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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...

The facility to file GSTR 3B and GSTR-1 with the EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020.  However, facility to file NIL returns through OTP verification, shall be continued for all types of registered persons in view of notification 58/2020- dated 1st July 2020. Source: www.gst.gov.in Disclaimer: TaxAvant is meant purely for the educational purpose of Tax Laws and Regulatory Updates. It contains only general information. It is not professional advice and should not be treated as such. This Blog should not be substituted for professional advice. For Specific Queries, please post in the comments section.

‘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...

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...

The GSTN Portal has now done away with the mandatory requirement of linking of credit notes with Invoices Nos. issued by the Supplier while filing of GSTR-1, GSTR-6 or Filing of Refunds. Till now, original invoice number was mandatorily required to be quoted by the taxpayers, while reporting a Credit Note or Debit Note in Form GSTR-1 or Form GSTR-6. The taxpayers have now been provided with a facility on the GST Portal to: Report in their Form GSTR-1 or in Form GSTR-6, single credit note or debit note issued in respect of multiple invoices Choose the note supply type as Regular, SEZ, DE, Export etc., to identify the table to which such credit note or debit note pertains Indicate Place of Supply (POS) against each credit note or debit note, to identify the supply type i.e. Intra-State or Inter-State Debit /Credit Notes can be declared with tax amount, but without any taxable value also i.e. if credit note or debit note is issued for difference in tax rate only, then note value can be re...

Covid-19 Pandemic is being dubbed as the worst disaster of this century so far which has resulted in forced lock down measures across the globe. Every business sector barring few have been affected by this Pandemic causing a serious dent in their cash flows and profits. In India, Central Government forced the nationwide lock down on 24th March. However,various relief to businesses were announced by government as part of their AatmaNirbhar (Self-Reliant) Bharat (India). On similar lines, CBIC (Central Board of Indirect Taxes & Customs) has announced relief measures pertaining to GST law and compliance to help businesses. These relief measures range from Relaxations & Extensions in Return Filing as well as regarding applicability of certain provisions under GST Law.This article covers all such measures in detail. Relaxations & Extensions given in Filing Dates of GSTR-3B (Notification No.54/2020-CT dated 24th June 2020) For Taxpayers having Aggregate Turnover > Rs.5 Cr in ...

The Central Board of Indirect Taxes & Customs (CBIC) has notified vide instruction no.CBEC-20/06/11/2020-GST dated 17th July 2020 to dispose of all pending applications of Registration on or before 30th July 2020 as a "special drive". Sub-Section 10 of Section 25 of CGST Act, 2017 read with Rule 9 of CGST Rules, 2017 provides that Application of Registration shall be deemed as approved after a period of three working days if the proper officer fails to take any action on the said application within the said period of three working days. Strong apprehensions were raised on the possible misuse of the deeming provision during the COVID lockdown period, where either the central/state tax offices were closed or were functioning with skeletal staff. Since lockdown applied across all establishments including those belonging to the Governments (Central and State), during the lockdown period there being no "working days", it had been decided that the approval of the ap...

Ministry of Finance(MoF) vide Instruction No.3/2/2020-GST  dated 24th June 2020 clarified the Subject Matter of "Payment of GST by Real Estate Promoter/Developer supplying construction of residential apartment etc, on the shortfall value of inward supplies from registered supplier at the end of the financial year" . To get a grasp of the whole matter, let us rewind back and understand an early Notification , wherein the Central Board of Indirect Taxes & Customs (CBIC) prescribed in one of the conditions of notification that w.e.f 1 April 2019, At least Eighty Percent of the value of inputs and input services(other than services by way of grant of development rights, long term lease of land or Floor Space Index, electricity, high-speed diesel, motor spirit, natural gas), used in supplying of construction service, shall be received by the promoter/developer from registered supplier only. In the case of the shortfall from the said threshold of 80 per cent, the promoter/devel...