Statutory Boost

  As per GST portal data policy, data of taxpayers can be retained on their portal for a maximum period of 7 years . Accordingly, data for the month of July, 2017 was not available from 1st August 2024 onwards and similarly, data for the following months will not be available for taxpayers after expiry of 7 years from the end of the relevant month. Therefore, GSTN has advised the taxpayers to download their relevant data from GST portal for any future reference.       +91-7417634371     kuldeepdiggiwal@gmail.com

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. 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. 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.                 +91-7417634371     kuldeepdiggiwal@gmail.com

  GSTN has announced that the existing GST portal will be revamped on 3rd May 2024 which will include following changes : News and Updates Section :  A separate section of new and updates will be inserted to access any new updates and archived updates since 2017. User Interface improvements :  Changes in GST portal to improve user accessibility and use. Updated Website Policy :  Updated website policy with details regarding web managers included.  Screenshot of new GST portal with updated modification can be accessed by clicking  here.   Feel free  to contact in case of any query or consultation.                 +91-7417634371     kuldeepdiggiwal@gmail.com

GSTN has introduced a facility of Two-Factor authentication for logging into GST portal. Now, taxpayers will have to enter an One-Time Password (OTP) post entering the login credentials on GST portal. The OTP will be sent on registered mobile number and email-id of the Primary Authorised Signatory. This facility is rolled out in phased manner. In 1st phase , it is rolled out in the state of  Punjab, Chandigarh, Uttarakhand, Rajasthan and Delhi beginning from 01.12.2023 . In 2nd phase , it will be rolled out across all the states. Feel free  to contact in case of any query or consultation.                 +91-7417634371     kuldeepdiggiwal@gmail.com

The Central Board of Indirect Taxes and Customs (CBIC) has notifies via Notification no. 14/2021 - Central Tax (Rate) dated 18th November 2021 , the hike in GST rate from 5% to 12% on Fabrics , Apparel, and Footwear w.e.f. 01st January 2022 .  This decision was taken in 45th GST Council meeting to correct the problem of Inverted Duty Structure faced by a small segment of the textile value chain. Particulars of Items Old rate New Rate Apparels 5% - for items having value upto ₹ 1000/- 12% - for items having value above ₹ 1000/- 12% for items of any value Footwear 5% - for items having value upto ₹ 1000/- 12% - for items having value above ₹ 1000/- 12% for items of any value Feel free  to contact in case of any query or consultation.                  +91-7417634371     kuldeepdiggiwal@gmail.com

The Goods and Service Tax Network on 17th October 2021 has issued an  advisory to taxpayers regarding the availability of Input Tax Credit (“ITC”) for Financial Year 2020-21. As per Section 16(4) of CGST Act, 2017 , no taxpayer shall take input tax credit in respect records (invoices and debit notes) for supply of goods or services (or both) for Financial Year 2020-21 after the due date of furnishing the return for the month of September 2021 . The due date for the GSTR-3B for September 2021 is either 20th October 2021 for monthly filers and 22nd or 24th October 2021 depending on the State/UT of registration of the taxpayer. In view of the same, the following may kindly be noted: Records (invoice or debit notes) pertaining to Financial Year 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will not reflect as “ITC Available” in GSTR-2B of the recipients. Such records will reflect in “ITC Not Available” section of GSTR-2B and such ITC shall in turn not be au...

Government had earlier temporarily suspended the blocking of E way bill generation facility on account of COVID-19 pandemic.  In terms of Rule 138E(a) and (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 return in Form GSTR-3B / statement in CMP-08, for consecutive two tax periods or more, whether Monthly or Quarterly. Now, the blocking of EWB generation facility has been resumed on the EWB portal for all the taxpayers .  It has also been stated that from the tax period August, 2021 onwards , the System will periodically check the status of returns filed in Form GSTR-3B or the statements filed in Form GST CMP-08 as per the regular procedure followed before pandemic, and block the generation of EWBs as per rule. To avail EWB generation facility on EWB Portal on continuous basis, you are, therefore, advised to file your pending GSTR 3B returns/ CMP-08 Statement on regular basis. For mo...

The Central Board of Indirect Taxes on 26th August 2021 has issued an Advisory on Harmonised System of Nomenclature (HSN) and GSTR-1 Filing . It is clarified that on examination of the HSN codes reported as missing, it has been observed that few taxpayers are trying to report truncated first 6-digits out of an otherwise valid 8-digit HSN. These truncated HSN codes are actually not available in GST Tariff at 6-digit level, with no corresponding description of goods. Therefore, these truncated 6-digit HSN are invalid. Taxpayers are therefore advised not to create 6-digit HSN code by truncating/removing the last two digits (including “00”) of a valid 8-digit HSN code . Taxpayers should check their HSN code in Search HSN functionality provided by GSTN on GST portal and with the directory of HSN codes provided in a downloadable excel format. For detailed advisory, click  here. Feel free  to contact in case of any query or consultation.           ...

CBIC has provided various relaxation to GST Taxpayers through various notifications which are summarised as under : Extension in facility of return filing through EVC mode for companies [ Notification No. 32/2021- Central Tax, dated 29th August 2021 ] -  The filing of   FORM GSTR-3B  and  FORM GSTR-1 /  IFF  by companies using electronic verification code (EVC), instead of Digital Signature certificate (DSC) has already been enabled for the period from 27th April 2021 to 31st August 2021.  This has been further extended to 31st October, 2021.   Extension in last date for availing benefit of Amnesty Scheme [Notification No. 33/2021- Central Tax, dated 29th August 2021] - The Government, vide Notification No. 19/2021- Central Tax, dated 01st June 2021 , had provided relief to the taxpayers by reducing / waiving late fee for non-furnishing FORM GSTR-3B for the tax periods from July, 2017 to April, 2021 , if the returns for these tax periods are fur...

Central Goods and Services Tax (Sixth Amendment) Rules, 2021 (effective from 1st August 2021) CBIC via Notification no. 30/2021 dt. 30th July, 2021  has notified amended Rule 80 of Central Goods and Services Tax Rules, 2017 which provides rules regarding Annual Return. The following amendments were made : Threshold limit for filing FORM GSTR-9C has been increased from ₹ 2 crores to ₹ 5 crores. In rule 80(3), the words " furnish a copy of audited annual accounts and a reconciliation statement, duly certified in FORM GSTR-9C", has been replaced with " furnish a self-certified reconciliation statement as specified under section 44 in FORM GSTR-9C along with the annual return referred to in sub-rule (1)" In FORM GSTR-9, FY 2019-20 has been replaced with FY 2020-21, wherever applicable . Part-B of FORM GSTR-9C providing Certification has been omitted. Further , via Notification No. 31/ 2021 dt 30th July, 2021  CBIC has exempted registered persons, whose aggregate tur...

CBIC via  Notification No. 29/2021-Central Tax dt 30th July 2021  notifies 1st August 2021 as date on which Sec. 110 and Sec. 111 of  Finance Act, 2021  shall comes into force. Sec. 110 of the Finance Act, 2021 deals with omission of Sec. 35(5) of the CGST Act, 2017 which provides for audit of accounts by a Chartered Accountant under GST law. Sec. 111 of Finance Act, 2021 deals with amendment in Sec. 44 of CGST Act, 2017 which provides for submitting a self-certification reconciliation statement under GST law. Sec. 44 of CGST Act, 2017 shall be read as under: "44.  Every registered person, other than an Input Service Distributor, a person paying tax under section 51 or section 52, a casual taxable person and a non-resident taxable person shall furnish an annual return which may include a self-certified reconciliation statement, reconciling the value of supplies declared in the return furnished for the financial year, with the audited annual financial stat...

CBIC via  Circular No.16/2021 dt. 19th July, 2021 clarifying the applicability of Integrated Goods and Services Tax (IGST) on repair cost, insurance and freight on goods re-imported after being exported for repairs based on the recommendations of the GST Council. The clarification is provided for decision of GST Council in its 43rd Meeting held on the 28th May, 2021. It is clarified that re-import of goods sent abroad for repairs attracts IGST on a value equal to the repair value, insurance and freight and not on the entire value of goods imported. Feel free  to contact in case of any query or consultation.                  +91-7417634371     kuldeepdiggiwal@gmail.com  

CBIC via  Notification No 28/2021 dated 30th June 2021 has extended the date of applicability of B2C dynamic QR code provisions to 30th September 2021 instead of applicable from 1st July 2021 i e. No penalty will be payable by any registered person who fails to comply with provisions of Sec. 125 of CGST Act, 2017. Earlier, CBIC has issued clarification on applicability of Dynamic QR code via  Circular No. 156/12/2021 - GST dated 21st June 2021 . Feel free to contact in case of any query or consultation.                  +91-7417634371     kuldeepdiggiwal@gmail.com

Ministry of Finance, CBIC had issued  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 crores w.e.f. 1st October 2020 which was subsequently extended to 31st December 2020 and then to 1st April 2021 and then upto 30th June 2021 i.e. Compliance of aforesaid notification is mandatory w.e.f. 1st July 2021. Now, CBIC has clarified various issues relating to Dynamic QR code and applicability of  Notification No. 14/2020-Central Tax, dated 21st March 2020  vide  Circular no. 156/12/2021-GST dated 21st June 2021 . Let's understand various issues addressed via said circular: ISSUES CLARIFICATIONS Applicability of Dynamic QR code in case of UIN holders ? Whether Dynamic QR Code is to be provided on an invoice, issued to a person, who has obtained a Unique Identity Number as per the provisions of Section ...