GSTN Issues Advisory On “Initiating Drop Proceeding” By Taxpayers

The Goods and Service Tax Networks (GSTN) has issued an advisory on “Initiating Drop Proceeding” by taxpayers.On the GST Portal, a feature known as Automated Drop Proceedings of GSTINs suspended due to non-filing of returns has recently been introduced. The taxpayers who have submitted their pending 6 monthly or 2 quarterly returns are eligible for this functionality.The GSTN has instructed the taxpayers to click "Initiate Drop Proceeding" to end the suspension once the required returns have...

RBI Includes GSTN As A Financial Information Provider Under Account Aggregator Framework

The Reserve Bank of India has included the Goods and Service Tax Network (GSTN) as a financial information provider under the account aggregator framework.It was decided to include the Goods and Services Tax Network (GSTN) as a Financial Information Provider (FIP) under the Account Aggregator (AA) framework in order to facilitate cash flow-based lending to the Ministry of Micro, Small, and Medium Enterprises (MSMEs).GST returns filed in GSTR-1 and GSTR-3B will be treated as financial data.GSTR-1...

GSTN Issues Advisory on Filing TRAN forms for Taxpayers from Daman and Diu And Ladakh

The Goods and Service Tax Networks (GSTN) has issued an advisory on filing TRAN forms for taxpayers from Daman, Diu, and Ladakh.Due to the reorganisation of the state of Jammu & Kashmir and the merger of the Union territories of Dadra and Nagar Haveli and Daman and Diu, the taxpayers of Ladakh and the earlier "Daman and Diu" region have been allotted new GSTINs. There was therefore doubt as to how to file the TRAN-1 and whether it would be linked with the old TRAN-1 or not.The GSTN has...

CBIC Issues Guidelines For Filing/Revising TRAN-1/TRAN-2

The Central Board of Indirect Taxes and Customs (CBIC) has issued the guidelines for filing/revising TRAN-1/TRAN-2.The CBIC has issued the guidelines in terms of the order passed by the Supreme Court in the case of Union of India vs. Filco Trade Centre Pvt. Ltd. The Supreme Court directed the Goods and Service Tax Network (GSTN) to open a common portal for filing concerned forms for availing Transitional Credit through TRAN-1 and TRAN-2 for two months from 01.09.2022 to 31.10.2022. The...

GSTN Implement Mandatory Mentioning Of HSN Codes In GSTR-1

The Goods and Service Tax Network (GSTN)has notified the implementation of the mandatory mentioning of HSN codes in GSTR-1.According to Notification No. 78/2020 dated October 15, 2020, taxpayers must report a minimum of 4 digits or 6 digits of HSN Code in Table-12 of GSTR-1 based on their Aggregate Annual Turnover (AATO) in the preceding fiscal year. The changes will be implemented in a phase-wise manner on the GST Portal. During Phase 1, taxpayers with an AATO of up to Rs. 5 crores ...