gst Returns

GSTR 9C is an annual audit form for all the taxpayers having the turnover above 2 crores in a particular financial year. It includes reconciliation Statement for a particular FY to be filed by taxpayers on or before 31st December after being certified by CAs/CMA.
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Due date of GSTR 9 and GSTR 9C filings has finally reached its finale, with a staggered filing system based on taxpayer’s place of business.

Eway Bill rules are now effective across the country for movement of goods subject to the conditions specified. There are certain import transactions where Eway Bill is to be generated.

In this blog, we’ll cover the requirements and importance of Consolidated E-way bill. For knowing more about individual E-way Bill, you can read 6 things you need to know about Eway Bill.

The need for the Consolidated E-way Bill is usually when multiple consignments of goods are transported in a single vehicle. This will not only make things simple for the supplier, but also for the transporter, who will then need to carry a single document.

New and simplified GSTR forms are to be implemented from April 1, 2019, on a pilot basis. Under the reign of new return forms, a taxpayer shall be able to make edits/amendments, as per the rules given forth by the GST Council.

Form PMT-09 has been enabled on the GST Portal by the Central Board of Indirect Taxes and Customs (CBIC). It has been made live on 21 April, 2020.

GSTR 9 filing or annual return filing efficiently using IRIS Sapphire which offers features like easy compare, efficient review ,bulk fetch and comprehensive report

The annual return is divided into 6 parts, Part I covers basic details while Part II is for outward supplies. Part III is important section covering ITC related reports in Table 6, Table 7 and Table 8.

Part IV is the actual tax paid during the financial year.

Part V of GSTR 9 is particulars of the transactions for the FY 2017-18 declared in returns between April 2018 till March 2019

RFD-01/RFD-01A is an application form that a taxpayer files when he wants to process their GST Refund. Form GST RFD-01 needs to be e-filed on the official GST website.

In our earlier blog, we explained you the scenarios of refund and an in-depth GST Refund process. In this blog, we will explain to you the process to file forms RFD-01 and RFD-01A.

In our previous article, we spoke about step by step guide to GST Refund Process, its documentation, GST Refund order and also scenarios when taxpayers can claim the refund.

If you have filed a refund application via Form RFD-01 or Form RFD-01A, these are the steps to track your GST Refund application status. However, if your GST Refund is not processed or is rejected, there are a few steps you can take to raise a grievance for the same on the official grievance redressal portal for lodging complaints by taxpayers and other stakeholders. The website is designed in a manner in which the user can easily explain the issues and get quick solutions.

As a measure to ease the compliance process, the Central Board of Indirect Taxes and Customs (CBIC) has now allowed filing NIL GSTR 3B via SMS through GST Notification 38/2020. The notification also states that if the registered entity is a company, then GSTR-3B can be filed through EVC till June 30th 2020.

Since GSTR 3B is a monthly self-declaration form, taxpayers are required to file it on a monthly basis. Due to COVID-19 crises, many businesses have been on hold, thus several taxpayers need to file NIL GSTR 3B for a few tax-periods as there were no business transactions for those months. With this SMS filing facility, it will become very convenient for them to carry out the process and stay compliant.

Form GST ITC-02A : ITC-02A is a declaration for transfer of unutilized ITC from the existing entity of a registered taxpayer to a newly registered entity (different place of business) in the same state or union territory.

In a usual scenario, every business under GST is bound to take one registration (GSTIN) in every state of operation. However, as per section 25(2) of CGST act, if in case a person has multiple places of business in a State /UT, he may take separate registration for each place of business.

The 27th and 28th GST council proposed and laid down rules for the implementation of new GST return forms. The New GST returns are expected to free the taxpayers from the hassles of self-computation of tax liabilities and complex GST returns. This guide is sure to offer its readers a much-needed clarity on the ‘New Returns’ and its procedures as it also talks about the transition from the old to the new return system. This E-book ‘New GST Returns Made Simple’ by Shilpa Dhobale and Vaishali Dedhia is utmost detailed. Download right away!

Updates in GST Return due dates

CBIC has extended the benefit of late fees cap for all the categories of taxpayer irrespective of turnover limit for GSTR 3B via Notification 57/2020

Steps to file NIL GSTR 1 via SMS. To ease the compliance process, the CBIC made the announcement through notification 58/2020.

Form GST RFD-06 is also popularly known as Final Refund Order. This is an electronic order issued by the proper office to the taxpayer. This order is issued when the officer is satisfied or not satisfied with the particulars of form RFD-01 and the documents submitted there on. The payment is made against this order by issuing form RFD-05.

GST Compliance Calendar August 2020

The government has announced that it may not be bringing the new returns, but an advanced version of the current GST filing system will be introduced. The changes made will be for the ease of compliance for the taxpayers. From 1st Oct 2020, turnover limit for applicability of E-Invoicing is enhanced to Entities having turnover above 500 Crores (Earlier it was INR 100 Crores)The government has also added facilities like filing NIL GSTR 3B via SMS and NIL GSTR 1 via SMS for the convenience of the taxpayers.

GST Form RFD-10 is an important GST Refund form which is made by UIN or multilateral financial institutions. Form GST RFD-10

E invoicing Software IRIS ONYX is a one stop e invoicing solution to integrate with your billing systems in multiple ways and generate IRN

IRIS Topaz is IRIS GST's cloud-based Smart E-way Bill software designed to cater to the needs of suppliers, consignors and transporters.

GST Return Filing Checklist
GST Return for September of a year is the last return period during which taxpayers can rectify any missing inputs or errors in the returns already filed during the previous financial year. These corrections are crucial for the correct closure of that particular financial year. It also forms an important checkpoint during the GST audit. So September 2020 return is very significant and crucial.
Here is an important checklist for all the taxpayers to consider before filing their September 2020 GST Returns:

Input Tax Credit (ITC)
Input Tax Credit or ITC under GST is the credit back of the tax a registered GST taxpayer pays on inputs i.e. purchases. This tax he is liable to get back from the government.

The Government is releasing a bunch of new updates every other day for businesses. Practices like E-invoicing and E-way Bill have transformed the entire scenario and are on their way to rooting out the old way of doing business. Digitization is the way to go as it not only eases the entire process but brings in a lot more transparency. After all the e-invoicing updates, now the government has released some major updates in the E-way Bill arena.

Please have a look at the following updates in the E-way Bill System:

GST News December 2020 | Latest GST Updates | Updates in the EWB System | Year End Recap – IRIS GST | GST Compliance Calendar- Jan 2021 | And Top GST NEWS