enComply is a comprehensive tax automation platform and specialised GST Software for Enterprises on which the GST returns, invoicing and other GST applications can be processed.
QRMP Scheme - FAQs and Queries by GSTN Team. GSTN Team has recently released set of FAQs to address the various queries by GSTN members regarding Quarterly Return Monthly Payment (QRMP) and Invoice Furnishing Facility(IFF).
Please find below the list of FAQs as published by the GSTN team:- Q 1: What is QRMP scheme? What are its benefit? GSTR 9. GSTR 2A reconciliation. Change in the tariff rates of various goods through Notification amendment. The Government of India in Ministry of Finance (Department of Revenue) has released a notification to update the tariff values of edible oils, brass scrap, poppy seeds, precious metals and areca nuts, there by amending the notification No. 36/2001-Customs (N.T.), dated the August 03, 2001 published in the Gazette of India, which was last amended vide notification number No. 117/2020-Customs (N.T.), dated the December 31, 2020.
Through these notifications, the tariff values or changes in the tariff values are notified in the format of tables. Table 1 mentions varieties of palm oil and palm olein oil, crude soya bean oil, brass scrap and poppy seeds. The rates of all the edible oils and brass scrap have increased, whereas the rate of poppy seeds remain the same as compared to the previous amendment. Table 1 Table 2 mentions gold and silver in various forms. Table 2 Table 3 mentions about Areca nuts. Table 3 The Original notification excluding the tables reads as below:
GSTR-1 from e-invoicing data for B2B transactions. 1.
From 1-10-2020, certain notified taxpayers have been issuing invoices after obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). From 1-1-2021, the taxpayers with aggregate turnover above Rs. 100 Cr. had also started reporting invoices to IRP. Electronic KYC for Tax Payers on GST Portal. 1.
Functionality for Aadhaar Authentication and e-KYC where Aadhaar is not available, has been deployed on GST Common Portal w.e.f. 6th January 2021, for existing taxpayers. All taxpayers registered as Regular Taxpayers (including Casual Taxable person, SEZ Units/Developers), ISD and Composition taxpayers can do their Aadhaar Authentication or e-KYC on GST Portal. This is not applicable for Government Departments, Public Sector Undertakings, Local Authorities and Statutory Bodies. 2. GSTR 2A reconciliation. GSTR 2A reconciliation. GST Software for Enterprises. GST Software for Enterprises. Due Date For 2018-19 Annual Returns and Reconciliation Statement Extended. Due date of Income Tax Returns (ITRs) for FY 2019-20 extended. Due Date For 2018-19 Annual Returns and Reconciliation Statement Extended. Key Announcements on GSTR 1, GSTR 3B, GSTR 9 & HSN Code by CBIC. GSTR-1 is a monthly or a quarterly return that ought to be filed by every registered dealer.
It contains all the details of the outward supplies i.e. sales. While GSTR-3B may be a monthly self-consideration return, you would have to file GSTR-1 with outward supplies details that support the liability declared in GSTR-3B. Businesses with an income of up to INR 1.5 crore will be allowed to file quarterly returns, other businesses with a yield of above INR 1.5 crore must file monthly returns. GSTR 9. Key Announcements on GSTR 1, GSTR 3B, GSTR 9 & HSN Code by CBIC. Frequently Asked Questions for enComply GST filing Software.
Can we claim a GST input for an AC purchased for office use?
Yes, we can claim input of GST paid on the purchase of capital goods (i.e., AC in your question) which are used for business purpose, provided if you not claimed depreciation on such purchase.In simple, input GST and depreciation are mutually exclusive in nature i.e., you can get either input as per GST Act or depreciation as per income tax act, on the purchase and usage of capital goods for business purpose; and not both.Do I need a GST number for a PayPal business account that I just started yet?
Submission of GST number to PayPal is optional. However, furnishing of GST number to PayPal will have the benefit of getting the input tax credit of GST charged by PayPal for their services.Even if payment is not received against the GST invoice, will one need to pay the tax amount charged? Robust and Reliable GSP Services. GST Software for Enterprises. Annual Return (GSTR-9) and Reconciliation Statement (GSTR 9C)
The Government of India has been receiving certain representations regarding Annual Return (GSTR-9) and Reconciliation Statement (GSTR 9C) for FY 2018-19.
The Government has extended the due date for furnishing of the Annual Return for FY 2018-19 till 31st October 2020. Highlights from the 42nd GST Council Meeting. The 42nd GST Council Meeting was held on 5th October 2020 and below were the highlights: 1.
Levy of Compensation Cess to be extended beyond the transition period of five years i.e. beyond June 2022, for such period as may be required to meet the revenue gap. Further details to be worked out. 2. GST Software for Enterprises. Updates on GSTR 9 & GSTR 9C. What is GSTR 9?
The GSTR 9 is a legal paper or simply a document, that must be filed once a year by a registered taxpayer. This document consists of the details of all supplies made and received under various tax heads like CGST, SGST, and IGST, during the entire year along with turnover and audit details. What is GSTR 9C (GST Audit Form)? GSTR 9C is a yearly audit form for all the taxpayers or the citizens of India having a turnover above 2 crores in a particular financial year. As per the rules, all the taxpayer will have to file an annual return form with GSTR 9 but in addition to the current rule, Section 35 of CGST Act, 2017, all those taxpayers whose aggregate turnover exceeds 2 crores in a financial year will also have to submit the audited annual accounts along with a reconciliation statement in GSTR 9C form.
It is mandatory for all the citizens to have a GST registration foe GST annual return filing, irrespective of turnover during the financial year. Last chance for E-Invoicing Implementation. As we know, in March 2020, the date of E-Invoicing implementation was extended to 1st October 2020.
However due to the pandemic situation and the lockdown, in July 2020, the government has prescribed that only enterprises with aggregate turnover of Rs. 500 crores will be required to implement E-Invoicing. Improvement in validations of IRN APIs. FORM GSTR-4 for financial year 2019-2020 extended to 31.10.2020. Earlier this year the due date for GSTR 4 has been prolonged to 31.08.2020 for Financial Year 2019-20.
The annual return form GSTR 4 due date has further prolonged from 31st August to 31st October 2020 for the fiscal year 2019-2020 due to the current pandemic situation. GSTR-4 is a return that should be filed by the taxpayers choosing Composition Scheme on an annual basis. It came to effect from 1st April 2019. GST composition scheme may be opted by any taxpayer whose turnover is below Rs 1.5 crore. Unlike an ordinary taxpayer who ought to provide returns monthly or quarterly, a dealer opting for the composition scheme is needed to provide the simplest return that is GSTR 4 once in 12 months with the aid of using the internet in the online forum as there is no offline tool available for the same currently.
The original due date for submitting Form GSTR-4 was July 15th, 2020 which was extended twice vide Notification No. 59/2020 and Notification No. 64/2020 respectively. GSTR-3B based on GSTR-1, enabled for Taxpayers by GSTN. The system computed GSTR-3B (Table-3 for liabilities) on the basis of GSTR-1 filed by taxpayers is now available on the Good and Service tax portal for monthly GSTR-1 filers. GSTR-1 consists of returns for all available goods and services. It is filed monthly or quarterly depending upon the taxpayer’s turnover. If your turnover is above Rs.1.5 crores, you will document GSTR-1 monthly, however, if it is underneath the sum, at that point, you will document it quarterly.
Aadhaar Authentication for Individuals registered under GST. According to Notification No. 62/2020, published on 20th August 2020, any person opting for GST now must opt for Aadhaar verification. If the person fails to opt for Aadhaar verification, they will have to go through physical verification of their place of business. Being a citizen of Indian, you must be aware of the importance of Aadhaar card and why you should link it to other documents. Likewise, if you wish to opt for GST you need to go for Aadhaar verification process. If you fail to do so, the officer in charge has the right to verify and physically check your place of business. EnInvoice.
E-Invoicing deadline and API updates from CBIC. E-invoicing has become a mandatory requirement for the registered individuals who have a turnover of five hundred crores in terms of Indian Rupees. E-invoice under Goods and Service Tax [GST] is applicable for all the assessee’s who are having a turnover above five hundred crores effective from October 1st 2020 and the Special Economic Zones [SEZ] are excluded from E-invoicing due to the implementation of the Notification Number 61/2020–Central Tax dated 30th July, 2020. GSTR 9. CBIC has introduced SMS facility for filing NIL GSTR 1 returns. B2B Businesses are Exempted from Using RuPay & BHIM-UPI. The Ministry of Finance has announced that companies, with over Rs.50 crores turnover and involved in only B2B transactions, are exempted from the requirement of accepting payments through electronic modes like RuPay or BHIM-UPI. To encourage digital transactions and move towards a cashless economy, the Finance Ministry introduced Section 269SU in the Income Tax Act 1961 in December 2019.
Effective from 1st January 2020, the Act required businesses with more than Rs.50 crores to mandatorily provide facilities to accept payments through prescribed electronic modes. Enterprises, which do not follow this act, will attract Rs.5000 penalty per day. B2B enterprises represented to Central Board of Direct Taxes (CBDT) said that the requirement is generally applicable for the businesses involved in B2C transactions. B2B businesses receive large payments through NEFT or RTGS. CBIC Extends Relaxation Rule on Requirement to Submit Bonds. How Adopting E-invoicing System will be Beneficial to the Businesses. To simplify the tax system and increase tax compliance, the Indian government introduced Goods and Service Tax (GST) in July 2017.
After the GST implementation, the invoice generation has increased exponentially. Everything About E-invoicing System in India. Since the GST implementation in July 2017, 3.5 billion invoices per month and 42 billion invoices per year, are being generated in India. Government Extends GSTR-3B Due Dates. CBIC Issues Clarification on GST Compliance Requirements.
On 13th April, 2020, the CBIC has issued clarification concerning certain challenges faced by taxpayers/companies with regards to GST compliance requirements. 1) Supplier received the advance for a service contract, which later got canceled. But before cancellation, the supplier has issued an invoice for the contract and paid the GST. CBIC Extends Validity of E-way Bills. GST Portal Enables Facility to Track Refund Application Status. Indian Government Announces Relief Measures on Income Tax and GST. In view of Covid-19 outbreak, the Ministry of Finance rolled out several financial relief measures with regards to GST/indirect tax and income tax. CBIC Changes GST Rules on Value of the Supply of Lotteries. Highlights of E-invoice New API Specification. The GST Network (GSTN) has released the e-invoice new API specification. Now the NIC portal is upgraded with a new e-invoice schema.
In the updated schema, new fields are included, some existing fields have been changed, and some existing fields were removed. In addition to this, new sections have been added to the schema. GST Compliance Calendar for the month of March 2020. Deadline for Filing Form GST TRAN-1 Extended to 31st March 2020. Key Features of Upcoming New GST Returns. GST Filing Solution. GST New Returns - FORM GST ANX-1. GSTINs for Ladakh UT and E-Invoicing APIs released. Input Tax Credit, GSTR 1 & GSTR 3B updates. GSTINs for Ladakh UT and E-Invoicing APIs released. Input Tax Credit, GSTR 1 & GSTR 3B updates. GST Software for Enterprises. Insights. GSTR 3B. Generate e way bill. GSTR 2A reconciliation. GSTR 9. GST Software for Enterprises.