For invoices on which purchaser is eligible to take credit but supplier did not upload the invoice can be considered for provisional ITC in the new returns.
The Central Board of Indirect Taxes and Customs (CBIC) on Jan 27th made the much needed simplification in GSTR 9 and GSTR-9C. This decision works as a boon ahead of its filing deadline.
These are extraordinary times. The hapless Indian MSME sector, already bedeviled by a credit crunch, is set for an unimaginably rough ride with the government clamping a nationwide lock-down that would grind the supply chains to a halt and drastically crunch demand. No one is sure at this point of time when normalcy would resume.
While obviously the first priority is health care and saving lives, if businesses shut down en-masse, the economy might take years to recover and the social costs would be prohibitively high.
We have been, hopefully, proactive in battling the virus, can we be equally so in taking care of the micro, small and medium businesses? In short, we need business ventilators in operation which will pump in funds to enhance staying power.
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The GST regime in India has gone through massive changes since its inception back in 2017. There have been constant changes in the GST law, the release of new forms, GST updates and notifications circulating on a constant basis. Lately, there have been due date changes and introduction of new forms every other day due to the pandemic crises.
Recent announcement which confirms 1st Oct 2020 as the go-live date for e-invoicing and the new releases in the e-invoice data fields and specifications has further created a hustle.
Here’s a wrap up of October for you - All the important GST updates at one place!
Since E-invoicing is live, here we share two important articles covering E-invoicing for SEZ and things you need to take care of as Recipients of E-invoicing. The newsletter also covers the Top GST News Updates & Notifications for October 2020. We have also included a detailed note on Input Tax Credit, ITC Claim , Provisional ITC and various notification updates on the same. We also have covered Form RFD-03 for better understanding.
November saw a lot of new updates and big changes on the GST front. It is an exciting time for businesses in India considering the new e-invoice reform has paved its way. The mandate which was implemented for businesses with a turnover of more than Rs. 500 Cr. from 1st October is soon going to cover companies with turnover more than Rs. 100 Cr. from 1st Jan 2021 as per the latest GST Notification 88/2020-Central Tax, date. 10-11-2020.
To catch up with all the major GST updates and notifications, GST Collections etc., released in the month of November, check our Top GST News – November 2020 blog to get all the information in one place.
Also, November was an exciting month for all of us at IRIS GST as we launched the 4.0 BETA version of our most loved product – IRIS Peridot!!
A lot of new notifications and updates on the GST front have been released this month. Since this is the last quarter of the year 2020 and e-invoicing will be made mandatory for taxpayers with an aggregate turnover of over Rs. 100 Cr. from Jan 2021, a lot more changes are expected soon. Here, we have compiled all the big GST News updates from November for your reference. So let’s dive straight in…
GST Changes in 2020
The Year 2020 has not been an easy year. But looking at the silver lining, this has been a year that led us to embrace the digital means much faster than ever and never considered earlier in the areas.
After months of lockdown, our economy is gradually recovering from the slowdown. The increasing GST collection numbers do indicate that businesses are steadily standing back on their feet. From the compliance perspective, Government took measures to ease the burden, deferred roll-out of the new e-invoicing mandate, and support the MSME sector. While there are mixed opinions on these measures’ effectiveness and usefulness, let us hope things get better in 2021.
As we bid adieu to this challenging year 2020, here is a quick recap of the changes in GST compliance arena and how IRIS GST evolved and performed this year.
For the benefit of small taxpayers, the GST Department brought out the composition scheme initiative. It is a simple and relatively hassle-free way for GST Compliance for small taxpayers. Anyone can voluntarily opt for this scheme if they come under the set guidelines. Composition Scheme under GST is also available for Restaurant and Hotel Services that come with certain conditions.
Invoice Furnishing Facility under GST | IFF under GST | Here’s all you need to know about IFF, using the facility, details to be submitted, FAQs and so on
ITC Claim -GSTR2b Survey
The much-awaited ‘43rd GST Council Meeting’ is taking place on the 28th of May 2021 from 11.00 am onwards. Finance Minister Nirmala Sitharaman will chair the GST Council Meeting from New Delhi via video conferencing. The meeting will be attended by MOS Anurag Thakur along with Finance Ministers of States and UTs and Sr. Officers from Union Government and States. This is the very first GST Council meeting of 2021; after the deadly second wave of COVID-19 hit the country.
GST API Integration
IRIS Zircon is our API gateway for a seamless integration with Government’s systems helps you build automated flow for GST filing and E-way bill operations.
UIN Under GST - Unique Identification Number is a GST Exempt class under GST regime, its application ,filing of GST returns is covered in this article.
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