GST in India is constantly evolving with changes to rules, due dates, forms, and GST technology. It is vital to follow and be aware of these news updates to stay GST compliant. Read this article and stay up-to-date.
Due dates to implement E-Invoicing and QR Code is extended to 1st October 2020. The current system of filing GST Returns such as GSTR 1 and GSTR 3B will continue until September 2020.
Since 1st April 2020, mobile Phones and specified parts will attract 18% GST. All Matches will attract 12% GST and the GST on Maintenance, Repair, and Overhaul (MRO) services are now reduced to 5%.
Due dates to file GSTR 9 and GSTR 9C for the financial year 2018-19 is moved to 30th July 2020. Also, filing GSTR 9C is now optional for taxpayers with less than Rs. 5 crores aggregate turnover in the financial year 2018-19.
Changes in GSTR 3B wide Central Tax Notification No. 14/2022 dated 05th July 2022. Implementation of Phase 2 for HSN Summary. The late fee has been waived for filing of GSTR-4 for FY 2021-22 on or before 28th July 2022 Central Tax Notification No. 12/2022 dated 05th July 2022.
Various changes to Rates and GST Procedures by the 47th GST Council meeting. 6% tax rate has been added in the item details of GSTR-1, except HSN table 12.
Extension of the GSTR 3B date due to incorrect GSTR 2B (Central Tax Notification 05/2022 dated 17th May 2022) No late fees for filing of GSTR-4 of FY 2021-22 till 30th June, 2022 (Central Tax Notification 06/2022 dated 27th May 2022)
GST News and Updates – April 2022 GSTR-1 enhancements & improvements : The following changes are being done in this phase of the GSTR-1/IFF enhancements : Removal of ‘Submit’ button before filing : The present two-step filing of GSTR-1/IFF involving ‘Submit’ and ‘File’ buttons have been replaced with a simpler single-step filingprocess . It […]
GST News and Updates – February 2022 Amendments Proposed in GST Acts by the budget. Section 29 is proposed to be amended so as to provide that the registration of a person is liable for cancellation, where – A person under composition scheme has not furnished the return for a financial year beyond three
Tax rates for Textile Sector remain unchanged. Notification No. 40/2021 -Due date for GSTR 9 and 9C extended. Rule 36(4) amended w.e.f 1st January 2022. Revamped Search HSN Code Functionality. Functionality- Changes made in Form GSTR-1/IFF.
Rate Changes for HSN applicable from 1 Jan 2022 Notification No. 14/2021 (Rate) – Central Tax dated 18th November 2021 (w.e.f 1 st January 2022) Amends Notification No. 01/2017(Rate) dated 28th June 2017 Correction of inverted rate structure in textiles and footwear GST rate harmonized
Advisory for taxpayers on Form GSTR-2B. Clarification on B2C QR Code. GST on notice pay, group insurance, phone bill: AAR. CBIC has notified the update related to the registration of cancellation form REG-16 on the gst.gov.in website.
Resumption of Blocking of E-Way Bill (EWB) generation facility. 1. The blocking of E way bill generation facility had been temporarily suspended by Government on account of Covid pandemic. In terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, the E Way Bill
Central Tax Notifications Notification 35/2021 – Eighth amendment, 2021 to the CGST Rules Rule 10A – Newly registered person needs to provide PAN linked Bank A/c no In case of proprietorship – PAN to be linked to the Aadhar of the proprietor Rule 10B
Central Tax Notifications
Notification 32/2021 – Extension of filing GSTR 1/3B with EVC. Notification 33/2021 – Extension of date for availing benefit under Amnesty Scheme. Notification 34/2021 – Extension of date for application for revocation of cancellation
Central Tax Notifications Notification 29/2021 – Sections 110 and 111 of the Finance Act 2011 coming into force from Aug 1, 2021 Section 110 – Omission of Section 35(5) of CGST Act,2017. Annual Accounts not required to be audited by CA/CWA Section 111
Extension in dates of various GST Compliances for GST Taxpayers Government has extended the dates of various compliances by Taxpayers under GST vide Notn No 12/2021-CT, dated 1st May, 2021, r/w Notn No 17/2021 CT dated 1st June, 2021, Notn No 14/2021-CT, dated 1st May, 2021,r/w Notn No 24/2021-CT. Waiver of interest and late fee for normal taxpayers
Decision made 43rd GST Council meeting 1.Due dates extended for filing GST Returns The due dates for IFF and GSTR-1 filing for May 2021 are extended by 15 days. Companies may continue filing GST returns using EVC instead of digital signature till 31st August 2021.
The Government introduced filing of Nil GSTR-3B Return by sending an SMS from the registered mobile number. Checkout GSTZen’s NIL GSTR-3B Return filing tool.
Considering the impact of COVID-19 pandemic, the government announced simplifications, additional relief measures and issued clarifications.
Considering the impact of COVID-19 pandemic, the government announced several relief measures in the form of relaxation in filing dates, late fee, and interest.
Due dates to implement E-Invoicing and QR Code is extended to 1st October 2020. Also, Taxpayers in classes such as Insurance, Banking companies, Financial institution, Non-banking financial institution, GTA, Passenger transportation service, etc will be exempted from issuing E-Invoices or capturing QR code.
GSTZen has developed E-Invoice software that will help you create E-Invoices through an Excel connector or your ERP. Our articles on E-Invoice integrations provide a detailed explanation of how the tool works.
e-Invoicing will be introduced for taxpayers with over 500 crores aggregate turnover on 1st January 2020. Starting 1st April 2020, e-Invoicing will be madated for all taxpayers over 100 crores aggregate turnover.
Clarification issued on the recovery process against non-filers of returns. A notice in FORM GSTR 3A is issued 5 days after the due date of the return. After 15 days of receiving this notice the assessment officer may issue FORM GST ASMT 13. After 30 days, the proper officer may initiate recovery under Section 79 of the CGST Act.
Any businesses with turnover of Rs.500 crore or more need to take up e-Invoicing from 1 January 2020. From 1st April 2020, e-Invoicing will become mandatory for both classes of companies.
Under Central Tax Notification – 51/2019, the government has declared that Jammu Commissionerate has jurisdiction over Union Territory of Jammu and Kashmir and Union Territory of Ladakh.
ITC can only be claimed against invoices reflecting GSTR 2A. Rule 36 – Documentary requirements and conditions for claiming ITC limits taxpayers from availing ITC in their GSTR 3B if their Suppliers have not uploaded details of Invoices in their GSTR 1. Also, recipient can take credit only upto 20% above ITC reflecting in GSTR 2A.
Starting Sep 24, 2019, GST Common portal introduced an online system of claiming GST Refund that allows taxpayers to file a refund application and tax officers to process the refund application online.