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Advisory on Auto population of details in Form GSTR-3B from Form GSTR 1 & 2B

System generated summary is a summary of FORM GSTR-3B which will be generated for every registered person based on the following: a. Liabilities in tables-3.1 & 3.2 of GSTR-3B, except Table-3.1 (d) pertaining to inward supplies liable to reverse charge, are computed on the basis of details of outward supplies as filed by you in […]

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e-invoicing: The Game Changer

The rollout of GST is a game-changer for the Indian Business as it brought in uniform taxation and standardization. As part of it now, now e-invoicing is being introduced and similar to rollout of e-invoice, it requires a change in business process and adoption of technology. For the above reasons only it is dubbed to […]

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Advisory on challenges in Auto Populated of GSTR – 1 for e-invoices

Taxpayers having turnover above Rs 500 crores are required to issues e-invoices from 1st Oct 2020. As part of Digitization, e-invoices issued by the taxpayers will be auto-populated to GSTR – 1. This was supposed to happen from 13th Nov 2020. Due to some unforeseen technical issues, the same is not happening as planned. Taxpayers […]

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e-invoice data auto-population to GSTR-1

To provide better user experience at the same time to curb the tax evasion, e-invoice is introduced from 1st Oct 2020 for taxpayers having turnover above Rs 500 Crores. Now the same is extended to taxpayers having turnover above Rs 100 crores from 1st Jan 2021 and which will be further expanded to all B2B […]

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Form GSTR – 2B Notified

A new form GSTR – 2B for Reconciliation of ITC is introduced a few days back and it static unlike the dynamic from GSTR -2A. The same is notified now and it can be accessed from here Apart from these other changes in the return filing process are also notified.

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Gist of GST Notifications Issued on 15th Oct 2020

In the 42nd GST Council series of measures have been announced on the due date and increasing the existing threshold from Rs 1.5 Crores to Rs 5.00 Crores for GST Returns filing as part of increasing the ease of doing business. Notification No 74/2020 – Central Dated 15th Oct 2020 All the registered taxpayers who […]

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Recommendations of the 42nd GST Council Meeting

The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and senior officers of the Ministry of […]

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GST collections for the month of July 2020

₹ 87,422 crore gross GST revenue collected in July The gross GST revenue collected in the month of July, 2020 is ₹ 87,422 crore of which CGST is ₹ 16,147crore, SGST is ₹ 21,418 crore, IGST is ₹ 42,592 crore (including ₹ 20,324 crore collected on import of goods) and Cess is ₹7,265 crore (including […]

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e-invoice updates

In the recent past we were seeing a lot of reports in the secondary media that the threshold for e-invoicing will be increased to Rs 500 crores from the existing Rs 100 Crores. Now the same has been notified wide Notification No. 61/2020 – Central Tax dated 30th July 2020 The Schema for the e-invoice […]

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Centre Released Rs. 1,65,302 Crore as GST Compensation to States/UTs for the FY 2019-20 against cess collection of Rs. 95,444 crores

Central Government has recently released GST Compensation of Rs. 13,806 crore to States for March’2020. Taking this amount into account, entire compensation upto 2019-20 has been released to States. The total amount of compensation released for the year 2019-20 is Rs. 1,65,302 crore whereas the amount of cess collected during the year 2019-20 was Rs. […]

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