GST
GSTN Notifies Deferment Of The Implementation Of Time Limit On Reporting Old E-Invoices
The Goods and Service Tax Network (GSTN) has notified the deferment of the implementation of a time limit on reporting old e-invoices.“It has been decided by the competent authority to defer the imposition of a time limit of 7 days on reporting old e-invoices on the e-invoice IRP portals for taxpayers with aggregate turnover greater than or equal to 100 crores by three months,” the GSTN said.The Government is to impose a time limit on reporting old invoices on the e-invoice IRP portals for...
Functionality For Bank Account Validation Is Now Integrated With The GST System: GSTN
The Goods and Service Tax Network (GSTN) has issued an advisory on bank account validation.The functionality for bank account validation is now integrated with the GST system.The feature is introduced to ensure that the bank accounts provided by the taxpayer are correct.The bank account validation status can be seen under the Dashboard→My Profile→Bank Account Status tab in the FO portal.The taxpayer will also receive the bank account status details via registered email and mobile number...
Dealers, Applying For Government Tenders To Verify GSTIN Status Through Peridot App: Jammu & Kashmir Govt.
The Finance Department of Jammu and Kashmir has issued a circular directing the dealers or contractors applying for government tenders to verify their GSTIN status and authenticate their GST return through the Peridot App.The government stated that dealers and contractors whose GSTINs have been canceled or deactivated are applying for government tenders with the submission of fake or forged GST returns. This occurs because tender-inviting departments do not cross-check tenderer documents with...
GSTN Issues Advisory On Taxpayers Facing Issue In Filing GSTR-3B
The Goods and Service Tax Networks (GSTN) has issued an advisory on taxpayers facing issues in filing GSTR-3B.The filing of TRAN forms was made available for aggrieved taxpayers between 01.10.2022 and 30.11.2022, in accordance with the Supreme Court's directive.It has been noted that a small number of taxpayers have started the filing process for TRAN forms on the portal but have not finished it within the allotted time. The only step that required an e-sign was filing after submitting the Tran...
GSTN Issued Advisory On Facility Of ‘Initiating Drop Proceedings’ Of Suspended GSTINs Due To Non-filing Of Returns
The Goods and Service Tax Network (GSTN) has issued an advisory on the facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns.On the GST Portal, a feature known as "Automated Drop Proceedings" has recently been introduced for GSTINs that have been suspended because returns have not been filed.For taxpayers who have submitted their pending returns, such as their six-month or two quarterly returns, the functionality is available.The system will automatically end...
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 ...