“After a certificate of registration in FORM GST REG-06 has been made available on the common portal and a Goods and Services Tax Identification Number has been assigned, the registered person, except those who have been granted registration under rule 12 or, as the case may be rule 16, shall within a period of thirty days from the date of grant of registration, or before furnishing the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1 or using invoice furnishing facility, whichever is earlier, furnish information with respect to details of bank account on the common portal.”

In this regard, the GST Department has issued an advisory requesting all taxpayers who have not yet furnished their bank account details on the GST portal, to furnish the same, in order to avoid disruption in their business activities as non-declaration of the same may lead to subsequent suspension and cancellation of the GSTIN.

For the same, the Government is planning to deploy a new functionality with the following features:

1. Failure to furnish the bank account in the stipulated time would result into following:

a) Taxpayer registration would get suspended after 30 days and intimation in FORM REG-31 will be issued to the Taxpayer

b) Taxpayer would be debarred from filing any further GSTR-1/IFF

2. Revocation of Suspension: If the taxpayer updates their bank account details in response to the intimation in FORM REG-31, the suspension will be automatically revoked.

3. Cancellation of Registration: If the bank account details are not updated even after 30 days of issuance of FORM REG-31, the registration after suspension may also be taken up for cancellation process by the Officer.

It is therefore advised that if your bank account details are yet to be updated on the GST portal, the same should be updated at the earliest to avoid suspension of the GST registration.

The post Furnishing of Bank Account details mandatory to avoid GST cancellation appeared first on GST Platform.

Taxpayers would need to provide one-time password (OTP) post entering user id and password, the OTP will be delivered to their Primary Authorized Signatory “Mobile number and E-mail id”.

Tax-payers are requested to keep their email and mobile number of authorized signatory updated on the GST Portal for receiving the OTP communication. This OTP would only be asked, in case the tax-payer changes the system (desktop or laptop or browser) and location.

We can now expect the 2^nd phase to start soon where it will be mandatory for all taxpayers to provide the OTP during login into the GST portal.

Also read our other related articles:

https://gstplatform.com/4-digit-hsn-code-mandatory-w-e-f-1-february-2024/ https://gstplatform.com/new-feature-on-gst-portal-form-gst-drc-01c/

The post OTP authentication for logging-in to GST portal appeared first on GST Platform.

As per the said advisory, it is to be noted that GSTN has developed a functionality to generate automated intimation in Form GST DRC-01C which enables the taxpayer to explain the difference in Input tax credit available in GSTR-2B statement & ITC claimed in GSTR-3B. This feature is now live on the GST portal.

This functionality compares the ITC declared in GSTR-3B with the ITC available in GSTR-2B for each return period. If the claimed ITC in GSTR 3B exceeds the available ITC in GSTR-2B by a predefined limit or the percentage difference exceeds the configurable threshold, the taxpayer will receive an intimation in the form of GST DRC-01C.

Upon receiving the intimation, the taxpayer must file a response using Form DRC-01C – Part B. The taxpayer has the option to either provide details of the payment made to settle the difference using Form DRC-03, or provide an explanation for the difference, or even choose a combination of both options. In case, no response is filed by the impacted taxpayers in Form DRC-01C Part B, such taxpayers will not be able to file their subsequent period GSTR-1/IFF.

Also read our other related articles:

https://gstplatform.com/no-itc-reversal-for-gstr2a-mismatch-says-supreme-court/ https://gstplatform.com/return-filing-cannot-be-denied-at-any-cost-says-high-court/

The post New feature on GST portal – Form GST DRC-01C appeared first on GST Platform.

First of all, it is important to understand that e-invoice is not applicable for all registered persons under GST. The categories of person on whom e-invoice is not applicable are as follows:

• Banks, Insurance Companies, and Financial Institutions including but not limited to NBFCs
• Goods Transport Agency
• Passenger Transport Services
• Supplier of Services by way of admission to the exhibition of films.
• Special Economic Zones (SEZ) Units (E-invoicing is applicable to Economic Zone Developers)
• A government department and Local authority
• OIDAR i.e. person supplying online information and database access or retrieval services from a place outside India to a non-taxable online recipient

Therefore, all persons either issue B2C invoices or they fall in the above-mentioned categories, are exempted from e-invoice.

E-invoice has been implemented phase-wise for reporting B2B invoices. Only the large businesses were targeted initially to start with the e-invoice system, and gradually, in a phased manner, smaller businesses have been brought into its scope by reducing the turnover limit.

The applicability of e-invoice based on the turnover has been given below:

Therefore, w.e.f. 1^st August 2023, all businesses with annual turnover exceeding five crore rupees shall mandatorily issue e-invoice. Further, it should be noted that turnover for the purpose of determining the eligibility of e-invoice means turnover of all GSTINs under a single PAN for any of the financial years from 2017-18 onwards.

If the applicable provisions for e-invoice are violated, two types of penalties may be levied:

• Penalty for failure to create an e-invoice: If a person to whom e-invoice applies, fails to generate an e-invoice, the penalty would be equal to either 100% of the tax owed on the supply or Rs. 10,000, whichever is greater.
• Penalty for incorrect e-invoice: If an e-invoice is created improperly, penalty equal to Rs. 25,000 per invoice shall be levied.

With the increasing litigation under GST, various notices are being issued levying penalty for non-compliance of e-invoice provisions. Hence, it is important to check the eligibility criteria and turnover threshold to determine whether e-invoice is eligible to a person or not for the period under dispute.

Also read our other articles:

https://gstplatform.com/gst-return-revision/

https://gstplatform.com/no-itc-reversal-for-gstr2a-mismatch-says-supreme-court/

https://gstplatform.com/return-filing-cannot-be-denied-at-any-cost-says-high-court/

The post E-Invoice Applicability – Whether Penalty is rightfully levied? appeared first on GST Platform.

The high court also revoked the cancellation of registration of the taxpayer on account of “non filing of Goods and Services Tax (GST) returns for 6 months. The court was hearing a writ petition .

“This case highlights the callous manner in which the assesses has been harassed by the respondents,” the court observed in the case.The indirect tax department had issued show cause notice to the assesses  for not filing GST returns. However, the tax department later accepted that the returns were filed and no dues were pending.“The show cause notice was completely vague and did not even point out as to what ground the reply was proposed to to be sought, the petitioner appeared and apprised that all the returns have already been filed,” the court observed.

The court also asked the tax officer to pay Rs 10,000. In view of the specific findings recorded above to the effect that the petitioner was unnecessarily harassed, the writ petition is allowed with a cost of Rs. 10,000/- to be paid to the petitioner within 30 days by the respondent no. 2 (tax officer) from his own salary,” the high court ruled.

The post GST Relief for Taxpayers from High Court appeared first on GST Platform.

Government has given a big relief by extending the due date of Income Tax Return and Audit Report for FY 19-20 VIDE Press Release dt 24.10.2020.

Vide notification on 24^th June 2020 govt has extended the due date for all Income Tax Returns for FY 19-20( AY 20-21) to 30.11.2020. Hence the due date of return which was required to file on 31.07.2020 and 31.10.2020 was required to file by 30.11.2020. Also the date of filing of tax audit report under Income Tax Act,1961 was also been extended to 31.10.2020

Now govt has given more time to furnish Income Tax Return as under:

1. The due date for furnishing of ITR for the taxpayers (including their partners) who are required to get their accounts audited has been extended to 31st January, 2021

2. The due date for furnishing of Income Tax Returns for the taxpayers who are required to furnish report in respect of international/specified domestic transactions has been extended to 31st January, 2021

3. The due date for furnishing of Income Tax Returns for the other taxpayers has been extended to 31st December, 2020.

4. The date for furnishing of various audit reports under the Act including tax audit report and report in respect of international/specified domestic transaction has also been extended to 31st December,2020.

This is the big relief which is given by govt. The necessary notification in this regard shall be issued in due course.

The post EXTENSION OF INCOME TAX DUE DATES appeared first on GST Platform.

1. What is Form GSTR-4 Annual Return: – With effect from 1^st April, 2019, all Composition Taxpayers are required to file Form GSTR-4 Annual Return, on annual basis, for each financial year. 

2. Who are required to file Form GSTR-4 Annual Return: All registered taxpayers who have opted for composition scheme or were under composition scheme under GST, for any period during a financial year, starting from 01.04.2019, need to file Form GSTR-4 Annual Return, annually.  

3. Who can file NIL Form GSTR-4 Annual Return: Nil Form GSTR-4 Annual Return can be filed for the financial year, if you have, for all applicable quarters of the year,: 

   • NOT made any outward supply 

   • NOT received any goods/services

   • Have NO other liability to report

   • Have filed all Form CMP-08 as Nil

4. Due date of Filing: The due date for filing Form GSTR-4 Annual Return is 30^th of the month succeeding the financial year or as extended by Government, from time to time. For FY 2019-20, it has to be filed by 31/08/2020.

5. Filing Form GSTR-4 Annual return: Logon to your dashboard, click on Services > Returns > Annual Return >Select FY>Search>GSTR 4> FILE THE RETURN.

6. Some important Points:

   • Form GSTR 4 can be filed only if, all applicable quarterly statements in Form CMP 08 of that financial year, have been filed.

   • Form GSTR-4 Annual Return, once filed, can’t be revised

   • After successfully filing, ARN will be generated and intimated through email and SMS

   • Currently only the online filing has been enabled on the portal. Shortly, offline tool to file Form GSTR-4 Annual Return will also be made available.

7. How it is different from Form GSTR-4 Quarterly Return: Please note that this Form GSTR-4 Annual Return is different from the Form GSTR-4 Quarterly Return, which was required to be filed on a quarterly basis. 

   1. Form GSTR-4 Quarterly Return is applicable up to tax period ending on 31^st March, 2019, for composition taxpayers. 

   2. For tax periods till the quarter ending March, 2019, Composition Taxpayers are required to file Form GSTR-4 Quarterly Return (which is also available on the GST portal), on quarterly basis. Whereas from 01.04.2019, composition taxpayers are required to file Form GST CMP 08, on quarterly basis.

Read Also : E-CAMPAIGN BY CBDT TILL 31.07.2020

Read Also : GST pending registration approval.

The post GSTR-4 Filing for Composite Dealer appeared first on GST Platform.

GST department in an official letter , said that all the registration application filed on or before 30.06.2020 which remained pending for processing as on 15.07.20 , is deemed approved.

All other pending applications will be approved till 31.07.2020 in a special drive.

Normal process of deemed approval of registration will be started from 01.08.20.

Read Also : GSTN Advisory on rejected revocation Application

Full details given below :

The post Approval of pending GST registration appeared first on GST Platform.

1. In case your application for revocation of cancellation of registration was rejected by the tax authorities before 12/6/2020 and you wish to avail benefit of RoD order 01/2020 dated 25.06.2020, as an interim measure, you can request the appellate authority or the higher authority to pass a simple offline order on it for restoration of the application.

2. Based on such order, your jurisdictional authority can restore the application for revocation of cancellation. You need to apply post login:- Registration- Restore Registration- Restore Revocation. You have to enter ARN of the order and would require to upload scanned copy of the order passed after clicking “Appeal in favour”.

3. GSTN is working on to remove present restriction on reapplication of the revocation of cancellation application. After that filing of revocation of application would become one step process. It is expected to be available shortly. The above suggested solution is an interim measure.

Read Also : Changes in GST

Read Also : Income Tax Return New Forms 

Read Also : ITR verification extension order

The post GSTN advisory for revocation application appeared first on GST Platform.

Section 128 of Finance Act 2020 is as follows :

Read Also : New TDS rates from 14.05.2020

In section 140 of the Central Goods and Services Tax Act, with effect from the 1st
day of July, 2017,—
(a) in sub-section (1), after the words “existing law”, the words “within such time and” shall be inserted and shall be deemed to have been inserted;

(b) in sub-section (2), after the words “appointed day”, the words “within such time and” shall be inserted and shall be deemed to have been inserted;

(c) in sub-section (3), for the words “goods held in stock on the appointed day subject to”, the words “goods held in stock on the appointed day, within such time and in such manner as may be prescribed, subject to” shall be substituted and shall be deemed to have been substituted;

(d) in sub-section (5), for the words “existing law”, the words “existing law, within such time and in such manner as may be prescribed” shall be substituted and shall be deemed to have been substituted;

(e) in sub-section (6), for the words “goods held in stock on the appointed day subject to”, the words “goods held in stock on the appointed day, within such time and in such manner as may be prescribed, subject to” shall be substituted and shall be deemed to have been substituted;

(f) in sub-section (7), for the words “credit under this Act even if”, the words “credit under this Act, within such time and in such manner as may be prescribed, even if” shall be substituted and shall be deemed to have been substituted;

(g) in sub-section (8), for the words “in such manner”, the words “within such time and in such manner” shall be substituted and shall be deemed to have been substituted;

(h) in sub-section (9), for the words “credit can be reclaimed subject to”, the words “credit can be reclaimed within such time and in such manner as may be prescribed, subject to” shall be substituted and shall be deemed to have been substituted.

The post Big change in GST from 18.05.20 appeared first on GST Platform.