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 […]
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 […]
Upcoming GSTR-1 Enhancements & Improvements:
GSTR-1/IFF can be viewed as usual by navigating in the following manner : Return Dashboard > Selection of Period > Details of outward supplies of goods or services GSTR-1 > Prepare Online The following changes are being done in this phase of the GSTR-1/IFF enhancements : 1.Removal of ‘Submit’ button before filing: The present two-step filing of […]
GSTR 2A Form removed from GST Portal by GSTN – From January 2022
GSTR-2A has been deleted from the GST Portal January 2022 onwards by the Goods and Service Tax Networks (GSTN). The following are the key changes in CGST Rules notified in Notification No. 40/2021 – Central Tax With effect from 1st January 2022, ITC shall be allowed only to the extent invoice/debit notes are reported in GSTR-1 […]
INTEREST INCOME TAXABLITY AND IMPLICATIONS UNDER GST LAW
TYPES OF INTEREST INCOME AND ITS TAXABLITY As per the provision of GST Law a person is required to take registration if aggregate turnover exceeds the threshold limit. Exempt income is part of aggregate turnover and hence question arise whether all types of interest income is part of aggregate turnover? Meaning of Interest “Interest” means […]
Guidelines for recovery of tax in case of difference in GSTR -1 and GSTR-3B
Tax declared under GSTR-1 but not included in GSTR-3B, will be considered as “Self Assessed Tax” and hence, direct recovery of such tax under Section 79 will be possible even without issuing any Show Cause Notice. (Amendment in Section 75(12)). There may, however, be some cases where there may be a genuine reason for difference […]
Upcoming functionality – Interest Calculator in GSTR-3B
To facilitate taxpayers in doing self-assessment, the new functionality of interest calculator is being released in GSTR-3B. This functionality will assist taxpayers in calculating the interest applicable for delayed filing of returns. Interest computation The interest computed by the system has been aligned with the Section-50 of the CGST Act, 2017, as amended. Consequently, interest […]