TaxAvant

A Composition taxpayer may now file NIL statement in Form GST CMP-08 for a quarter, through an SMS, apart from filing it through online mode, on GST Portal. 1.To file NIL Form GST CMP-08 through SMS, the taxpayer must fulfil following conditions: Taxpayer must be registered as composition taxable person (by filing Form GST REG-01) or the taxpayer might have opted for composition levy (by filing Form GST CMP-02). Taxpayer must have filed all the applicable statement(s) in Form GST CMP-08 for the previous quarter(s). Authorized signatory and his/ her phone number must be registered on the GST Portal. There must not be any data in save stage, in online version of Form GST CMP-08, on the GST Portal. 2.NIL Form CMP-08 for a tax period must be filed by the taxpayer, if there is no: Outward Supplies; liability due to reverse charge (including import of services); and other tax liability for the quarter, for which the statement is being filed. 3.Steps to File Nil Form GST CMP-08 through SMS ar...

‘E-Invoicing’ for certain classes of taxpayers has come into effect from 1-10-2020. Keeping in view the hardships faced by the taxpayers due to COVID-19 lockdown and as some of these taxpayers are still not ready, as a last chance, Government had given relaxation that invoices raised by notified taxpayers during October, 2020 without following e-invoice procedure (i.e. uploading invoice details on e-invoice portal (IRP), obtaining IRN and issuing invoice with QR Code) will be deemed to be valid and no penalty will be there if the IRN for such invoices is obtained within 30 days of date of invoice. Further, vide notifications (Central Tax) 70/2020 and 72/2020 dated 30-9-2020, certain amendments and additions were made in respect of e-invoicing. Below is the summary of amendments: Regarding aggregate turnover threshold, it was specified that those who crossed Rs. 500 Cr. in any preceding financial year from 2017-18 onwards, will be covered. Supplies for ‘exports’ are also specifically i...

I.Relief to Composition Taxpayers in late fees for delayed filing of Form GSTR-4 (Quarterly Return): Vide Notification No 67/2020 dated 21.09.2020, the taxpayers who were under Composition Scheme, during any period till 31st March, 2019, have been provided relaxation in payment of late fees, on filing Form GSTR-4 (Quarterly Return). This relaxation is available, if Form GSTR-4 (Quarterly Return) is filed by them, between 22nd Sept., 2020 and 31st Oct., 2020, for any tax period of financial year 2017-18 or 2018-19. The details are as given below: II.Relief in late fees for delayed filing of Final Return in Form GSTR-10 Vide Notification No 68/2020 dated 21.09.2020, the taxpayers who had failed to file final return, in Form GSTR-10, by due date, have been provided relaxation in payment of late fees, on filing of Form GSTR 10 (Final Return). Such taxpayers can now file Form GSTR 10 (Final Return) between 22nd Sept., 2020 and 31st Dec., 2020, by paying a maximum late fee of Rs 500 (Rs 25...

1. An offline tool has been made available to the taxpayers to match Input Tax Credit (ITC), as auto populated in their Form GSTR-2B, with their purchase register. This tool will help the taxpayer to compare their ITC as per their Purchase Register, with the ITC as shown available in their auto drafted Form GSTR-2B and thus help them to claim correct ITC, while filing Form GSTR-3B. 2. To use the Matching Offline Tool, taxpayer need to : Download and Install the Offline tool on their system Download the Form GSTR-2B JSON file from the GST portal Prepare purchase register in the template provided with offline tool Total number of documents to match should be preferably be less than 3000 in number. 3. Steps to use the utility: Download the utility from GST common portal by navigating to Downloads>Offline Tools> Matching Offline Tool Open the tool. Following boxes are displayed on Offline tool dashboard page: GSTR-2B Import Purchase Register (PR) Matching Result Import GSTR-2B JSON f...

A PDF statement has been made available to taxpayers, filing monthly GSTR-1 statement, with system computed values of Table 3 of Form GSTR-3B. This PDF will be prepared on the basis of the values reported by them, in their GSTR-1 statement, for the said tax period. Note: This facility will also be provided to quarterly GSTR-1 filers in due course of time. This PDF will be available on their GSTR-3B dashboard, from tax period of August 2020 onwards, containing the information of GSTR-1 filed by them on or after 4th September 2020. This will make filing of their Form GSTR-3B easier for them. This facility is provided to all taxpayers registered as a Normal taxpayer, SEZ Developer, SEZ unit and casual taxpayer. Tables of Form GSTR 3B will be Auto-Drafted in PDF statement : Following Tables of Form GSTR-3B will be auto drafted, on basis of values reported in GSTR-1 statement, for the said period: 3.1(a) - Outward taxable supplies (other than zero rated, nil rated and exempted) 3.1(b) - Ou...

The Central Board of Indirect Taxes & Customs (CBIC) has recently enabled new functionalities for Taxpayers liable to file GSTR-8 as well as for Composition Taxpayers effecting supplies through E-Commerce Operators in the wake of Covid-19.These Changes aims at easing the process of furnishing of Return under Form GSTR-8 by the E-Commerce Operators.Detailed Explanation of the Changes is as follows: Provision to make amendment, multiple times, in Table 4 of Form GSTR-8 Earlier, if no action was taken on TCS details, auto-populated in TDS/TCS credit form, by the supplier or if the same were rejected by them in the said form, the TCS (e-commerce operators) could amend the details only once. Based on requests received from stakeholders, the restriction of amending the transaction details only once, in the table 4 (i.e. amendment table) of Form GSTR-8, has now been removed. Thus, details of table 4 (i.e. amendment table) of Form GSTR-8, can now be amended multiple times, by e-commerce op...

The Goods & Services Tax Network (GSTN) Portal has recently released Frequently Asked Questions (FAQs) related to filing of "Nil" GSTR-1 through Simple Messaging Service (SMS) Facility. The Central Board of Indirect Taxes & Customs (CBIC) via Notification No.44/2020-CT dated 8th June 2020  amended Rule "67A" of CGST Rules,2017 by prescribing that a Taxpayer can File "Nil" Return in Form GSTR-1 and GSTR-3B through SMS Facility. "Nil" Return was explained as a Return under Section 37 for a tax period that has nil or no entry in all Tables in Form GSTR-1. However, The Manner of Filing Return through SMS was not provided by CBIC. Thus, with these FAQs GSTN Portal has now prescribed the manner of filing of GSTR-1. Some of the Important FAQs which a taxpayer should be aware of in order to file "Nil" GSTR-1 return are: 1. When can Form GSTR-1 be filed as Nil? Ans. Form GSTR-1 can be filed as a nil return if there are no outward suppli...

The Goods & Services Tax Network(GSTN) Portal has now enabled facility of filing GSTR-4 Annual Return by Composition Taxpayers. What is GSTR-4 (Annual Return)? GSTR-4 is an Annual Return which is required to be filed by Taxpayers who have opted for Composition Scheme. Such Taxpayers are required to file Annual Return under form GSTR-4 from FY:2019-20. How is it different from GSTR-4 Quarterly Return? Form GSTR-4 Quarterly Return was applicable up to the Tax Period ending on 31st March 2019, for composition taxpayers. Earlier, For Tax Periods up to 31st March 2019, Composition Taxpayers were required to file Form GSTR-4 Quarterly Return. From 1st April 2019, Composition Taxpayers are now required to file Form CMP-08 on a quarterly basis, Due Date of Filing GSTR-4 (Annual Return) The Due Date for Filing of GSTR-4 Annual Return is 30th April 2020 as prescribed by CBIC vide Notification No.21/2019-CT dated 23rd April 20. However, CBIC had not enabled the facility to file GSTR-4 on GST...