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We looked inside some of the posts by gsthead and here's what we found interesting.
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Fun Fact
The Tumblr app for Google Glass was released on May 16, 2013.
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As per the e-invoicing mandate, every business (having turnover above 20 Cr.) is required to register all of its B2B and export invoices with the Invoice Registration Portal (IRP) to get a unique identification number known as the Invoice Reference Number (IRN). Thus, an e-invoice is a document with an IRN and a digitally signed QR code printed on it.
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The 47th GST Council Meeting took place on 28th and 29th June 2022 to address multiple important issues like GST rate changes for an array of goods and services, compensation cess, E-way Bill and E-invoicing changes and so on. Chaired by Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman, the 47th GST Council Meeting was held in Chandigarh, Punjab.
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The 8th Amendment of CGST Rules 2021
The 8th Amendment of CGST Rules 2017 was recently updated by the Central Board of Indirect Taxation and Customs (CBIC) via GST Notification 35/2021 – Central Tax, dated 24-09-2021. The changes were to be called 8th Amendment of CGST Rules 2021 that updates and amends the existing CGST Rules 2017.
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GST circulars 165 and 166 The government recently released two new GST circulars on 17th November 2021 to simplify the laws and clarify the issues that taxpayers were facing. The CBIC vide GST Circular No. 165/21/2021 was issued to offer clarification regarding the applicability of Dynamic QR Code on B2C invoices and compliance of GST Notification 14/2020- Central Tax while the CBIC vide GST Circular No. 166/22/2021 was issued to offer clarification on certain GST refund related issues.Let us break down both these GST circulars and understand the clarifications offered in detail here in this article.
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Top GST News for the Month Latest GST Updates
GST News and GST updates for 2021 and 2020. This page is all about keeping you updated with top GST news, the latest GST notifications, circulars, and GST law changes by the government. Top GST News page is updated on a month-on-month basis so that you do not miss out on any important GST news or notification!
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Compensation Cess under GST GST – Goods and Service Tax was launched in India in July 2017 replacing the old taxation system that existed in the country. Compensation cess is charged on goods at their consumption destination and not where they are manufactured. So manufacturing states like Maharashtra, Gujarat, Haryana, Tamil Nadu etc. feared revenue losses and to cover this issue, the government introduced Compensation Cess under GST. It was pre-decided that compensation cess will be levied only for the first 5 years of the GST regime i.e. from July 1st, 2017 to July 1st, 2022.
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Falling under the E-invoice Criteria?
The advent of e-invoicing was no less than a revolution for the Indian business world. The e-invoicing mandate was first rolled out for companies with a turnover of over Rs. 500 cr. in October 2020, later it was made applicable to companies with a turnover of Rs. 100 cr. and above from 1st January 2021. The latest to fall under the e-invoicing mandate are companies with a turnover of Rs. 50 cr. or more from April 2021 onwards and the threshold is expected to reduce even further.
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The e-way bill system has evolved a lot since its inception. It started with an intention to curb tax frauds and keep track of the supply of goods. However, the e-way bill generation is no more happening in silos. With RFID, VAHAN and Fastag being integrated with e-way bill number, the entire process has become an integrated business function. With multiple aspects getting involved, the government is also constantly bringing in changes to ease the processes for taxpayers.
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Form CMP-08 for Composite Taxpayers– All You Need to Know!
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GST Data for lending Solution
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Utility of GST data for lending is proven, especially when it comes to lending to small businesses. The availability of data over APIs, recency, relevance, and authenticity of data source i.e. the GST system itself, makes it the best fit for large scale digital lending programs.
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Recently, the CBIC had notified the Annual Return (GSTR9) and Reconciliation Statement (GSTR9C) for the Financial Year 2020-21. On 01-08-2021, both online filing and offline utility has been enabled on GSTN portal. Thus, it is the need of the hour to dissect and understand the forms (GSTR9 and GSTR9C) for the FY2020-21 to ensure hassle-free compliance and understand the implication of Self-Certification.
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The 44th GST Council Meeting was held on June 12th, 2021 via video conference by our finance minister Nirmala Sitharaman in New Delhi. The meeting was also attended by union minister of state (MoS) for finance Anurag Thakur and other finance ministers of states and Union territories (UTs). This meeting was held shortly after the 43rd GST council meeting to finalise the points proposed in it regarding GST rates reduction on medical and Covid-19 related equipments.
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