HSN Code Reporting in e-Invoice on IRPs Portal
It is now mandatory for taxpayers to report a minimum of six-digit valid HSN code for their outward supplies having AATO of more than 5 crores in any previous financial year. (As per notification no. 78/2020 – Central Tax dated 15th October 2020) This requirement has already been implemented in the GST system, and are […]
Advisory for the taxpayer wishing to register as “One Person Company” in GST
As per provision of section 2(62) of The Companies Act, 2013 “One Person Company” is defined as a company which has only one person as member. Some issues have been raised by the persons registering as ‘One Person Company’ while they take GST registration. Upon analysis, it has been noticed that the option of choosing […]
GSTN launches e-invoice registration services with private IRPs
In another step towards further digitization of the business process flow, GSTN has launched the e-invoice registration services through multiple private IRPs at the recommendation of the GST Council. Four private companies viz. ClearTax, Cygnet, E&Y and IRIS Business Ltd were empaneled by GSTN for providing these e-invoice registration services to all GST taxpayers of […]
Advisory on New e-Invoice Portal
GSTN has onboarded four new IRPs (Invoice Reporting Portals) for reporting e-invoices in addition to NIC-IRP. As a result, the beta launch of a new e-Invoice portal (www.einvoice.gst.gov.in), has been done where taxpayers can find comprehensive information on e-invoice compliance in a user-friendly format, such as check your enablement status, self-enable themselves for invoicing, search […]
Advisory on Geocoding of Address of Principal Place of Business
The Goods and Services Tax Network (“GSTN”) has issued an Advisory dated February 24, 2023 on the Geocoding of Address of Principal Place of Business. 1.GSTN is pleased to inform the taxpayers that the functionality for geocoding the principal place of business address (i.e. the process of converting an address or description of a location into geographic […]
Option to file declarations online has been enabled for GTA on GST portal.
In 47th GST council meeting under the Other miscellaneous changes one of change recommended was Goods transport agency (GTA) is being given option to pay GST at 5% or 12% under forward charge; option to be exercised at the beginning of Financial Year. RCM option to continue. If a GTA selects the option to pay GST on […]
GST fraud worth ₹824 crore by insurance companies
Directorate General of GST Intelligence, Mumbai Zonal Unit detects GST fraud worth ₹824cr by insurance companies. During the course of investigations against sixteen insurance companies on the issue of availment of ineligible input tax credit, it has come to notice that these insurance companies have availed input tax credit on the basis of invoices issued […]
Introduction of Negative Values in Table 4 of GSTR-3B
GSTN allowed Negative Values in Input Table of GSTR-3B from Jan 2023 The Government has notified few changes in Table 4 of Form GSTR-3B for enabling taxpayers to report correct information regarding ITC availed, ITC reversal and ineligible ITC in Table 4 of GSTR-3B. According to the changes, the net ITC is to be reported […]
Recommendations of 49th GST Council Meeting
The 49th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate AffairsSmt. Nirmala Sitharaman in New Delhi today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary besides Finance Ministers of States & UTs (with legislature) and seniorofficers of the Ministry of Finance & States/ […]
HEALTH SECTOR: FY 2022-23 GST UPDATES
Health infrastructure is an important indicator for understanding the healthcare delivery provisions and welfare mechanisms in a country. The Goods and Services Tax (“GST”) law has undergone various changes in the year 2022-23s. The 47th GST Council meeting held on June 28, 2022, and June 29, 2022, the GST Council proposed imposition of GST on […]