GSTN enabled functionality of Annual Aggregate Turnover (“AATO”) computation for the FY 2021-22 on taxpayers’ Dashboard
The functionality of AATO for the FY 2021-22 has now been made live on taxpayers’ dashboards with the following features: The taxpayers can view the exact Annual Aggregate Turnover (AATO) for the previous Financial Year (FY). The taxpayers can also view the Aggregate Turnover of the current FY based on the returns filed till date. […]
Advisory to composition taxpayers
Background: Since FY 2019-20, composition taxpayers has to pay the liability through Form GST CMP-08 on quarterly basis while return in Form GSTR-4 is required to be filed on annual basis after end of a financial year. Reason of Negative Liability in GSTR-4: The liability of the complete year is required to be declared in […]
GST Rate Changes in Bricks and Earthen or roofing tiles
The government on March 31 ,2022 notified the GST rates that would be applicable from 1st April ,2022 .Those businesses who do not wish to opt for the composition scheme would be subject to 12 per cent GST with ITC. Amendment related to person engaged in making supply of the goods as per below HSN […]
Introduction of Restoration of Cancelled Registration based on Appellate order
Communications have been received from field formations about passing judicial / appeal orders against cancellation orders, passed suo-motu by the Range officers u/s 29 of the CGST Act, 2017. It has also come to notice that taxpayers in certain cases, had obtained orders from High Courts / appellate authorities to restore registrations cancelled on their […]
Standard Operating Procedure (SOP) for Scrutiny of returns for FY 2017-18 and FY 2018-19
Section 61 of the Central Goods and Services Tax Act, 2017 read with rule 99 of Central Goods and Services Tax Rules, 2017 provides for scrutiny of returns and related particulars furnished by the registered person. Till the time a Scrutiny Module for online scrutiny of returns is made available on the CBIC-GST application, as […]
E-invoicing – Next phase will apply to businesses with a turnover of 20 crores from April 1, 2022
Background E-invoicing in India will be a big move, due to the volume of business transactions undertaken every day, as well as the different, non-standardized formats used in invoice generation. The main objective is that an e-invoice generated by one software should be capable of being read by any other software. New system of […]
Advisory on Auto-population of E-invoice details into GSTR-1
Auto-population of e-invoice details into GSTR-1 Generation of e-invoice is mandatory for certain class of taxpayers, as notified by the Government. These taxpayers are required to prepare & issue their e-invoices by reporting their invoice data in the prescribed format (e-invoice schema in FORM GST INV-01) and reporting the same on the Invoice Registration Portal (IRP). Invoices […]
Advisory for Importers to avail benefit of IGCR Rules (Import of Goods at Concessional Rate of duty)
IGCR module is developed by ICEGATE, CBIC to provide a digital service to importers to avail benefits under the IGCR Rules (Import of Goods at Concessional Rate of Duty). The broad provisions are as under: i. Available post log in on ICEGATE for importers in their existing account, registered with valid DSC. ii. Provision of […]
GSTN has enabled facility for filing Letter of Understanding (“LUT”) for FY 2022-23 on GST Portal for taxpayers.
Disclaimer: This article is only a knowledge-sharing initiative and is based on the Relevant Provisions as applicable and as per the information existing at the time of the preparation. In no event, RMPS & Co. or the Author or any other persons be liable for any direct and indirect result from this Article or any […]
The Limit for Mandatory E-invoicing has been reduced from Rs. 50 crores to Rs. 20 crores
CBIC has made the e-invoicing system mandatory for all registered persons with a turnover of more than Rs.20 crore from April 1, 2022. (Turnover exceeds in any FY from 2017-18 and onwards). Original Notification 13-2020 has been amended from time to time and turnover limit is now reduced to Rs. 20 crores in latest Notification […]