Goods and Services Tax (GST) in India
Goods and Services Tax is the tax levied by the Indian Government on the procurement of goods or services in the country. The tax was introduced in the year 2017. The tax has replaced all the other indirect taxes, like Value Added Tax (VAT), and compressed them into a single tax. GST (Goods and Services Tax) is charged by the government in slabs. The present slabs being 5%, 12%, 18%, and 28%. GST is managed by the Goods and Services Tax Council and is governed by the Goods and Services Tax Act, 2017.
The government keeps on amending and updating the provisions related to different types of taxes for the ease of the taxpayers.
The recent updates and news on the GST Portal are:
CBIC has extended the due date for furnishing GSTR-9 and GSTR-9C for 2018-19 from 30th September 2020 to 31st October 2020.
Relief in late fees to Taxpayers filing Form GSTR-4 or 10 and change in the navigation of Comparison of liability declared and ITC claimed the report.
Using Matching Offline Tool to compare ITC auto-drafted in Form GSTR-2B with Purchase Register
Delinking of Credit Note/Debit Note from the invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund.
Update regarding enabling on e-invoice portal (https://einvoice1.gst.gov.in/ )
System computed values of GSTR-1 Statement (Monthly filers), made available in Form GSTR-3B, as PDF statement on GST Portal
New functionalities made available for TCS and Composition taxpayers.
Filing Form GSTR-4 Annual Return by Composition Taxpayers on GST Portal.
ITC Statement Form GSTR-2B made available on GST Portal for taxpayers
Provision for Aadhar Authentication in GST Registration
Downloading document-wise details of Table 8A of Form GSTR-9
Using Offline Tool to prepare Form GSTR-4 Annual Return by Composition Taxpayers
Functionality to file Revocation Application under Removal of Difficulty.
Statistical Report on 3 Years of GST
Filing NIL Form GSTR-1 through SMS on GST Portal
Relief in late fee to Taxpayers filing Form GSTR-3B
Relief in late fee to Taxpayers filing Form GSTR-1
Relief in payment of interest to Taxpayers filing Form GSTR-3B
Relief in opting for Composition by Taxpayers, filing other Returns & EWB.
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