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All about GST e-Invoicing Generation System

The GST council has approved recently the concept of E-Invoice in the GST eco-system from January 1, 2020. This is a great step taken towards the ease of doing business, which will help in reducing compliance burden and increase business efficiency. However, globally E-Invoice is not a new concept, it is already implemented successfully and working in more than 100 countries. Actually, e-invoice is not required to generate from the Govt. portal directly rather than it will be generated in the same manner as currently generated. However, there would be a little change where the invoices will be reported to the centralized portal so that such invoices can be validated and reverted back with invoice reference number along with QR code to the taxpayer. Changes in the invoicing system after GST...

Bitcoin & GST In India

Why there is a case for Indian government, regulators to embrace cryptocurrency market Virtual Currencies like Bitcoin, Ethereum, and Mon-roe find them-selves in a grey area in India. In December 2017, the Indian government cracked down on the cryptocurrency market. Earlier this year, in a move that could attract huge tax gains, taxmen issued notices to over five lakh individuals dealing in cryptocurrency. Representatives of India’s top seven Bitcoin exchanges including Unocoin, Zebpay, Btcx-India and CoinSecure approached the Authority for Advance Ruling (AAR) because there is little clarity on their very existence. In April 2018, the Reserve Bank of India placed a ban on banks from dealing with organizations related to cryptocurrencies. The government too has issued periodic warnin...

GST 2.0: Are Enterprises Ready for GST Compliance Yet?

Further simplification of the current GST regime with a new GST return system will help businesses with hassle-free and timely filing. With 2 years of GST being in existence and 35 GST council meetings happened, the way the government is addressing our concerns about our indirect tax makes the road ahead very promising. This clearly indicates the need for corporations to gear up and be ready for tax automation. More than a dozen of indirect taxes was abolished and in lieu one single tax on both goods and services was introduced. GST was introduced to not just eliminate the additional and redundant taxes but also the cascading effect which was present in the earlier regime. In the past, consumers were quite unaware of type of taxes they ended up paying. But today, the consumer is well aware...

CBIC Release GSTR 9C V1.5 Update for Offline Utility

The Central Board of Indirect Taxes and Customs ( CBIC ) has introduced fresh mutations in GSTR-9C (Reconciliation Statement), in the fullness of time. The GSTR-9C offline utility in excel format is developed to facilitate the preparation of GSTR-9 return offline by the normal taxpayers with turnover more than 2 Crores. It should be properly verified & signed by Chartered Accountant or Cost Accountant professional and filed along with annual return in Form GSTR-9. e-Form GSTR-9C was introduced on 13th September 2018 vide Notification No. 49/2018 – Central Tax so that audited annual return and reconciliation statement can be uploaded. The GSTR 9C offline utility is available for download through the link given. There are some system requirements which needs to be installed by the user t...

Mandatory Implementation of GST E-Invoicing w.e.f April 1, 2020

The coming April month of 2020 will mark the mandatory beginning of the GST E-invoicing system in certain business categories. This necessity will bring along many benefits for banks and businesses, particularly for MSMEs. Mandatory invoicing will let MSMEs avail bank loans easily and instantly. And also, the banks will now need not have to check a huge bundle of tangible documents as the authentication will completely rely on MSME’s rating based on their e-invoicing. Moreover, it will also simplify the GSTR filing for businesses by pre-populating the returns and lessening down the reconciliation issues. For businesses with turnover below 100 Crore, e-invoicing would remain voluntary, however, it will be available for trial for such businesses from 1st April 2020. The government has been p...

Important FAQs Related to New GST ANX-1 Outward Return Form

Effective from 1 October 2019, all the taxpayers in India need to abide by the norms of the new GST Return Filing System while filing their returns. As directed by the new return policy, there are 3 GST returns that are to be filed by the taxpayer-one is the main GST return form (GST RET-1) and the other 2 are Annexures – Structure GST ANX-1 return and Structure GST ANX-2 return supporting the details of the main form. This new and simplified GST return system got its approval in 35th GST Council Meeting headed by FM Nirmala Sitharaman. The system first came out as a ‘pilot policy’ for the tax department to note the outcomes of its execution. It was after 30 September 2019, this new GST system got its recognition and is now applicable to every taxpayer registered under GST in India. ...

Result of Non-Filing Form AOC 4 and MGT 7 by Companies Registered

Form AOC 4 and MGT 7 are annual compliances which cannot be neglected by registered companies operating in India. Registrar of Companies (ROC) is the government body which authorized to monitor compliance. As per companies act 2013, AOC 4 and MGT 7 Form have to be filed every year within 30 and 60 days respectively from the conclusion of the Annual General Meeting (AGM) held by the companies. Adhering to the laws under Section 403 of Companies Act 2013, the time limit of 270 days were allotted to the companies for filing the documents with Registrar of Companies (ROC) along with the penalty. The provision has been amended and the 270 days deadline has been removed from the scenario. Now the companies are required to furnish all the documents within the time limit prescribed by the governme...

GST ANX-2 Inward Supplies Annexure for GST RET-1

Applicable under the new tax collection system, there will be one main return i.e. Form GST RET-1 and two Annexures Form GST ANX 1 and GST ANX 2 to be filed by businesses. Monthly compliance is mandatory for such returns excluding the small taxpayers (whose annual turnover is up to 5 Crores) who can go for quarterly return filing. About GST ANX-2 Meant especially for all inward supplies, Form GST ANX 2 is the Annexure of the main return form GST RET-1. The supply recipients approve the details by accepting the documents. Depending on the situation, they have the option to reject the improper documents or keep them pending to work upon later. Acceptance by the recipient denotes that the entries done by the supplier in Form GST ANX-1 are correct. Composition of Form GST ANX 2 Following are t...

Procedural Concerns in Focus as GST Completed Two Years Successfully

As the Goods and Services Tax enters its third year, tax consultants and industry groups point to the extreme need to ease the complexity surrounding procedures, especially with regard to registration and return filing, in order to build on the gains of the past two years. According to Mr. Mahendra Singhi, the president of the Cement Manufacturers Association, “In the third year of the GST regime, addressing procedural complexities of the GST portal system, implementation concerns and making compliance easier will further accelerate ease of doing business for the industry in India”. Further, he added, “GST has been one of the proactive steps by the government and the way the concerns are addressed by the Council makes it one of the most effective mechanisms”. A key highlight of the new ind...

Important F&Q For Annual Return Form GSTR 9A Under Composition Scheme

Those who are not conscious about the Annual GST return, GSTR-9, it has become available to file on the GST portal. The taxpayers who fall under the composition scheme be prepared to file their Annual GST return in Form GSTR 9A. It is possible that some sorts of issues or doubts can arouse while filing GSTR 9A form under composition scheme. So here in this post, we are putting light on the doubts which are more common and asked frequently by the taxpayers under the composition scheme. Q1. Which Law Makes Form GSTR-9A Filing Mandatory? The filing of Form GSTR-9A is mandatory for traders having GST registration under composition scheme following Section 44 of CGST Act 2017 including Rule 80(1) of CGST Rules. Q2. What is the Last Date for Filing GSTR-9A? Going by the GST law, the due date for...

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