GST Network

The design architecture for implementing GST e-invoicing for retailers is mostly ready and being vetted by industry experts, GST Network CEO Manish Kumar Sinha said on Tuesday. E-invoicing is already present in the B2B sector. The GST Council, in its meeting earlier this month, decided to extend e-invoice to the B2C sector on a pilot basis. Sinha said the GST department is currently in discussion with the industry for the issuance of electronic invoices for every B2C transaction. "Initially, we will do a pilot project. The design of the architecture is mostly done, and we are getting it vetted by some of the best people we have in the industry. After that, we will release a document on how to go about it," Sinha said at an Assocham event here. The threshold for businesses that would be required to issue e-invoices is in the process of being decided. "We have to give time to the industry, particularly, small mom-and-pop stores. What we want to get right is the technology. Large ...

Alleged shortfall in tax paid, reversal of ITC among reasons

An official said that allowing updated returns under the GST regime will simplify the process of filing returns

With Infosys' contract for providing technology support for Goods and Services Tax (GST) ending in September 2024, GST Network (GSTN) has started scouting for a consultancy firm to prepare the bid document for selection of a new service provider and a roadmap for transitioning the system capacity to the next level -- GST 2.0. The consultancy firm would have to ensure a competitive bidding process and a seamless transition of the IT service backbone of GSTN to another technology company, who would be providing the software and hardware required in GST systems for the next seven years beginning October 1, 2024. The scope of work of the consultancy firm would include preparing a request for proposal (RFP) document by evaluating the present system, based on the experience of the GST technology system of the past seven years, and provide a roadmap for enhancement and operations for the next contract period. Indirect tax reform, GST, was introduced in India on July 1, 2017. Prior to the

GST Network on Friday said it has geocoded 1.8 crore addresses of registered businesses and the functionality is now live for all states and UTs. Geocoding will help in finding out the exact location of the registered entity and check bogus registrations. The Central Board of Indirect Taxes and Customs (CBIC) has already conducted a pilot for geocoding in a couple of states. In an update to businesses, GSTN said the functionality for geocoding the principal place of business address is now live for all States and Union territories. This feature, which converts an address or description of a location into geographic coordinates, has been introduced to ensure the accuracy of address details in GSTN records and streamline the address location and verification process. "GSTN has successfully geocoded more than 1.8 crore addresses of principal places of business. Furthermore, all new addresses post-March 2022 are geocoded at the time of registration itself, ensuring the accuracy and ..

GST Network has empanelled four private companies, including EY and IRIS Business, for providing e-invoice registration services to businesses. Businesses with turnover of Rs 10 crore and above are required to generate electronic or e-invoice for all B2B transactions. So far, taxpayers under Goods and Services Tax (GST) regime could use only government portal NIC to register their e-invoices. "Four private companies viz. ClearTax, Cygnet, E&Y and IRIS Business Ltd were empanelled by GSTN for providing these e-invoice registration services to all GST taxpayers of the country," GSTN said in an advisory to taxpayers. GSTN, which provides technology backbone for GST, also said empanelment of private firms would add significant capacity and redundancy to the single e-invoice registration portal which existed earlier. The end-to-end flow of a digitally signed e-invoice between sellers and buyers by integration with the GST system will lead to ease of compliance for the taxpayers. It ...

At present, any firm with Rs 20-crore turnover is mandated to file this

Going forward, we also need to look at inclusion of items in the GST from a larger macro perspective

From TDS levy on cryptocurrencies to GST rate of over 200 items staying the same, here are the top headlines on Thursday morning

It is also in talks with insurance behemoth Life Insurance Corporation (LIC) to start the onboarding process

Businesses will now get complete auto-populated monthly sales return form GSTR-3B, GST Network said

Say they are being harassed by the authorities even as 1,500 who claimed bogus GST refunds are untraceable

While GSTR-1 is filed by sellers and contains invoice-wise and category-wise details of all outward supplies. This has to be filed by 11th of the succeeding month

This will enable 1.7 million composition dealers to file their returns on an annual basis with effect from 2019-20

Infosys, which in 2015 won the contract for managing backend for GST Network (GSTN), has drawn flak from the ministry over the tech glitches, some of them have been unresolved for almost two years.

States may ask Infosys to have a point of contact; IT firm chairman Nilekani to a presentation on Saturday

There is a need for standard to ensure complete interoperability, he said

On the lines of the Delhi government's scheme for consumers under the VAT regime, the Centre's lottery system will aim to increase compliance

The stake transfer to various stake governments will be completed by the end of March 2020

GST Network lets taxpayers to file refund application (in RFD 01 form) easily and tax officers to process online.