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e-way bill
GST officers to soon have real-time data on vehicles moving without e-way

GST officers to soon have real-time data on vehicles moving without e-way

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The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to help intercept stuck trucks at toll plazas and check GST evasion.

The tax officers would also be provided analysis reports on identifying e-way bill EWB with no movement of goods as it would help officials identifying cases of circular trading. It would also provide reports on recycling of e-way bills for tax evasion prone commodities to help officers in identifying tax evaders.

Under the Goods and Services Tax (GST) regime, e-way bills have been made mandatory for inter-state transportation of goods valued over Rs 50,000 from April 2018. However, gold is exempted.

In the electronic way (e-way) bill system, businesses and transporters have to produce before a GST inspector the e-way bill, if asked.

The government is now working on a ‘Real-time and Analysis Reports on RFID’ for GST officers to help them nab tax evaders who are misusing the e-way bill system.

In a report on ‘E-way Bill – A journey of three years’, the government said 180 crore e-way bills have been generated in three years till March 2021. Of this, only 7 crore bills were verified by tax officers.

In the 2020-21 fiscal, ended March, 2021, 61.68 crore e-way bills were generated, of which 2.27 crore was picked up for verification.

In 2019-20 fiscal, ended March 2020, 62.88 crore e-way bills were generated, of which 3.01 crore were picked up for verification by tax officers.

The top five states, which generated maximum number of e-way bill for inter-state movement of goods were generated are Gujarat, Maharashtra, Haryana, Tamil Nadu and Karnataka.

The top five sectors where maximum e-way bills were generated in the past three years are textiles, electrical machinery, machinery and mechanical appliances, iron and steel, and automobiles.

With effect from Janaury 1, 2021, the government has integrated RFID/FasTag with the e-way bill system and a transporter is required to have a RFID tag in his vehicle and details of the eway bill generated for goods being carried by the vehicle is uploaded into the RFID.

When the vehicle passes the RFID Tag reader on the highway, the details fed into the device gets uploaded on the government portal. The information is later used by the revenue officials to validate the supplies made by a GST-registered person.

To improve tax compliance, the government has also started blocking of EWB Bill generation if a GST registered taxpayer has not filed GSTR- 3B return for the last two successive months.

Also, the government has blocked the generation of multiple EWBs on one invoice. If the EWB is once generated using an invoice number or document number, then none of the other parties can generate another EWB using the same invoice number.

Besides, the e-way bills system has enabled auto calculation of distance based on PIN codes. The system will auto calculate the distance between the source and destination, based on PIN codes.

For the future, the government will also provide a real-time report on vehicle movement for selected e-way bill to helps officers in knowing the trail of movement by the vehicle.

Also, real-time report on vehicles moving without e-Way bills for a selected toll plaza would be made available to officers to help them intercept only those vehicles which are not having e-waybills

Also analysis reports on identifying EWB with no movement of goods would be given to assist officers in identifying cases of bill trading and circular trading. Analysis reports on recycling of EWB for tax evasion prone commodities would help in identifying tax evading taxpayers.

Associates Senior Partner Rajat Mohan said, “With enhancements in GSTN & NIC systems, the efficacy of point-to-point tracking is getting water-tight. At this pace, taxpayers will soon witness real-time monitoring of goods.

Transportation sector may have real-time tracking technologies in place in the next 3- 5 years, whereby tax leakage will practically become impossible.”

Tax Partner Abhishek Jain said the three-year report on e-way bill highlights the future features to be introduced in the NIC portal which will further help authorities and businesses in easy tracking of move of goods.

Source: Business-Standard.

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Offline version for GSTR-4 launched on GST portal
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

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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.

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GSTN
Government allows further operational flexibility to GST filers

Government allows further operational flexibility to GST filers

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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.

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GST Return
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

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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.

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GST
Mandatory to mention 4/6-digit HSN/SAC Code w.e.f. April 1, 2021

Mandatory to mention 4/6-digit HSN/SAC Code w.e.f. April 1, 2021

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The Central Board of Indirect Taxes (CBIC) issued Notification No. 12/2017-Central Tax dated June 28, 2017, to show specified digits of Harmonised System of Nomenclature (HSN)/ Service Accounting Code (SAC) Code on raising of tax invoices for supply of goods or services as under:

Subsequently, the above notification was amended vide Notification No. 78/2020 – Central Tax, dated October 15, 2020 to mandate 4/6- digit HSN/SAC Code on supply of goods or services on the tax invoices w.e.f. April 1, 2021:

Further, a proviso was inserted to provide that 4- digits of HSN Code is optional in respect of supplies made to unregistered persons i.e., B2C supplies for a registered person having aggregate turnover upto INR 5 crores in the previous financial year.

Thereafter, Notification No. 12/2017-Central Tax dated June 28, 2017 was again amended vide Notification No. 90/2020 – Central Tax, dated December 01, 2020 to provide for class of supply- ‘Chemicals’ whose HSN Code are required to be mentioned at 8-digit on the tax invoices.

Further, it is to be noted that the above changes of mentioning 4/6 Digit HSN/ SAC code, as applicable, are also required to be captured in Table 12 of Form GSTR-1 (i.e., details of outward supplies of goods or services) and therefore, corresponding changes are made in the same.

Furthermore, it is very important to mention the correct HSN/ SAC Code on the tax invoices and Form GSTR-1 as penalty of INR 50,000/- (INR 25,000/- each for CGST and SGST) can be levied for non-mentioning or mentioning wrong HSN/ SAC Code under Section 125 of the Central Goods and Services Tax Act, 2017 (i.e., General penalty).

However, it is to be noted that there are many disputes w.r.t. classification of the various goods and services like sanitizers, railway parts, fryums etc. Further, the disputes are also going on as to whether classification as per Notification No. 1/2017- Central Tax (Rate) dated June 28, 2017 (“Goods Rate Notification”) should be in line with explanation (iii) and (iv) of said notification vide which it is provided that “Tariff item”, “sub-heading” “heading” and “Chapter” in the Goods Rate Notification shall mean tariff item, sub-heading, heading and chapter as specified in the First Schedule to the Customs Tariff Act, 1975 (“CTA”) and that rules for the interpretation of the First Schedule to the CTA including the Section and Chapter Notes and the General Explanatory Notes would be apply to the interpretation of the Goods Rate Notification which provides only 1,208 goods approx. as against more than 12,000 products under First Schedule of the CTA.

Source: Taxguru.

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

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

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The Goods and Service Tax Network (GSTN) has notified the Upcoming changes in GSTR-1 Table-12 on GST Portal.

The Upcoming changes in Table-12 format of GSTR-1 Return are changes in the format of GSTR-1 Return and changes in the number of digits of the HSN Code to be reported.

From 1st April 2021 onwards, it is mandatory to report a minimum 4 digit or 6 digits of HSN Code in Table-12 of GSTR-1 on the basis of Aggregate Turnover on 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

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gstr-9
Govt extends due date for filing FY20 GST annual returns till March 31

Govt extends due date for filing FY20 GST annual returns till March 31

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The government on Sunday extended the deadline for filing GST annual returns for 2019-20 fiscal by a month till March 31.

This is the second extension given by the government. The deadline was earlier extended from December 31, 2020, to February 28.

In view of the difficulties expressed by the taxpayers in meeting this time limit, Government has decided to further extend the due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 to March 31, 2021 with the approval of Election Commission of India, the Finance Ministry said in a statement.

GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads.

GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement.

On the extension, Associates Senior Partner Rajat Mohan said, Even though it is a relatively small extension of 31 days but is sufficient for the tax professionals to complete the requisite filings.

Tax Partner Abhishek Jain said most industry players were struggling to meet this statutory deadline and had represented to the government for an extension.

Furnishing of the annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs 5 crore.

Source: Business-Standard

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

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

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GST officers will immediately suspend registration of taxpayers whose sales return or GSTR-1 forms show “significant differences or anomalies” from the return filed by their suppliers, a move aimed at curbing tax evasion and safeguarding revenues.

The Central Board of Indirect Taxes and Customs (CBIC) has issued a Standard Operating Procedure (SOP) for suspension of registration of a person on observance of such discrepancies /anomalies which indicate violation of the GST Act.

As per the SOP, the registration of specified taxpayers shall be suspended and system generated intimation for suspension and notice for cancellation of registration in form GST REG-31, containing the reasons of suspension, shall be sent to such taxpayers on their registered e-mail address.

The registration would be suspended in cases where a comparison of the returns furnished by a registered person with the details of outward supplies furnished in form GSTR-1, or the details of inward supplies derived based on the details of outward supplies furnished by his suppliers in their GSTR-1, show ‘significant differences or anomalies’, indicating contravention of the provisions of the GST Act.

“Till the time functionality for FORM REG-31 is made available on portal, such notice/intimation shall be made available to the taxpayer on their dashboard on the common portal in Form GST REG-17.

“The taxpayers will be able to view the notice in the ‘View/Notice and Order’ tab post login,” the SOP said.

Goods and Services Tax (GST) officers have already intensified their drive against fake invoicing and this has also contributed to increase in tax collections in the past couple of months.

GST collections have crossed the ₹1 lakh crore mark for four consecutive months and surged to an all-time high of about ₹1.20 lakh crore in January.

The SOP further said the taxpayers whose registrations are suspended would be required to furnish reply to the jurisdictional tax officer within 30 days from the receipt of such notice / intimation, explaining the discrepancies / anomalies and the reasons as to why their registration should not be cancelled.

Reply has to be sent to the jurisdictional officer through the common portal within 30 days from the receipt of notice / intimation.

In case the intimation for suspension and notice for cancellation of registration is issued on ground of non-filing of returns, the said person may file all the due returns and submit the response, the SOP added.

Source: Economic-Times.

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  • 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