Reading Time: 4 minutesRevamped Search HSN Code Functionality, Goods and Services Tax Network (GSTN) has revamped the ‘Search HSN’ functionality has been by linking it with e-invoice database and Artificial Intelligence tools in the following ways: 1. The Search HSN Code functionality has been enhanced, where the taxpayers can search the HSN code and the applicable Technical description
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Reading Time: 2 minutesMandatory Aadhaar Authentication, CBIC has made mandatory Aadhaar authentication for registered person as a measure to check anti-evasion and gaps, the CBIC has made Aadhaar authentication mandatory for the purposes of registration and claiming of refund. It has further notified that GST refunds shall be disbursed only in bank accounts which have been linked with the same
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Reading Time: 2 minutesGSTR-2B is a progressive auto-drafted statement that provides input tax credit (ITC) details to every recipient of supplies, based on the suppliers’ data, It is a constant auto-drafted statement that provides input tax credit (ITC) details to every recipient of supplies, based on the suppliers’ data Here are some important QnA regarding GSTR-2B # What is GSTR-2B?
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Reading Time: 2 minutesFetching of Bill of Entry , To help importers of goods, and recipients of supplies from SEZ, search Bill of Entry details, which did not auto-populate in GSTR-2A, a self-service functionality has been made available on the GST Portal that can be used to search such records in GST System, and fetch the missing records
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Reading Time: 2 minutesBlocking of GSTR-1, if GSTR-3B is not filed, If a registered taxpayer fails to file the return in GSTR-3B for preceding 2 months then he would not be allowed to provide the details of outward supplies of goods or services or both in GSTR-1. Rule-59(6) of CGST Rules, 2017; inserted vide Notification No. 1/2021 dated
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Reading Time: < 1 minuteA functionality to check status of bank account details update for the taxpayers who have taken new registration at GST Portal but have not yet furnished the same, has been introduced, in view of Rule 10A of the CGST Rules 2017. Such taxpayers are required to update their Bank Account Details within 45 days of
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Reading Time: 2 minutesGovernment has granted waiver from payment of interest and/or late fee to normal (Monthly / Qtrly) & composition taxpayers for the tax periods of March, April & May, 2021, vide Notn. Nos. 18/2021 & 19/2021, both dtd. 1st June, 2021. The details are summarized below: A. Relaxation to normal taxpayers in filing of monthly return in Form GSTR-3B
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Reading Time: < 1 minuteExtension of GST Due dates, The CBIC has extended the dates of various compliances by Taxpayers under GST, vide Central Tax Notification Nos. 10/2021, 11/2021, 12/20211, 13/2021, 14/2021, all dated 1st May, 2021. The details are summarized below: D. Filing of Form GSTR-1/IFF by Normal Taxpayers: Sl.No. Return Type(Form) To be filed by Tax period Due Date Due Date
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Reading Time: 2 minutesGST Composition Scheme 2021-22 ,Taxpayers who were registered as a regular taxpayers in previous year , but are going to opt-in for composition scheme for 2021-22, must file Form GST ITC-03 for reversal of ITC on stocks of inputs, semi-finished goods and finished goods available with them, within 60 days from the effective date of opting in How
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Reading Time: 2 minutesPayment method under QRMP Scheme, The Central Board of Indirect Taxes & Customs (CBIC) introduced Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme under Goods and Services Tax (GST) to help small taxpayers whose turnover is less than Rs.5 crores. The QRMP scheme allows the taxpayers to file GSTR-3B on a quarterly basis
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