Introduction of Invoice Management System on GST portal

GSTN has introduced a new facility of Invoice Management System on their portal which will help the taxpayers to simplify the process of reconciliation.

It will contain two segments i.e. Inward supplies and Outward supplies.

  1. Inward Supplies: Under this option, recipient taxpayers can easily accept or reject the Inward supply invoices from various vendors at one place in single click. Form GSTR 2B will be regenerated on the basis on inputs provided by the taxpayers and updated ITC details will be auto populated in Form GSTR 2B.
  2. Outward Supplies : Under this option, a universal view of number of records under various tables in Form GSTR-1 can be viewed and downloaded in Excel format.
Draft Manual of Invoice Management System can be accessed by clicking here. 



Comments

Post a Comment

Popular posts from this blog

Ministry of Finance enlists the tax compliance extensions granted as COVID-19 relief measure

Image
The Ministry of Finance has issued various tax exemption to ameliorate stress due to COVID-19 which are enlisted via  Press Release dated 19 July 2021 . It states that the Government has extended various key tax compliance deadlines due to impact of COVID-19 pandemic. The detail of some of these extended timelines are as follows: Time limit for passing or orders and issuance of notice by the Adjudicating Authority under the Prohibition of Benami Property Transaction Act, 1988 which was required to be passed/issued by 30.06.2021 has been extended to 30.09.2021. The time limit for uploading of the declarations for non-deduction of TDS received from recipients in form No. 15G/15H during the quarter ending 30.06.2021, which was required to be uploaded by 15.07.2021 has been extended to 31.08.2021. For almost all the provisions of Act, any time limit for completion or compliance of any action, by any authority or by any person, under the CGST Act, which falls during the period from the ...
Read more

No mandatory requirement of minimum public shareholding in case of Listed PSUs

Image
The Ministry of Finance via  Notification dated 30th July 2021 has published the Securities Contracts (Regulation) (Second Amendment) Rules, 2021 to further amend the Securities Contracts (Regulation) Rules, 1957. The Amendment is brought under Rule 19A which provides for maintenance of minimum public shareholding and its attainment within a specified period. These provisions can be summed up as under: Every listed company (other than public sector Company) shall maintain public shareholding of at least twenty five percent. Any listed company which has public shareholding below twenty five per cent, shall increase its public shareholding to at least twenty five per cent, within a period of three years from the date of such commencement, in the manner specified by the Securities and Exchange Board of India. A company whose securities have been listed pursuant to an offer and allotment made to public, shall maintain minimum twenty five per cent of public shareholding. Where the publ...
Read more

Income Tax (28th Amendment) Rules, 2021 - Exemption from applicability of Section 56(2)(x) of Income Tax Act, 1961 to certain transaction

Image
The Ministry of Finance on 10th September 2021 has published the  Income-tax (28th Amendment) Rules, 2021 to further amend the Income-tax Rules, 1962 which shall come into force from 1st day of April 2021 and shall be applicable for the assessment year 2022-23 and subsequent assessment years. Through this amendment, a new clause 4 has been inserted under rule 11UAC which prescribes the class of person for the purpose of clause (XI) of the proviso to clause (x) of sub-section (2) of section 56. Section 56(2)(x) notifies the tax on sum/property received without consideration. As per new rules 111UAC(4) The provisions of section 56(2)(x) shall not apply to any movable property, being equity shares, of the public sector company, received by a person from the Central Government or any State Government under strategic disinvestment. Feel free  to contact in case of any query or consultation.                  +91-7417634371...
Read more