“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.

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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/

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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.

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Read Also : GST NEW RETURN FILING

The post CBIC ISSUED 5 NEW NOTIFICATIONS appeared first on GST Platform.

Grievance redressal committee will be constituted at state and zonal level to address the complains of taxpayers. This will comprise of CGST and SGST Officers along with representative of trade and industry and GST Practitioner, GSTN officers etc .

The due date for filing GST annual return in Form GSTR-9  and annual reconciliation statement in Form GSTR-9C for FY 17-18 has been extended till 31.01.2020 from 31.12.2019. For FY the due date for the same is 31.03.2020. The GST annual return and GST reconciliation statement is optional below 2 Crores.

Various measures will be taken to improve the filing of GSTR1 – Details of outward supplies :

A) The late fee would be waived of for filing GSTR1 from July 2017 to November 2019, if all the pending returns in form GSTR1 has been filed till 10.01.2020. After that late fees will be applicable for filing GSTR1.

B) Blocking of waybill to be implemented as per WAYBILL rules for not filing GSTR1 for two consecutive tax periods. Earlier, non-filing of GSTR3B was implemented for blocking of waybill. Thus , both GSTR1 and GSTR3B must be filed for previous two tax periods consecutively to generate waybill on the portal.

Input Tax Credit to the recipient in respect of invoices or debit notes which were not uploaded in GSTR2A shall be restricted to 10% of invoices that re uploaded. Currently, it is capped at 20% for such invoices.

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Read Also : Types of Registration Forms

The tax official will not allow the claim of input tax credit in case of fake invoices. The official can now block the input tax credit if it is claimed on the basis of fake invoices. For this suitable action will be taken by the tax officials for blocking fraudulently claimed itc on fake invoices.

A detailed operating procedure will be prescribed for the tax officers to take action against the non-filers of GSTR3B and suitable penalty and interest will be imposed on them  . This step will be in addition to blocking of waybill . In order to increase the compliance and increase the revenue CBIC will take these steps and laid down the procedures.

The due date for filing GST returns in Form GSTR3B , GSTR1 , GSTR7, GSTR8 for some of the districts of North East will be EXTENDED for November 2019 due to recent disturbances. Due date for filing GSTR1 and GSTR3B will be extended till 31.12.2019 and GSTR 7 and GSTR8 till 25.12.2019

The GST Council also approved many law related changes which will be brought in by amendments in GST Act in Union Budget 2020.

The GST Council also levied a single rate of 28% of Lotteries from 01.03.2020 for both categories such as State and Private Lotteries.

The GST Rate on woven and Non-Woven and sacks of polyethylene or polypropylene or the like having HSN code 3923/6305 has been increased from 12% to 18%.It shall be effective from 01.01.2020.

The GST Council also exempts the upfront amount payable for long term lease for industrial entity having 20% or more ownership of Central or State Government. Currently this limit is 50% . This change will be effective from 01.01.2020.

No waiver of late fees for filing GSTR-3B belatedly. Also,l there is no waiver for filing late GSTR-10 , Final returns which is required to filed upon cancellation of GST Number. The return must be filed within 90 days of cancellation order.

CLICK HERE TO DOWNLOAD THE PRESS RELEASE 

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GST E Invoices rules notified by CBIC

In a big bang change in GST invoicing method Central Board of Indirect Taxes has notified the rules for issuing GST E invoices. To tackle the menace of fake invoices in GST and input tax credit GST e invoices rules notified by CBIC. GST Invoice Format was already published by GSTN for suggestions.

The electronic generation of invoices will be optional from January 2020 and will be made mandatory from April 2020.To implement this change GST E invoices rules notified by Central Board of Indirect Taxes, CBIC.

Provisions relating to Invoices in GST.

Every registered person making any taxable supply of goods or services or both shall issue a Tax Invoice within the time prescribed under the law. The invoice has to be generated as per the prescribed format and containing particular as given in Rule 46 of CGST Rules.The new GST Invoice Format has already been published by GSTN.

Need for GST E invoices

Since, Input Tax Credit in GST plays a very important role, and many firms are claiming input tax credit on the basis of fake invoices. CBIC in order to tackle this issue has announced electronic generation of invoices.

Now, after a long discussion and releasing the formats and sample of invoices by GST, government has come out with the relevant notifications clearing the cloud on this matter.

Notification No 68/2019 dated 13-12-2019

This notification seeks to make necessary changes in CGST rules relating to invoices in GST. It specifies the class of registered persons to issue GST invoices in Form GST INV 01. This shall include the particulars as may be prescribed. The GST INV 01 shall be made through the Common portal as specified.

Any person who is liable to issue invoices electronically shall not issue any invoices in other modes. Any such invoices issued will be treated as invalid invoice.

Notification 69/2019 dated 13-12-2019

In this notification government has specified the common portal on which GST e invoices shall be made. Persons who are required to make electronic invoice shall use any of these portals :

www.einvoice1.gst.go.vin till www.einvoices10.gst.gov.in. All these portals will work for issuing of invoices to handle the load and make the process easy and smooth.

Also Read : Who shall take GST Registration

Also Read : NEFT timings changes from 16.12.2019

Notification No 70/2019 dated 13-12-2019

As per this notification, every registered person whose aggregate turnover exceeds Rs 100 Crores shall issue invoices as per the process specified in Notification 68/2019 and Notification 69/2019 dated 14-12-2019.The electronic invoices shall be issued for every supply of goods or services or both to a registered person . In simple words , GST E invoices shall be issued for B2B invoices and not for B2C invoices

Notification No 71/2019 dated 13-12-2019

Along with the electronic invoices in GST , Notification No 71/2019 also specifies that mentioning of Quick Response Code will be mandatory from April 2020 on Tax Invoices .

Notification No 72/2019 dated 13-12-2019

Notification No 72/2019 specifies the registered person having aggregate turnover more than Rs 500 Crores as a class of registered person who shall mention the Quick Response Code or QR code for invoices to unregistered person. The QR code shall be provided for all B2C transactions. If such registered person makes a Dynamic Quick Response (QR) code available to the recipient through a digital display, such B2C invoice issued by such registered person containing cross-reference of the payment using a Dynamic Quick Response (QR) code, shall be deemed to be having Quick Response (QR) code

Aggregate turnover shall have the same meaning as specified in Clause 6 of Section 2 of GST Act.

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CBIC has issues five notifications making changes in CGST Rules , common portal for generating e invoices , persons required to generate e invoices , changes in rule 46 of gst , registered persons who shall mention QR code in invoices mandatory.

Download the notifications Here

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GST EXEMPTION LIMIT FROM 01.04.2019 INCREASED TO RS 40.00 LACS

CBIC in its Notification no 10/2019 issued on 07.03.2019 , said that Any person who is engaged in the exclusive supply of goods and whose aggregate turnover as per GST LAW does not exceeds Rs Forty Lacs , as the category of persons exempt from registering under GST .This Change in GST registration limit will provide big relief to small taxpayers
 Read Also : GST REGISTRATION PROCESS Persons on which the above exemption will not be applicable are as follows : a) Person who is required to take compulsory registration under GST as per Section 24 of the GST Act. b) Person engaged in the supply of specified goods namely ; Ice Cream and other edible ice whether or not containing Cocoa, Pan Masala, All goods of Tobacco and tobacco substitutes. c) persons engaged in making intra-State supplies in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura, Uttarakhand d) Person who wants to take voluntary registration under the Act as per Section 25(3) of GST Act or such persons who intends to continue registration after 01.04.2019. GST registration limit of Rs 40 Lacs will not apply to those persons who are engaged in supplying goods or services or both.It will be applied only if the person is engaged exclusively in supply of goods Refer Official Notification Here : Notification No 10/2019 dated 07.03.2019

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