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:
30/09/2020
CBIC has extended the due date for furnishing GSTR-9 and GSTR-9C for 2018-19 from 30th September 2020 to 31st October 2020.
23/09/2020
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.
18/09/2020
Using Matching Offline Tool to compare ITC auto-drafted in Form GSTR-2B with Purchase Register
17/09/2020
Delinking of Credit Note/Debit Note from the invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund.
12/09/2020
Update regarding enabling on e-invoice portal (https://einvoice1.gst.gov.in/ )
05/09/2020
System computed values of GSTR-1 Statement (Monthly filers), made available in Form GSTR-3B, as PDF statement on GST Portal
01/09/2020
New functionalities made available for TCS and Composition taxpayers.
01/09/2020
Filing Form GSTR-4 Annual Return by Composition Taxpayers on GST Portal.
29/08/2020
ITC Statement Form GSTR-2B made available on GST Portal for taxpayers
21/08/2020
Provision for Aadhar Authentication in GST Registration
17/08/2020
Downloading document-wise details of Table 8A of Form GSTR-9
06/08/2020
Using Offline Tool to prepare Form GSTR-4 Annual Return by Composition Taxpayers
06/08/2020
Functionality to file Revocation Application under Removal of Difficulty.
08/07/2020
Statistical Report on 3 Years of GST
01/07/2020
Filing NIL Form GSTR-1 through SMS on GST Portal
01/07/2020
Relief in late fee to Taxpayers filing Form GSTR-3B
01/07/2020
Relief in late fee to Taxpayers filing Form GSTR-1
01/07/2020
Relief in payment of interest to Taxpayers filing Form GSTR-3B
01/07/2020
Relief in opting for Composition by Taxpayers, filing other Returns & EWB.
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