, whose principal place of business is in the States of Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, the Union territories of Daman and Diu and Dadra and Nagar Haveli, Puducherry, Andaman and Nicobar Islands or Lakshadweep.

Further, the Board notified 24th day of the succeeding month to file the return in Form GSTR-3B if the taxpayers having an aggregate turnover of up to Rs. 5 crore in the previous financial year, whose principal place of business is in the States of of Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha, the Union territories of Jammu and Kashmir, Ladakh, Chandigarh or Delhi.

“Every registered person furnishing the return in FORM GSTR-3B of the said rules shall, subject to the provisions of section 49 of the said Act, discharge his liability towards tax by debiting the electronic cash ledger or electronic credit ledger, as the case may be and his liability towards interest, penalty, fees or any other amount payable under the said Act by debiting the electronic cash ledger, not later than the last date, as specified in the first paragraph, on which he is required to furnish the said return, the CBIC notified.

Source: TaxScan.

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GST: E-Way Bill generation facility to be blocked for Taxpayers who failed to file GSTR-3B for 2 or more Tax period from Oct 15

GST: E-Way Bill generation facility to be blocked for Taxpayers who failed to file GSTR-3B for 2 or more Tax period from Oct 15

The Central Board of Indirect Taxes and Customs ( CBIC ) has clarified that, E-Way Bill generation facility to be blocked for Taxpayers who failed to file GSTR-3B for 2 or more Tax period from Oct 15, 2020.

In terms of Rule 138 E (b) of the CGST Rules, 2017, the E Way Bill generation facility of a person is liable to be restricted, in case the person fails to file their GSTR-3B returns, for a consecutive period of two months or more.

The GST Council in its last meeting has decided that this provision will be made applicable for the taxpayers whose Aggregate Annual Turn Over (AATO, PAN based) is more than Rs 5 Crores.

Thus, if the GSTIN associated with the respective PAN (with AATO over Rs 5 Cr.) has failed to file their GSTR-3B Return for 02 or more tax periods, up to the month of tax period of August, 2020, their EWB generation facility will be blocked on the EWB Portal. Please note that the EWB generation facility for such GSTINs (whether as consignor or consignee or by transporter) will be blocked on EWB Portal after 15th October, 2020.

The CBIC also said that, To avail continuous EWB generation facility on EWB Portal, you are therefore advised to file your pending GSTR 3B returns immediately.

Source: TaxScan.

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GST Council allows Quarterly filing of GSTR-3B for less than 5cr Turnover

GST Council allows Quarterly filing of GSTR-3B for less than 5cr Turnover

The 42nd GST Council Meeting held today has decided to allow the quarterly filing GSTR-3B returns having less than five crores turnover.

This facility will be available from January 1st, 2021. From Jan 2021, the number of returns for small taxpayers will be reduced from 24 to 8. However, since states require money every month, payments can be made through challan every month, even though returns can be filed every quarter.

GSTR-2B has been provided to help Taxpayers calculate input tax credit; it will give taxpayers a complete idea of the ITC they are entitled to, said Finance Secretary.

Filing GSTR-3B is mandatory even for Nil returns. GSTR-3B is a monthly return. All regular taxpayers need to file this return till June 2018. Taxpayers can file their return on GST Portal. Taxpayers have to file this return by 20th of the subsequent month.

As a further step towards reducing the compliance burden particularly on the small taxpayers having aggregate annual turnover < Rs. 5 cr., the Council’s earlier recommendation of allowing filing of returns on a quarterly basis with monthly payments by such taxpayers to be implemented w.e.f. 01.01.2021. Such quarterly taxpayers would, for the first two months of the quarter, have an option to pay 35% of the net cash tax liability of the last quarter using an auto generated challan.

Source: TaxScan.

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GST e-invoicing to start from Oct 1, as planned: GSTN CEO

GST e-invoicing to start from Oct 1, as planned: GSTN CEO

The plan to introduce the e-invoicing regime from October 1 will not be postponed. This was revealed by GST Network (GSTN) CEO Prakash Kumar at Friday’s BusinessLine Knowledge Series webinar on ‘GST: Is it Really Good and Simple?’

While large companies are ready for this change, small and medium enterprises are not. This had raised hope that the new regime would be postponed.
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Kumar also said the GSTN, the IT backbone of the indirect tax system, will, from November, auto-populate the GSTR-3B returns of taxpayers. “The aim is, from November month returns filed in December, GSTR-3B will be auto-populated. First, we are doing this for monthly tax filers. The entire tax-paying community will be covered after that,” he explained.

Over one crore assesses are eligible to file GSTR 3B returns every month, which shows how much tax has been paid actually after deducting the Input Tax Credit (ITC). GSTR-1 is a monthly return (it can also be filed quarterly) on the outward supply statement and shows the quantum of liability. It is alleged that some assesses over-report ITC, which in turn results in lower tax payment.

GSTN recently started to generate GSTR-3B based on the GSTR-1 filed, Kumar said, adding that for two months PDF documents would be given to taxpayers so that people can check and inform the authorities of any error in the process or computation of tax or the ITC.

Source:thehindubusinessline

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Pre-filled GST return form soon: GSTN CEO Prakash Kumar

Pre-filled GST return form soon: GSTN CEO Prakash Kumar

GST-registered businesses will soon get pre-filled Return form, GSTR-3B, GST Network Chief Executive Officer Prakash Kumar said on Monday.

“We are moving towards providing taxpayers with a pre-filled GSTR-3B form so that they can pay their taxes at ease. To start with, an option to edit the form would be provided to allow businesses to make past adjustments etc,” Kumar told PTI.

GSTN, which handles the IT backbone for Goods and Services Tax (GST) has already started providing tax liability data based on sales return GSTR-1 of the taxpayer to be used in his tax payment form GSTR-3B in pdf form.

It is also providing taxpayers auto-generated invoice-wise input tax credit (ITC) statements based on information furnished by the suppliers of the taxpayer.

Kumar said this essentially means that the taxpayer can know how much ITC is available for the month.

Currently, the liability and ITC are being provided as separate pdf documents.
After two months, these two sets of data will automatically start flowing in GSTR-3B return, Kumar added.

This is the first step towards connecting GSTR-1 which has business-to-business (B2B) invoice data along with data on exports, business-to-consumer (B2C) supplies etc and GSTR-3B, he said.

The move is expected to ease taxpayer hassle of copy-pasting various numbers from sales return form GSTR-1 to GSTR-3B.

“These functionalities have been done for monthly filers of GSTR-1 and functionality for quarterly filers will be introduced in due course,” Kumar said.

GSTN has over 1.26 crore registered taxpayers, out of which 1.07 crore are required to file GSTR-1 and GSTR-3B. Of the, 1.07 crore taxpayers, around 58 lakh file GSTR-1 on monthly basis, whereas remaining file at quarterly frequency.

However, all 1.07 crore taxpayers has to file a monthly tax return, GSTR-3B.

Source: Money-Control.

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