PMT-04 is a GST form with which one can file ledger related grievances or complaints.
If there’s any discrepancy in electronic liability ledger, electronic cash ledger or electronic credit ledger, the registered person can communicate the same to the officer exercising jurisdiction in the matter, through the common portal in FORM GST PMT-04.
GST Cloud Software : All the IRIS GST products are based on Amazon Web Services (AWS), one of the best cloud service providers.
The platform is able to process and manage very high volumes of transactional data with high velocity.
Guiding principles of high availability, security, scalability, durability and flexibility have been factored into the design of the platform’s architecture.
GSP and ASP for GST ComplianceGoods and Services Tax Network (GSTN) built an ecosystem of third-party service providers-GST Suvidha Providers (GSPs) who have secure access to GSTN via GST system APIs.
The GSPs were introduced as the connecting link between the taxpayers and the GSTN to manage the GST compliance in an effective manner.Application Service Providers (ASPs) that manage all GST compliance and related needs.
ASPs are envisaged to provide innovative and convenient methods for taxpayers.
ASPs connect to the internal systems of taxpayers, assist in compiling and preparation of GST returns and upload the same via a GSP.
TCS under Finance Act & impact on E-invoicingThe concept of TCS (Tax Collection at Source) is not new and it has been in force since a long time.
Recently the Finance Act, 2020 has expanded the provision to include sale of goods also under the purview of TCS.
The new provision was earlier made applicable from 1st April 2020, but due to the unfortunate pandemic, it was deferred and now it is applicable with effect from 1st Oct 2020.Simultaneously e-invoicing has also gone LIVE from 1st October 2020 for outward B2B invoices and certain other transactions.
Hence, it becomes imperative to understand the effect of E-Invoicing on TCS transactions.
However, in order to know the impact of this new provision of TCS transaction on e-invoicing let us first understand the provision itself.
One such return is GSTR 6 which has to be filed monthly by the businesses who have taken registrations as Input service Distributors.
Return filing due date for GSTR 6 for a particular month as per CGST Act is 13th of the next month.
However, currently, the filing due date for GSTR 6 has been further extended to 31st July 2018 and the return for the period from July 2017 to June 2018 can be filed by July 31.
QR Code and B2C e-InvoicesAlong with E-Invoicing for B2B and Exports, taxpayers were mandatorily required to print self-generated QR Code on B2C transactions from 1st April 2021 onwards as per GST Notification 89/2020.
However, the latest GST Notification 06/2021 released on 30-03-2021 stated that the penalty payable for non-compliance of QR Code on B2C transactions waived further till 30th June 2021, subject to compliance from 1st July 2021.
Quarterly Return Monthly Payment or QRMP scheme under Goods and Services Tax (GST) as it is called is a recently introduced scheme by the Government in its initiative to simplify compliance for taxpayers.
The Central Board of Indirect Taxes (CBIC) issued GST Notification 82/2020, GST Notification 83/2020, GST Notification 84,2020 and GST Notification 85/2020 Central Tax dated 10-11-2020 and GST Circular 143/2020 on 10th November, whereby the registered persons having aggregate turnover up to Rs 5 crores to be allowed to furnish their GST returns on a quarterly basis along with monthly payment of tax under QRMP Scheme, with effect from January 01, 2021, i.e.
from last quarter of FY 2020-21.
Input Tax Credit or ITC under GST is the credit back of the tax a registered GST taxpayer pays on inputs i.e.
This tax he is liable to get back from the government.For Example: A registered taxpayer has generated a sales invoice which has Rs.
500 as tax for the final product and collected the same from his final customer.
Let us assume he has already paid a tax of Rs.
200 while purchase of the raw material.
Now the supplier from whom he may have bought raw material will deposit Rs 200 to government.Thus, this Rs 200 is the tax paid on the inputs which he can deduct from his liability on final product.
A complete guide to ITC maximization using GSTR 2A and 2B along with other essential factors and advanced reconciliation secrets!
QR Code for B2C Invoices has become important in the current scenario when the e-invoicing system is implemented for taxpayers with turnover over INR 500 cr.
from October 1, 2020.As per GST Notification 14/2020-Central Tax date.
23-03-2020, the government has made it mandatory for notified taxpayers (turnover over Rs.
to display QR codes even on their B2C invoices.
And as per GST Notification 71/2020-Central Tax dated 30-09-2020, the requirement of Dynamic QR Code on B2C invoices was deferred to 1st December 2020.
Onset of 2021 not just brings E-invoice mandate for taxpayers having aggregate turnover above Rs.
but also a huddle of CBIC notifications on ITC Claim, QRMP Scheme, GSTR-3B auto population, EWB Validity, cancellation of GSTIN and a lot more amendments duly wired with one another having an overall impact on the business processes.Here in this article, we have compiled a list of Key Amendments and its Impact Analysis on Businesses that have come into effect from 1st January 2021 that you need to be aware of so as to plan and carry out the implementation effectively.
The 42nd GST Council Meeting was held on October 5th, 2020 chaired by Union Finance Minister Nirmala Sitharaman, via video conferencing.
The meeting was attended by Shri.
Anurag Thakur, Union Minister of State for Finance & Corporate Affairs besides Finance Ministers of States & UTs and Senior officers from Union Government & States.In the last meeting i.e.
the 41st GST council meeting, Centre had given two borrowing options to States to meet GST compensation requirement for the current financial year.
GST RFD-01 and RFD-01A is an application form that a taxpayer files when he wants to process their GST Refund.
GST RFD-01 Form needs to be e-filed on the official GST website.In our earlier blog, we explained you the scenarios of refund and an in-depth GST Refund process.
In this blog, we will explain to you the process to file forms GST RFD-01 and RFD-01A.
Aadhaar Authentication in GST The idea of Aadhaar Authentication for new taxpayers was approved in the 39th GST Council Meeting held on March 14, 2020.
However, the implementation was kept on hold considering the lockdown for COVID-19 pandemic.
CBIC had issued notifications on 23rd March 2020 about Aadhaar authentication for GST registration from 1st April 2020 however, it was changed later via notification 62/2020 dated 20th August 2020 and made it optional.
Now, Aadhaar authentication is not mandatory for already registered personals (but advisable), non-residents, and persons other than citizens of India.
E-invoicing has finally seen the light of the day.
While the Government has provided relaxation to e-invoice mandate subject to certain conditions, e-invoicing is now officially here and the taxpayers have started generating Invoice Reference Number IRN compliant invoices.E-invoicing as much as it impacts the suppliers, it has a ripple effect on the purchase cycle too.
And the consequences of non-compliance by supplier can cost recipient their ITC.
And who wouldn’t want to safeguard themselves against this risk and put checks and processes in place.Know more about e-invoicing and ITC claim.
Form CMP-08 is a quarterly return form to be filed by every taxpayer who has opted-in for the Composition Scheme under GST , applicable from FY 2019-2020 onwards.In April 2019, CBIC had introduced this form CMP-08 for the composite dealers in India replacing form GSTR 4-Quarterly vide GST Notification No.
20/2019 dated 23rd April 2019
PMT-04 is a GST form with which one can file ledger related grievances or complaints.
If there’s any discrepancy in electronic liability ledger, electronic cash ledger or electronic credit ledger, the registered person can communicate the same to the officer exercising jurisdiction in the matter, through the common portal in FORM GST PMT-04.
A complete guide to ITC maximization using GSTR 2A and 2B along with other essential factors and advanced reconciliation secrets!
GST Cloud Software : All the IRIS GST products are based on Amazon Web Services (AWS), one of the best cloud service providers.
The platform is able to process and manage very high volumes of transactional data with high velocity.
Guiding principles of high availability, security, scalability, durability and flexibility have been factored into the design of the platform’s architecture.
QR Code for B2C Invoices has become important in the current scenario when the e-invoicing system is implemented for taxpayers with turnover over INR 500 cr.
from October 1, 2020.As per GST Notification 14/2020-Central Tax date.
23-03-2020, the government has made it mandatory for notified taxpayers (turnover over Rs.
to display QR codes even on their B2C invoices.
And as per GST Notification 71/2020-Central Tax dated 30-09-2020, the requirement of Dynamic QR Code on B2C invoices was deferred to 1st December 2020.
GSP and ASP for GST ComplianceGoods and Services Tax Network (GSTN) built an ecosystem of third-party service providers-GST Suvidha Providers (GSPs) who have secure access to GSTN via GST system APIs.
The GSPs were introduced as the connecting link between the taxpayers and the GSTN to manage the GST compliance in an effective manner.Application Service Providers (ASPs) that manage all GST compliance and related needs.
ASPs are envisaged to provide innovative and convenient methods for taxpayers.
ASPs connect to the internal systems of taxpayers, assist in compiling and preparation of GST returns and upload the same via a GSP.
Onset of 2021 not just brings E-invoice mandate for taxpayers having aggregate turnover above Rs.
but also a huddle of CBIC notifications on ITC Claim, QRMP Scheme, GSTR-3B auto population, EWB Validity, cancellation of GSTIN and a lot more amendments duly wired with one another having an overall impact on the business processes.Here in this article, we have compiled a list of Key Amendments and its Impact Analysis on Businesses that have come into effect from 1st January 2021 that you need to be aware of so as to plan and carry out the implementation effectively.
TCS under Finance Act & impact on E-invoicingThe concept of TCS (Tax Collection at Source) is not new and it has been in force since a long time.
Recently the Finance Act, 2020 has expanded the provision to include sale of goods also under the purview of TCS.
The new provision was earlier made applicable from 1st April 2020, but due to the unfortunate pandemic, it was deferred and now it is applicable with effect from 1st Oct 2020.Simultaneously e-invoicing has also gone LIVE from 1st October 2020 for outward B2B invoices and certain other transactions.
Hence, it becomes imperative to understand the effect of E-Invoicing on TCS transactions.
However, in order to know the impact of this new provision of TCS transaction on e-invoicing let us first understand the provision itself.
The 42nd GST Council Meeting was held on October 5th, 2020 chaired by Union Finance Minister Nirmala Sitharaman, via video conferencing.
The meeting was attended by Shri.
Anurag Thakur, Union Minister of State for Finance & Corporate Affairs besides Finance Ministers of States & UTs and Senior officers from Union Government & States.In the last meeting i.e.
the 41st GST council meeting, Centre had given two borrowing options to States to meet GST compensation requirement for the current financial year.
One such return is GSTR 6 which has to be filed monthly by the businesses who have taken registrations as Input service Distributors.
Return filing due date for GSTR 6 for a particular month as per CGST Act is 13th of the next month.
However, currently, the filing due date for GSTR 6 has been further extended to 31st July 2018 and the return for the period from July 2017 to June 2018 can be filed by July 31.
GST RFD-01 and RFD-01A is an application form that a taxpayer files when he wants to process their GST Refund.
GST RFD-01 Form needs to be e-filed on the official GST website.In our earlier blog, we explained you the scenarios of refund and an in-depth GST Refund process.
In this blog, we will explain to you the process to file forms GST RFD-01 and RFD-01A.
QR Code and B2C e-InvoicesAlong with E-Invoicing for B2B and Exports, taxpayers were mandatorily required to print self-generated QR Code on B2C transactions from 1st April 2021 onwards as per GST Notification 89/2020.
However, the latest GST Notification 06/2021 released on 30-03-2021 stated that the penalty payable for non-compliance of QR Code on B2C transactions waived further till 30th June 2021, subject to compliance from 1st July 2021.
Aadhaar Authentication in GST The idea of Aadhaar Authentication for new taxpayers was approved in the 39th GST Council Meeting held on March 14, 2020.
However, the implementation was kept on hold considering the lockdown for COVID-19 pandemic.
CBIC had issued notifications on 23rd March 2020 about Aadhaar authentication for GST registration from 1st April 2020 however, it was changed later via notification 62/2020 dated 20th August 2020 and made it optional.
Now, Aadhaar authentication is not mandatory for already registered personals (but advisable), non-residents, and persons other than citizens of India.
Quarterly Return Monthly Payment or QRMP scheme under Goods and Services Tax (GST) as it is called is a recently introduced scheme by the Government in its initiative to simplify compliance for taxpayers.
The Central Board of Indirect Taxes (CBIC) issued GST Notification 82/2020, GST Notification 83/2020, GST Notification 84,2020 and GST Notification 85/2020 Central Tax dated 10-11-2020 and GST Circular 143/2020 on 10th November, whereby the registered persons having aggregate turnover up to Rs 5 crores to be allowed to furnish their GST returns on a quarterly basis along with monthly payment of tax under QRMP Scheme, with effect from January 01, 2021, i.e.
from last quarter of FY 2020-21.
E-invoicing has finally seen the light of the day.
While the Government has provided relaxation to e-invoice mandate subject to certain conditions, e-invoicing is now officially here and the taxpayers have started generating Invoice Reference Number IRN compliant invoices.E-invoicing as much as it impacts the suppliers, it has a ripple effect on the purchase cycle too.
And the consequences of non-compliance by supplier can cost recipient their ITC.
And who wouldn’t want to safeguard themselves against this risk and put checks and processes in place.Know more about e-invoicing and ITC claim.
Input Tax Credit or ITC under GST is the credit back of the tax a registered GST taxpayer pays on inputs i.e.
This tax he is liable to get back from the government.For Example: A registered taxpayer has generated a sales invoice which has Rs.
500 as tax for the final product and collected the same from his final customer.
Let us assume he has already paid a tax of Rs.
200 while purchase of the raw material.
Now the supplier from whom he may have bought raw material will deposit Rs 200 to government.Thus, this Rs 200 is the tax paid on the inputs which he can deduct from his liability on final product.
Form CMP-08 is a quarterly return form to be filed by every taxpayer who has opted-in for the Composition Scheme under GST , applicable from FY 2019-2020 onwards.In April 2019, CBIC had introduced this form CMP-08 for the composite dealers in India replacing form GSTR 4-Quarterly vide GST Notification No.
20/2019 dated 23rd April 2019
