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CBIC waives off Late Fee on failure to furnish the return in FORM GSTR-10

CBIC waives off Late Fee on failure to furnish the return in FORM GSTR-10

The Central Board of Indirect Taxes and Customs (CBIC) waived off the late fee payable for failure to furnish the return in FORM GSTR-10.

As per section 47(1) of the CGST Act, any registered person who fails to furnish the requisite returns by the prescribed due date shall pay a late fee of Rs 100 for every day during which such failure continues. Such a fee is subject to a maximum amount of Rs 5,000.

A taxable person whose GST registration is cancelled or surrendered has to file a return in Form GSTR-10 called as Final Return. This is a statement of stocks held by such taxpayers on the day immediately preceding the date from which cancellation is made effective.

The Board waived the amount of late fee payable under section 47 of the CGST Act which is in excess of Rs.250 for the registered persons who fail to furnish the return in FORM GSTR-10 by the due date but furnishes the said return between the period from 22 September, 2020 to 31 December, 2020. The waiver comes in wake of COVID-19 pandemic to provide relief to the persons registered under Goods and Service Tax.

Source: TaxScan

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GSTN enables Reconciliation Tool for matching GSTR-2B with Purchase Register

GSTN enables Reconciliation Tool for matching GSTR-2B with Purchase Register

The Goods and Services Tax Network ( GSTN ) has enabled the Reconciliation Tool for matching GSTR-2B (Auto-Drafted ITC Statement) with Purchase Register.

The GSTN has issued detailed advisory on using Matching Offline Tool
Matching Offline Tool v1.0

The Matching Offline Tool can be used to:
• View GSTR-2B (Auto-drafted Input tax credit (ITC) statement)
• Match GSTR-2B with Purchase register

To install the tool, please download, extract the zip file and run the Download

Your downloaded (Matching_Offline_Tool) zip file contains:
• GSTR2B_Matching_Tool_v1.0.exe (Application)
• Purchase Register Excel Template
• Readme
• User Manual
• Change History

Important!
• Before you extract and run the downloaded file, ensure that the file is not corrupted. How do I know that my file is not corrupt? Click here to know more.
• Go through the Readme document before you begin installation.
• Double-click on GSTR2B_Matching_Tool_v1.0.exe to install the offline tool.

What’s new v1.0(Released on 13/09/2020)
• Downloading the auto-drafted input tax credit (ITC) statement – GSTR-2B from the dashboard at GST Portal and opening the same in the Offline Tool for viewing.
• Importing the purchase register in the Offline Tool for matching with GSTR-2B downloaded from the GST Portal. Taxpayers will have to use Excel/csv template provided with the tool to prepare their purchase register and import the same in this Offline Tool.
• Comparing the auto-drafted ITC statement – GSTR-2B, downloaded from the portal and the purchase register using the ‘Matching’ tab provided in the tool to identify documents which are fully matched, partially matched or not matched.
System Requirement

To use the tool efficiently, ensure that you have the following installed on your system:

• Operating system Windows 7 or above. The tool does not work on Linux and Mac.
• Browser: You need one of these browsers installed on your system:
• Internet Explorer 10+
• Google Chrome 7+
• Firefox 45+
• Microsoft Excel 2007 & above
• Alternatively, for any below versions, the tool will open in a default browser.
• Before installation of Offline tool, ensure that you have 200 MB of free disk space in your local machine

Source: TaxScan.

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GSTR 1 and 3B to be linked to determine input tax credit and liability

GSTR 1 and 3B to be linked to determine input tax credit and liability

In an effort to plug goods and services tax (GST) evasion and frauds and ease compliance, the existing GST return filing system is being enhanced to have an in-built invoice matching system to determine input tax credit and liability. The returns will be auto-populated to minimize errors, ease reconciliation and simplify compliance.

The group of ministers (GoM) on Information Technology (IT) led by Bihar deputy chief minister Sushil Kumar Modi took stock of the preparedness and the timelines in a meeting held on Friday.

The load handling capacity of GST Network (GSTN) has also been enhanced to 300,000 taxpayers at one point of time as against 150,000 taxpayers earlier to avoid glitches during peak hours.

A dedicated team of 60 tech persons has been set up to expeditiously deliver functional changes to the GST System under ‘Returns Enhancement and Advancement Project’ (REAP), which started in April.

Being developed as an alternative to the earlier proposed simplified return system that was put in abeyance in March, the new approach revolves around advancing and enhancing the existing return filing system to ensure ease of taxpayers. It is divided in five teams and various components are being developed.

“The new features in the existing return system will not only bring ease to taxpayers by way of auto-population of returns, but will also fix the drawback in the current system with respect to invoicing matching and determination of input tax credit and liability. The functionality will be ready by September and will be rolled out after approval from the GST Council,” Modi told Business Standard.

Taxpayers with a turnover of less that Rs 5 crore will also be allowed to file summary returns (GSTR 3B) on a quarterly basis, likely from November. Around 70 per cent taxpayers are likely to get covered under the quarterly return filing system.

In the current system, taxpayers are required to file GSTR-1 for outward supplies and GSTR-3B, which is summary return for sales and input tax credit and GSTR 2A, which is a purchase-related tax return. GSTR 2A is automatically generated for each business by the GST portal. When a seller files his GSTR-1, the information is captured in GSTR 2A.

But GSTR 1 and 3B are not linked, hence different values can be filed. The two returns will now be linked to get a system generated liability and a functionality is being developed for auto-populating valued from GSTR 1 and 3B.

Also, return form GSTR 2B will be introduced for availing input tax credit, which will plug leakages and frauds. In the current system, the input tax credit claimed on self-declaration basis, resulting in a mismatch many a times. Under the new system, GSTR 2B will be generated on the basis of GSTR 1 filed between two due dates by counter-party suppliers, for availing credit in GSTR 3B in a month. “GSTR 2A will suggest exact credit to be claimed to taxpayers in GSTR 3B,” said Modi.

The earlier proposed new return system requiring fewer details, was earlier expected to be introduced from October last year, but was postponed to April 1, 2020, but was eventually put on hold in March in view of lack of IT preparedness.

“Infosys chairman Nandan Nilekani was of the view in March that instead of giving a new instrument, we can enhance the capability of the existing system. It will not cause pain to the taxpayers in terms of adaptability,” said Modi.

Source: Business-Standard.

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Exporters facing GST refund issues as govt makes invoice matching compulsory for input tax credit

Exporters facing GST refund issues as govt makes invoice matching compulsory for input tax credit

Many exporters are facing a working capital crunch as they have run into refund problems after a recent government circular said exporters would not be eligible for input tax credit refunds in cases where they are unable to match invoices from the vendors.

This situation is a result of the government waiving off late fees for companies and suppliers to upload certain forms under the goods and service tax, tax experts said.

That led to several cases where these forms were not uploaded, and exporters were unable to take input tax credit running into crores.

As per the GST framework, tax credit cannot be availed until and unless a corresponding invoice is reflected on the government portal.

Now, exporters are having to deal with queries from tax officials while seeking refunds.

“This has been a matter of concern for exporters, especially given their experience of field officers insisting on compliance of all circulars before issuance of any refunds,” said Abhishek Jain, tax partner .

“For speedy processing of these refunds, the government should consider extending a relaxation on the matching of credits or an option of provisional refunds for the interim period to mitigate working capital concerns for the exporters,” he said.

The government circular specifically mentioned that input tax credit refunds should not be granted on invoices that are not reflected in GSTR-2A—a form that reflects outward supply invoices uploaded by suppliers.

Now, GSTR 2A is auto-created information based on GSTR 1—a monthly statement of outward supplies of goods or services filed by a company.

The government has waived late fee for filing forms such as GSTR-1 due to Covid-19 situation. While this was a step in the right direction, due to this the corresponding invoices—which exporters submit to claim refunds—are not reflected in GSTR-2A, experts said.

Hence, exporters are unable to avail tax credits, they said.

Source: Economic-Times.

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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.

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

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

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

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

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

Source: Economic-Times.

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Nil Late Fee on GSTR-3B: System not Updated, Excess Amount would be re-credited soon

Nil Late Fee on GSTR-3B: System not Updated, Excess Amount would be re-credited soon

The Goods and Services Tax portal has today said that the system has not been updated according to the change in the late fee for the delay in GSTR-3B. The Central Board of Indirect Taxes and Customs ( CBIC ) has notified that late fees on GSTR-3B would be waived off with Nill Liabilities. In a Notification issued by CBIC said that, For the period from July 2017 to Jan 2020, which is prior to the COVID period, a lot of Return Filing has been pending. For all those who have no tax liabilities but who have not filed their returns between July 2017-Jan 2020, there will be zero late fees.

Responding to the new change, the portal today tweeted “the change in late fee amount made vide notification no. 57/2020 dated 30-06-2020 has been incorporated on the GST portal. Late fee paid in excess than prescribed in the notification shall be re-credited in due course.”

As per the notification, for the taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year, who fail to furnish the return in FORM GSTR-3B for the months of May 2020 to July 2020, by the due date but furnish the said return till the 30th day of September 2020, the total amount of late fee under section 47 of the said Act, shall stand waived which is in excess of two hundred and fifty rupees and shall stand fully waived for those taxpayers where the total amount of central tax payable in the said return is nil”. Small taxpayers whose aggregate turnover is up to ₹ 5 crores will be provided a waiver of late fees and interest if they file the form GSTR-3B for the supplies affected in months of May, June, and July 2020, by September 2020, no late fee or interest.

Source: TaxScan.

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

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

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

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

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

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

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

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

Source: Economic-Times.

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Govt enables Facility to File GSTR-3B via EVC and SMS

Govt enables Facility to File GSTR-3B via EVC and SMS

Amid the pandemic situation in India, the Central Board of Indirect Taxes and Customs (CBIC) has enabled the facility to file GSTR-3B through Electronic Verification Code (EVC) and Short Message Service (SMS). The move aims at easing the compliance procedure under the Goods and Services Tax (GST) regime.

The notification issued by the Board today said that a registered person registered under the provisions of the Companies Act, 2013 (18 of 2013) shall, during the period from the 21st day of April, 2020 to the 30th day of June, 2020, also be allowed to furnish the return under section 39 in FORM GSTR-3B verified through electronic verification code (EVC).

Further, the CGST Rule 67 was also amended and inserted a new clause 67A where the Board provided the manner of furnishing of return by short messaging service facility. As per the said provision, a registered person who is required to furnish a Nil return under section 39 in FORM GSTR-3B for a tax period, any reference to electronic furnishing shall include the furnishing of the said return through a short messaging service using the registered mobile number and the said return shall be verified by a registered mobile number based One Time Password facility.

Read Notification here: https://www.taxscan.in/preview/?previews=1TCL368VXb3nsDC-Hb1Ak1d1EfR0oYGG4

Source: TaxScan.

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CBIC extends due date for Filing GST Annual Return

CBIC extends due date for Filing GST Annual Return

The Central Board of Indirect Taxes and Customs ( CBIC ) has extended the due date for filing GSTR-9 (Annual Return) for the Financial Year 2018 – 19 to be extended till the 30th of September, 2020.

The GST Council, in its 39th meeting, had extended the due date for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the Financial Year 2018 – 19 to 30th June 2020.

GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant previous year under different tax heads i.e. CGST, SGST & IGST, and HSN codes. It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in extensive reconciliation of data for 100% transparent disclosures.

The late fees for not filing the GSTR 9 within the due date is Rs 100 per day, per act. That means late fees of Rs 100 under CGST and Rs 100 under SGST will be applicable in case of delay. Thus, the total liability is Rs 200 per day of default. This is subject to a maximum of 0.25% of the taxpayer’s turnover in the relevant state or union territory. However, there is no late fee on IGST yet.

Read Notification here: https://www.taxscan.in/preview/?previews=15ax53cDwCpa7kwoRqfcTGX6Lai_q4Go_

Source: TaxScan.

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CBIC notifies Due Date for Filing GSTR-3B from April 2020 to Sep 2020

CBIC notifies Due Date for Filing GSTR-3B from April 2020 to Sep 2020

The Central Board of Indirect Taxes and Customs ( CBIC ) has notified the due date for filing Monthly Return GSTR-3B of the said rules for each of the months from April, 2020 to September, 2020.

In a Notification issued by CBIC said that, that the due date of return in FORM GSTR-3B of the said rules for each of the months from April, 2020 to September, 2020 shall be furnished electronically through the common portal, on or before the twentieth day of the month succeeding such month.

The Notification also said that, for taxpayers having an aggregate turnover of up to rupees five crore rupees 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 April, 2020 to September, 2020 shall be furnished electronically through the common portal, on or before the twenty-second day of the month succeeding such month.

The Notification also said that, for taxpayers having an aggregate turnover of up to rupees 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 April, 2020 to September, 2020 shall be furnished electronically through the common portal, on or before the twenty-fourth day of the month succeeding such month.

Regarding the Payment of taxes for the discharge of tax liability as per FORM GSTR-3B, the notification added that, 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.

Presently the due dates of filing GSTR-3B returns for every taxpayer is 20th of every month. From now on, the last date for filing of GSTR-3B for the taxpayers having an annual turnover of Rs 5 crore and above in the previous financial year would be 20th of the month. Thus, around 8 lakh regular taxpayers would have the last date of GSTR-3B filing as the 20th of every month without late fees.

GSTR-3B is a monthly self-declaration that has to be filed a registered dealer from July 2017 till March 2020. Every person who has registered for GST must file the return GSTR-3B including Nil returns.

Source: TaxScan

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  • Manage your GST and E-WayBill Software anytime anywhere using multiple devices

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