It is informed to all taxpayers that as per Notification No. 26/2022 – Central Tax dated 26th December 2022 two new Table 14A and Table 15A have been introduced in GSTR-1 to capture the amendment details of the supplies made through e-commerce operators (ECO) on which e-commerce operators are liable to collect tax under section 52 or liable to pay tax u/s 9(5) of the CGST Act, 2017. These tables have now been made live on the GST common portal and will be available in GSTR-1/IFF from February 2024 tax period onwards. These amendment tables are relevant for those taxpayers who have reported the supplies in Table 14 or Table 15 in earlier tax periods. Please click here to view the complete advisory on the captioned subject.
GSTN is pleased to announce the successful integration of E-Waybill services with four new IRP portals via NIC, enabling taxpayers to generate E-Waybills alongside E-Invoicing on these four IRPs.
This new facility complements the existing services available on the NIC-IRP portal, making E-Waybill services, along with E-Invoicing, available across all six IRPs.
Instances of Delay in registration reported by some Taxpayers despite successful Aadhar Authentication in accordance with Rule 8 and 9 CGST, Rules, 2017-reg.
In accordance with Rule 9 of the Central Goods and Services Tax (CGST) Rules, 2017, pertaining to the verification and approval of registration applications, following is informed:
GSTN on occasion of one year of the successful going live with the additional five new IRP portals, the e-invoice master information portal, and the e-invoice QR Code Verifier app, announces the launch of the revamped e-invoice master information portal https://einvoice.gst.gov.in . This enhancement is part of ongoing effort to further improve taxpayer services. New Features of the revamped E-Invoice Master Information Portal are as follows:
Mandatory Bank Account Details Submission as per law: All Registered Taxpayers are required under the provisions of CGST Act, 2017 and the corresponding Rules framed thereunder to furnish details of their bank account/s within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier…..
To facilitate the taxpayer registered under GST with more methods of payment, two new facilities of payment have now been provided under e-payment in addition to net-banking. The two new methods are Cards and Unified Payments Interface (UPI). Cards facility includes Credit Card (CC) and Debit Card (DC) namely Mastercard, Visa, RuPay, Diners(CC only) issued by any Indian bank.
As per Notification No. 26/2022 – Central Tax dated 26th December 2022 two new tables Table 14 and Table 15 were added in GSTR-1 to capture the details of the supplies made through e-commerce operators (ECO) on which e-commerce operators are liable to collect tax under section 52 of the Act or liable to pay tax u/s 9(5). These tables have now been made live on the GST common portal. These two new tables will be available in GSTR-1/IFF from January-2024 tax periods onwards. Please click here for the complete advisory.
Dear Taxpayers,
The following Functionalities are made available on the portal for the GTA Taxpayers.
Dear Taxpayers,
Dear Taxpayers,
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process.
1. Amnesty for Taxpayers: The GST Council, in its 52nd meeting, recommended granting amnesty to taxpayers who could not file an appeal under section 107 of the CGST (Central Goods and Services Tax) Act, 2017, against the demand order under section 73 or 74 of the CGST Act, 2017, passed on or before March 31, 2023, or whose appeal against the said order was rejected due to not being filed within the specified time frame in sub-section (1) of section 107.
2. In…
You can access and download the above said documents by clicking on the link below:
Difference in Input Tax Credit (ITC) available in GSTR-2B & ITC claimed in the GSTR-R3B
Dear Taxpayers,
1. It is informed that GSTN has developed a functionality to generate automated intimation in Form GST DRC-01C which enables the taxpayer to explain the difference in Input tax credit available in GSTR-2B statement & ITC claimed in GSTR-3B return online as directed by the GST Council. This feature is now live on the GST portal…
Vide Rule 37A of CGST Rules, 2017 the taxpayers have to reverse the Input Tax Credit (ITC) availed on such invoice…
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process.
Notification 51/2023 dated 29.09.2023 has introduced Table 5B in GSTR 5A w. e. f 01.10.2023. In this notification, Table 5B has been introduced to report supplies made to Registered GSTINs (B2B supplies). This would be implemented shortly at GSTN and till such time, OIDARs are advised to file the return in the existing GSTR 5A itself.
In terms of the recent amendments made in the CGST/SGST Act, the IGST Act and the CGST/SGST Rules, any person located outside taxable territory making supply of online money gaming to a person in taxable territory, is liable to get registered in GST and is required to pay tax on such supply. In this context, every person located outside taxable territory making such supplies of online money gaming to a person in India is now mandated to take registration/amend his existing registration in accordance with the proposed Row (iia) in FORM GST REG-10 and also required to furnish information regarding the supplies in the proposed Tables in FORM GSTR-5A. GSTN is in the process of developing the functionality of such new registrations or required amendment in existing registration, as the case may be. In the meantime, till the said functionality is made available on the portal, a workaround is suggested to be followed as below:
In terms of the recent amendments to the Act and the rules and notification number 34/2023 dated 31.07.2023, persons supplying goods through e-commerce operators shall be exempt from mandatory registration under the CGST Act even if they supply goods through e-commerce operators (ECO) if they satisfy the following conditions:
GSTN has also provided APIs for ECOs (through whom unregistered persons can supply goods) to integrate with GSTN to obtain the details and facilitate the unregistered suppliers. The APIs are for validating the demographic details of the said suppliers and also for use in tracking and reporting supplies by such persons. The details of the APIs are in below link:
“Facility of enrolment for supply of goods through e-commerce operators by GST un-registered suppliers” and the advisory note can be assessed through below link:
“Person supplying of Online Money Gaming services or OIDAR or Both– Form GST REG-10 and Form GSTR-5A” and the detailed advisory note can be assessed through below link:
The CESTAT on 21st September 2023 vide Notification No 2 of 2023 has notified hearing on virtual mode and the copy of the notification enclosed for your reference.
The ministry of finance through Notification No. A-50050/150/2018-CESTAT-DoR dated 14th September 2023 has notified State level benches for Goods and Service Tax appellate tribunals and copy of notification has been enclosed for your easy reference.
The GSTIN on 19th September 2023 has issued an advisory note on enablement of Geocoding functionality for additional place of businesses. This facility has been already enabled in GST portal and the advisory note can be accessed through the link
The GSTN has issued an advisory note on the availability of a new functionality in the e-invoicing portal that allows taxpayers who are by default enabled for e-invoicing but are exempted from implementing it under the CGST (Central Goods and Services Tax) Rules to declare their exemption. The advisory note can be accessed through the link
A new functionality has been introduced by the GSTN for issuance of intimation in Form GST DRC-01B in cases where the liability declared in Form GSTR-1 exceeds the liability discharged through Form GSTR-3B, by a pre-defined limit or the percentage of such difference exceeds a threshold as recommended by the GST Council. Taxpayers are required to respond to such intimation in Part B of Form GST DRC-01B within 7 days from the issuance of notice, either by (a) discharging such differential tax liability through Form GST DRC-03 or (b) provide a suitable explanation for such difference. In case the differential tax liability is not paid or the explanation or reasons provided by the taxpayer are not accepted by the Proper Officer, recovery proceedings can be initiated. Detailed manual containing step-by-step guidelines on how to navigate this functionality can be accessed here.
With effect from 01.08.2023, CBIC has lowered the threshold of Aggregate Annual Turnover (AATO) from 10 crores to 5 crores, for applicability of e-Invoicing for B2B transactions. To facilitate the same, GSTN has now enabled e-invoice reporting by eligible taxpayers on all the six IRPs. Taxpayers can check their status of enablement of e-Invoicing through this link. The enablement status indicated on the e-Invoice portal does not indicate a legal obligation on taxpayers to use e-Invoicing and the onus is placed on the taxpayers to check the applicability and compliance of the e-invoicing provisions.
GSTN has launched a mobile application (“EInvoice QR Code Verifier” App) to facilitate the verification of accuracy and authenticity of the value / information embedded in the QR code in the e-invoices. The app operates on a non-login basis and is currently available on Google Play Store (iOS version to be available soon)
(a) Based on data analytics and risk parameters, risk rating of high / medium / low will be assigned to each application by the system which the proper officer should consider to verify and process such application.
(b) Proper Officer to check whether the registration/s has been obtained on the same PAN earlier [either within the same State or other State(s)]. In such cases, the compliance record of the GSTINs will also be verified on the portal.
(c) In case the registration application is found to be deficient, or any further information / clarification is required by the officer for verification of such application, notice in Form GST REG-03 to be issued by the proper officer (within 7 days where the applicant has undergone Aadhar authentication and 30 days for other cases).
(d) The Applicant should submit the response / additional documents against the notice in Form GST REG-04 within 7 workings from the date of receipt of such notice.
(e) If no reply is furnished / reply is not satisfactory, the application may be rejected in Form GST REG-05 by giving his reasons in writing.
(f) Where GST registration is already granted on deemed approval basis or High-Risk rate is assigned in “DGARM Report Series 400” and physical verification is not conducted before grant of registration, the CPC officer should communicate the same to the jurisdictional Commissionerate to conduct physical verification of place of business within 15 days from the date of such registration.
As per the CBIC notification issued on 10th May 2023, turnover limit for E-invoice is reduced to Rs.5 crores from Rs. 10 Crore w.e.f. 01st Aug 2023.
Services provided by ‘Courts’ and ‘Tribunals’ will now be covered under the provisions of Reverse Charge Mechanism and the reference to Central / State Government in the RCM provisions would include a reference to ‘Courts’ and ‘Tribunals’. For instance, renting services in the nature of renting of premises to telecommunication companies for installation of towers, renting of chamber to lawyers etc.
For the returns filed upto December 2022 (return period), details of Credit Notes (CN) issued by vendors was being auto-populated separately in Table 4B(2) of the autopopulated Form GSTR-3B i.e. Other Reversals and taxpayers were advised to file the same accordingly. Now, as per the latest advisory, for the returns filed from January 2023 (return period), taxpayers are advised to declare the details of Credit Notes (CN) issued by vendors on a net basis itself in Table 4(A) i.e. ITC available of Form GSTR-3B, instead of declaring the ITC for the period in full in Table 4(A) and credit notes separately in Table 4(B)(2).
Based on the above changes, if the ITC available is lesser than the credit notes uploaded, value in Table 4(A) will be auto populated as a negative amount and such negative amounts can be entered in Table 4(A) i.e. ITC available of Form GSTR-3B. Hitherto, only positive amounts could be entered in such table.
GSTN has launched a new user-friendly E-invoicing portal (www.einvoice.gst.gov.in) which is a reference site for master data, news, updates and latest releases. However, for registering e-invoices and generation of IRN, taxpayers should continue using the current portal i.e. . 3 new Invoice Reporting Portals (IRPs) for reporting e-invoices are in the works and are expected to be active shortly.
Goods Transport Agencies (GTA) have an option to pay tax under forward charge by submitting ‘Annexure V’ on the GST portal every year before the commencement of a financial year. The cut-off date for exercising the said option is 15th March of the preceding financial year and once exercised the same cannot be withdrawn during the year. For FY 2023-24, facility of submission of ‘Annexure V’ has been enabled on the portal for GTA’s to exercise their option by 15th March, 2023 by navigating to: Services > User Services > Opting Forward Charge Payment by GTA (Annexure V) on the GST portal.
The CBIC has introduced the functionality for geocoding the principal place of business address (i.e. the process of converting an address or description of a location into geographic coordinates) on the GST Portal. This feature is introduced to ensure the accuracy of address furnished in the GSTN records and streamline the address location and verification process. Currently, this functionality is being made available for taxpayers registered in Delhi and Haryana only and can be accessed under Services>>Registration>>Geocoding Principal Place of Business after logging in to the GSTN portal.
The CBIC has notified the provisions of Finance Act, 2022 related to GST which shall be effective from October 1st, 2022. The key changes include extension in time limit of availment of ITC till 30th November of next financial year, amendment to GSTR 1 return till 30th November of next financial year, credit notes can be issued till 30th November of next financial year, Form GSTR-2 has been done away with, extension in time-limit to rectify errors or omission in Form GSTR -1 or GSTR-3B, omission of sections 42, 43 and 43A etc.
As per the directions of Hon‘ble Supreme Court, the facility for filingTRAN-1/ TRAN-2 or revising the earlier filed TRAN-1/TRAN-2 on the common portal by an aggrieved registered assessee will be made available by GSTN during the period from 01.10.2022 to 30.11.2022. In order to ensure uniformity in implementation of the directions of Hon‘ble Supreme Court, the CBIC has issued guidelines for the applicants for filing TRAN-1/TRAN-2 or revising earlier filed TRAN-1/TRAN-2.
The CBIC issued Notification No. 17/2022–Central Tax dated August 01, 2022 to amend Notification No. 13/2020 – Central Tax, dated March 21, 2020 to decrease the e-Invoicing aggregate turnover limit from 20 crore to 10 crore w.e.f. October 01, 2022. Hence, w.e.f. 01-10-2022 onwards Einvoice is applicable if aggregate turnover of taxpayer is exceeding Rs.10 crores in any one of the years from FY 2017-18 onwards.
Increase in Tax Rates
Withdrawal of Exemption
Clarifications
Other Changes
Input Tax Credit is available to the buyer only if the supplier file their return w.e.f. 01-01-2022 onwards. | Notification number and reference document |
As per the Central Tax notification number 39/2021, the new condition in clause (aa) of Section 16(2) of the CGST Act is implemented giving effect to Section 109 from the Finance Act, 2021 effective from 1st Jan 2022. While Section 16(2) of the CGST Act had conditions for recipients to fulfil before claiming Input Tax Credit (ITC) in their GSTR-3B, the GST Council suggested an amendment to Rule 36(4) during the 45th meeting in September 2021 and notified during December 2021 through the Central Tax notification no. 39 & 40/2021. As per this notification, additional condition got added to claim Input Tax Credit (ITC) in GSTR-3B. Now, registered person shall be entitled to take the credit of any input tax only if the supplier furnish the details of invoice/Debit note in GSTR-1 and the relevant invoice is populating in GSTR-2B of registered person. |
The contents here are for information purposes only, to enable public to have a quick and an easy access to information, and do not purport to be legal documents. Viewers are advised to verify the content from original Finance Act, 2024
The contents here are for information purposes only, to enable public to have a quick and an easy access to information, and do not purport to be legal documents. Viewers are advised to verify the content from original Finance Bill, 2024 (Visit https://incometaxindia.gov.in/Pages/budget-and-bills/finance-bill.aspx for Finance Bill, 2024)
The Institute of Chartered Accountants of India (ICAI) has released a revised Guidance Note on Tax Audit under Section 44AB of Income Tax Act 1961.
In an ever-evolving landscape of taxation, where accuracy, compliance, and transparency are paramount, this Guidance Note stands as a beacon of knowledge and insight for all Chartered Accountants engaged in the intricate world of tax audit.
Tax audit, an essential tool in ensuring adherence to tax laws and regulations, demands a profound understanding of intricate legal framework, attention to detail and commitment towards ethical practice. To enable our members to perform tax audits efficiently, the Direct Taxes Committee of the Institute of Chartered Accountants of India (ICAI) has taken an initiative of updating the ‘Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961’. This Guidance Note provides a comprehensive roadmap to navigate the complexities of tax audit in a strategic and informed manner and also delves into the intricacies of audit procedures.
As the regulatory environment evolves, it is imperative for our members to stay updated and compliant with the ever-changing tax requirements. This Guidance Note not only delves into the core concepts of tax audit but also provides practical insights that will aid taxpayers in ensuring adherence to the statutory norms.
Section 44AB has been introduced in the Income-tax Act, 1961, by the Finance Act, 1984. This section provides for audit of accounts of assessees having total sales, turnover or gross receipts exceeding the specified limits of Rs.40 lakhs for business and Rs.10 lakhs for profession. New Rule 6G, inserted in the Income-tax Rules, prescribes the Forms of Audit report for the above purpose. The requirements for the above audit will apply to accounts relating to previous year relevant to assessment year 1985-86 and subsequent years.
Audit of accounts in the corporate sector has been made compulsory by legislation over a period of years. Realising the importance of audit, in recent years, this requirement is being extended to non-corporate sector also.
The CBDT notified the e-Appeals scheme, 2023 for the expeditious disposal of appeal proceedings in a faceless manner. The CBDT has now notified certain appeals that will be disposed outside the purview of the e-Appeals scheme. Some of these appeals excluded are those appeals against assessment orders which were passed before 13.08.2020 under sub-section 143(3) or 144 of the Act and having disputed demand more than Rs. 10 lakhs; ii. appeals pertaining to international transaction etc. A complete list of appeals excluded from the e-Appeals scheme has also been provided.
The Finance Act, 2023 brought in certain amendments to the TCS provisions on LRS remittances and purchase of overseas tour packages intended to be effective from 01.07.2023. However, considering the practical difficulties faced by the stakeholders, certain relaxations were provided on the said amendments including restoration of the threshold of Rs. 7 lakhs on the TCS applicability and application of higher rates of 20% from 01.10.2023 as against 01.07.2023 proposed by the Finance Act, 2023.
The CBDT brought in amendments to provisions relating to registration and approvals for charitable trusts and other institutions under section 10(23C) and introduced new Forms 10A (applicable for applications seeking provisional registration / approval) and 10AB (applicable for applications seeking registration/approvals). In this regard, the relevant rules 2C, 11AA and 17A have been amended to provide for the amended provisions of the section 10(23C).
Forms 26Q, 27Q and 27EQ for the first quarter of FY 2023-24 were due to be filed on or before 31.07.2023. The CBDT has now provided that these forms can be filed on or before 30.09.2023.
The CBDT has notified that for AY 2023-24, where the variation between Arm’s length price and international transaction does not exceed: i. 1% of the value of international transaction in respect of wholesale trading; and ii. 3% of the value of international transaction in respect of other cases then such transactions shall be deemed to be at arm’s length price. Such tolerance benefits are available only in cases where the ALP is determined by either of Profit split method or Other methods.
The Finance Act, 2020 introduced as an option, a new taxation regime which taxed incomes of individuals and HUFs at a lower tax rate after restricting certain exemptions and deductions while computing the total income. The Finance Act 2023 further extended this tax regime to Association of Persons, Body of Individuals and other artificial juridical persons and has made such tax regimes as the ‘default’ tax regime with effect from AY 2024-25. The CBDT has now amended the relevant rules and introduced Form 10IEA to give effect to the amendments brought in by the Finance Act 2023.
The CBDT has notified ITR Forms 1-7 applicable for AY 2023-24. This would enable the taxpayers to collate the necessary information required for filing the return of income well in advance.
Finance Act, 2016 introduced the Equalisation Levy (‘EL’) to be collected by taxpayers entering into certain transactions. These transactions are required to be reported to the income-tax department by filing an annual statement. The Finance Act, 2016 authorized the CBDT to formulate a scheme for processing the EL statements filed. The CBDT has now exercised such powers and formulated a scheme for processing such statements.
A trust or institution or other taxpayers involved in charitable activities or educational activities and claiming income-tax exemptions under section 10(23C) or 12A is required to get its accounts audited and furnish such report in form 10B and 10BB.
Compliance | Extension |
Due date for filing of tax audit report in form 3CA/ 3CB & 3CD for the assessment year 2021-22 | 15-Feb-22 |
Due date for filing of accountant’s report on international/ specified domestic transactions in form 3CEB under Section 92E for the assessment year 2021-22 | 15-Feb-22 |
Due date for filing return of income for the assessment year 2021-22 if the Assessee (Other than Transfer pricing audit u/s.92E) is a
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15-Mar-22 |
Due date for filing return of income for the assessment year 2021-22 if the Assessee (subject to Transfer pricing audit u/s.92E) is a
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15-Mar-22 |
Compliance | Extension |
Extension of time limit to link PAN and Aadhar under Section 139AA | 31-Mar-22 |
Compliance | Extension |
Due date for filing return of income for the assessment year 2021-22 for all Assessee other than
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31-Dec-21 |
Due date for filing tax audit report for the assessment year 2021-22 in the case of assessees/ partnership firms who are subjected to audit under the Income Tax Act. | 15-Jan-22 |
Due date for filing audit report for the assessment year 2021-22 in the case of assessees who have entered into international/ specified domestic transcation under the Income Tax Act. | 31-Jan-22 |
Due date for filing return of income for the assessment year 2021-22 in the case of assessees/ partners of partnership firms who are subjected to audit under the Income Tax Act | 15-Feb-22 |
Due date for filing return of income for the assessment year 2021-22 in the case of assessees who have entered into international/ specified domestic transction under the Income Tax Act. | 28-Feb-22 |
Due date for filing revised/ belated return of income for the Assessment Year 2021-22 under the Income Tax Act. | 31-Mar-22 |
Compliance | Extension |
Filing TDS Statements | From June 30 to July 15 |
Issuing tax deduction certificate | From July 15 to July 31 |
Filing foreign remittance statement | From July 15 to July 31 |
Submission of registration of trusts and institutions | From June 30 to August 31 |
Submitting form for equalisation levy | From June 30 to July 31 |
Uploading of form of no TDS claims cases | From July 15 to August 31 |
Submitting objection to dispute resolution panel | From June 1 onwards to August 31 |
Submitting option to withdraw cases from settlement commission | From June 27 to July 31 |
Amount paid for medical treatment to an employee by employer or to any person by any other person on account of treatment of Covid for FY 19-20 and subsequent year would not be taxed in the hands employee or the person receiving the benefit.
Ex-gratia payment by an employer to an employee’s family, or by any other person to any person’s family on death of the employee or any other person on account of Covid for FY19-20 or subsequent year would be exempt from tax, restricted to 10lakhs