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GST - Latest News & Updates

Expectations from 39th GST Council Meeting

The 39th GST Council meeting will be held on the 14th March 2020. Here are some of the expectations from the 39th GST council meeting...

Posted in articles |   17 comments |   7057 Views

Delinking of Credit Note/Debit Note from invoice, while reporting them in Form GSTR 1/GSTR 6 or filing Refund

Till now, original invoice number was mandatorily required to be quoted by the taxpayers, while reporting a Credit Note or Debit Note in Form GSTR-1 or Form GSTR-6. But the GST Portal has notified that the taxpayers now have the facility for the ease of compliance. Know the new facilities made available for taxpayers on GST Portal:  The taxpayers have now been provided with a facility on the GST Portal to: Report in their Form GSTR-1 or in Form GST..

Posted in news |   4 comments |   2185 Views

Saga of Interest Provision under GST - To be paid on the Net liability

Understanding legal background: Section 50 of the CGST Act talks about when you should pay interest and what rate it should be paid. So section 50 said, interest has to be paid at 18% in cases where you delay paying tax to the government. That means if you cause a delay in filing your return, you end up paying interest. But the moot question that came was whether this interest has to be paid on Gross liability or net liability paid in cash. How this provision started? Pr..

Posted in articles |   368 Views

Consolidated debit/credit note enabled on GST Portal

Consequent to amendment to section 34 of CGST Act,2017 through CGST (Amendment) Act, 2018&nbsp; which was made effective from February 1, 2019 , one credit note can be issued against one or more relevant tax invoices. Before this amendment, credit note/debit note could be issued only against one tax invoice, and giving reference to such a tax invoice was mandatory while reporting the debit/credit note in the GSTR1 on the GST Portal. &nbsp; <p..

Posted in articles |   3 comments |   2017 Views

No GST payable on recoveries from employees towards transport facility

AAR Maharashtra vide its order GST-ARA-23/2019-20/B-46 dated AUGUST &nbsp;25, 2020 in the case of Tata Motors Limited rules that no GST is payable by the applicant on the nominal amounts recovered from its employees for availing transportation service for commuting to office in view of the fact that this transaction is not a supply as being covered under Schedule III of the CGST Act. ITC also available on such GST paid for motor vehicles taken on hire by the employer for such transportation.<..

Posted in articles |   1 comments |   618 Views

ITC on Lift available or not under GST?

Lift is not a machine, it is part of Building, is it true? Is the ITC claimable on the purchase of Lift? Let us discuss whether the lift is a machine or Building only we would reach to the conclusion of ITC is eligibility. Section 17(5) blocks credit of works contract and goods or services received by a taxable person for construction of an immovable property (other than plant and machinery). If the lift is part of the building and it constitutes immovable property ITC is not available means ..

Posted in articles |   958 Views

NIC released updated APIs with improved validations GST e-Invoice

Version 1.03: Date: 08/09/2020 Help section of e Invoice portal has been updated with new documents. The following Improvements have been done in Validations in IRN Generation API. In case of Credit Note and Debit Note, tax rate can be passed with any value. Passed IGST Value of Item wi..

Posted in news |   1137 Views

How To Cancel GST Registration?

Taxpayers who have already registered under the GST Act can apply for cancellation of GST registration any time if they think they should close their business or in case any situation arises. Once the registration is cancelled it is no longer required to pay tax or collect tax from ordinary people. WHAT WILL HAPPEN ONCE REGISTRATION IS CANCELED? The Taxpayer cannot collect and is no longer required to pay GST There will be no requirement of..

Posted in articles |   742 Views

This September - Tarikh pe Tarikh!

Arjun (Fictional Character): Krishna, half-year of 2020-21 is about to end. Along with the same, there are many due dates to be complied with in the same month. Please tell which are those due dates?&nbsp;&nbsp; Krishna (Fictional Character): Arjuna, due to the COVID-19 pandemic &amp; the following lockdown situation therein, the due dates for Income Tax &amp; GST compliances were extended as a measure of relaxation to the taxpayers. Many of these d..

Posted in articles |   667 Views

Credit & Debit Notes: Section 34 of CGST Act 2017

1) Credit Note:- I. Purpose of GST Credit Note:- During the course of trade or commerce, after the invoice has been issued, there can be situations like:- (i) The supplier has erroneously declared a value which is more than the actual value of the goods or services provided {i.e. to d..

Posted in articles |   3227 Views

GSTN notifies on enabling of e-invoice portal

Update regarding enabling on e-invoice portal ( This is with reference to the requirement of certain taxpayers to prepare invoice in terms of Rule 48(4) of CGST Rules&nbsp;(e-invoicing). As a facilitation measure, all the taxpayers who were having aggregate turnover of Rs. 500 Cr. (from 2017-18 onwards) were enabled on e-invoice portal&nbsp;<a href="https://apc01.safelinks.protectio..

Posted in news |   3477 Views

FAQs on GST e-invoice/IRN System

A. E-invoice - Basics: 1. What is e-invoicing? &#39;e-invoicing&#39; means the invoice shall be prepared after obtaining an Invoice Reference Number (IRN) by uploading specified particulars (in FORM GST INV-01) on the notified Invoice Registration Portals (IRP). &#39;e-invoicing&#39; doesn&#39;t mean generation of invoice by a Government portal. &#39;e-invoicing&#39; facilitates exchange of the invoice document (structured invoice data) between a su..

Posted in articles |   530 Views

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