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Recent News and Articles

✴️ CBIC offers more relaxations to small taxpayers for FY20

20 Oct, 2020, 01:45PM IST
The requirement to file annual return in GSTR-9 by taxpayers having aggregate turnover upto Rs 2 crore has been made optional for financial year 2019-20.
Filing of reconciliation statement in GSTR-9C for financial year 2019-20 has been relaxed for taxpayers having aggregate turnover up to Rs 5 crore.
The decisions were taken by the GST Council in the recent meeting earlier this month. For persons having aggregate turnover of more than Rs 1.5 crore in the preceding or current financial year, the time limit to file GSTR-1 for the months October 2020 to March 2021 shall be 11th of the succeeding month.

✴️ Business with turnover of over Rs 100 crore to generate e-invoice for B2B deals from Jan

10 Oct, 2020, 10:21AM IST
On the very first day of e-invoicing system, more than 8.40 lakh IRNs were generated by 8,453 users while on October 7, about 13.69 lakh IRNs were generated by 14,100 users. More than 69.5 lakh IRNs were generated by some 71,000 users.
By 1st January 2021, e-invoicing will be available to taxpayers having a turnover more than Rs. 100 crore a year. It will be finally made available to all taxpayers for B2B transactions from 1st April 2021. E-invoicing replaces the physical invoice and will soon replace the existing e-way bill system and taxpayers will not have to generate separate e-way bills, Pandey said.

✴️ States that don't choose one of Centre's borrowing options may not get GST dues till June 2022

21 Sep, 2020, 08:42AM IST
Any state that does not choose one of the borrowing options offered by the Centre to compensate for the revenue loss on account of goods and services tax (GST) transition may have to wait till June 2022 to get compensation, a senior government official has said.

✴️ GST e-invoicing mandatory from January 1, 2021 if turnover exceeds Rs 100 cr

21 Sep, 2020, 08:42AM IST
The Central Board of Indirect Taxes and Customs (CBIC) on Tuesday notified that GST e-invoicing will be mandatory for any firm whose turnover exceeds Rs 100 crore from January 1, 2021. The limit set earlier was a turnover of Rs 500 crore. “In exercise of the powers conferred by sub-rule (4) of rule 48 of the Central Goods and Services Tax Rules, 2017, the Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2020 – Central Tax, dated the 21st March, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 196(E), dated 21st March, 2020

✴️ GST collection crosses Rs 1 lakh cr in October for first time since February

Nov 01, 2020, 16:51 PM IST
The October GST collection stood at over Rs 1.05 lakh crore, for the first time breaching the Rs 1 lakh crore mark this year since February. The GST collection for the month of October for the first time crossed the Rs 1 lakh crore mark since February this year, the finance ministry said on Sunday. The collection stood at over Rs 1.05 lakh crore.
The total number of GSTR-3B returns filed till October 31, 2020, is 80 lakh. The gross GST revenue collected in the month of October 2020 is Rs 1,05,155 crore of which CGST is Rs 19,193 crore, SGST is Rs 5,411 crore, IGST is Rs 52,540 crore (including Rs 23,375 crore collected on import of goods) and cess is Rs 8,011 crore (including Rs 932 crore collected on import of goods), the ministry said in a statement.

✴️ Amount of fraud in GST needs cautious approach: Official

Nov 06, 2020, 05:54 PM IST
The CGST department needs to take a cautious approach because of the amount of fraud happening in claiming input tax credit (ITC) by business entities, an official of the GST administration said on Friday.
Deputy commissioner, north, CGST Naveen Rana said in a CII organised webinar that there are many reasons for blocking ITC by the department.