GSTN

GST Network on Thursday said show cause notices and assessment orders issued by the tax officer on the GST portal do not have digital signatures of the tax officers but such details are getting stored in the backend. In an advisory to taxpayers, GSTN said the validity of the document and who and for what purpose these documents have been issued can also be verified by the taxpayer pre-login as well as after login from the GST common portal. Doubts have been created regarding the validity of documents issued by the tax officers on the common portal viz. SCN/orders without the digital signatures on the PDF (portable document format) document downloaded from the common portal. The GSTN said it is to be mentioned that such documents are generated on the common portal from the login of the officer, who logs in using digital signature. "...these documents being computer generated on the command of the officer, may not require physical signatures of the officer as these documents can be .

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 ...

GST Network will launch the Invoice Management System (IMS) from October 1 which will facilitate taxpayers in matching their records/invoices vis-a-vis issued by their suppliers for availing the correct Input Tax Credit (ITC). In an advisory to Goods and Services Tax (GST) payers, GSTN said to enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the IMS is being launched. "This will also facilitate taxpayer in matching of their records/ invoices vis-a-vis issued by their suppliers for availing the correct ITC," GSTN said. IMS will allow the recipient taxpayers to either accept or reject an invoice or to keep it pending in the system, which can be availed later. This facility shall be available to the taxpayer from October 1 onwards on the GST portal. Moore Singhi Executive Director Rajat Mohan said by maintaining a detailed record of all actions taken on each invoice, the IMS creates a ro

The government has permitted GST Network to share data about GST-registered businesses, based on their consent, with the Reserve Bank's 'Public Tech Platform for Frictionless Credit'. The move will help entities get loans faster on the basis of shared Goods and Services Tax (GST)-related information. The platform, created by the Reserve Bank of India (RBI) subsidiary Reserve Bank Innovation Hub, is intended to enable seamless flow of necessary information to lenders to help in disbursing credit. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) has said "the Central Government, on the recommendation of the Council, notifies 'Public Tech Platform for Frictionless Credit' as the system with which information may be shared by the common portal based on consent...". The platform has been developed for the operation of a large ecosystem of credit, to ensure access of information from various data sources digitally. The financial service providers and multiple da

Businesses will be required to submit valid bank account details to GST authorities within 30 days of grant of GST registration to avoid suspension, the GST Network has said. In an advisory to GST-registered businesses, GSTN said all registered taxpayers are required under the Goods and Services Tax (GST) law 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. GSTR-1 filed by a company contains statement of outward supplies, while Invoice Furnishing Facility (IFF) can be availed by businesses opting for Quarterly Returns with Monthly Payment (QRMP) scheme under GST. "Taxpayers are therefore advised to promptly furnish their bank account details, who have not provided it so far if 30 days period is shortly going to expire to avoid disruption in business activities and the subsequent suspension of GSTIN," it said. GSTN further said that a new functionality is being developed as per .

GST authorities may take some time to introduce faceless scrutiny assessment of tax returns filed under Goods and Services Tax (GST), a senior official said on Wednesday. The faceless assessment -- under which there is no physical interaction between the tax officer and the assessee and no physical submission of documents -- was first introduced by the Income Tax department and later extended to Customs. "We may take some time to introduce faceless assessment in GST. GST assessments are linked to a particular jurisdictional officer or unit. Changing that may take some time. Some changes would also be required at the policy level to make it effective," GST Network Vice President (Services) Jagmal Singh said at a Ficci event here. Introduced on July 1, 2017, indirect tax reform GST has subsumed 17 local levies, including excise duty, service tax, VAT and cesses.

Maharashtra deputy Chief Minister Ajit Pawar on Thursday said he conveyed to Union Home Minister Amit Shah the concerns among the trader community about the Goods and Services Tax Network (GSTN) coming under the purview of the Prevention of Money Laundering Act . He will also raise the issue in the next meeting of the GST Council, Pawar, who holds the finance portfolio, told the legislative assembly here. The NCP leader, who joined the Shiv Sena-BJP government in the state earlier this month, was replying to a question by Congress's Prithviraj Chavan during a discussion on the Maharashtra Goods and Services Tax (Amendment) Bill, 2023. I brought this issue to Amit Shah's notice (during the recent Delhi visit)....I told him that if this goes forward, it could create trouble for many, especially traders," Pawar said. Shah told me that he was also aware of the traders' apprehensions and the government will take steps to ensure no injustice is done to anyone," the minister said. While

The government has amended provisions of the money laundering Act to allow enforcement directorate (ED) to share information with GST Network. The move would help recovery of Goods and Services Tax (GST) evaded through money laundering. GSTN handles the technology backbone of the indirect tax regime and is the repository of all GST-related information, including return, tax filing and other compliances. As per the amendment to the provisions of Prevention of Money Laundering Act (PMLA), 2002, GSTN has been included in the list of entities with which ED will share information. AMRG & Associates Senior Partner Rajat Mohan said notifying GSTN under PMLA would enable a legal framework under which high-value tax offenders can be traced, apprehended made liable to pay due taxes. GSTN can pass on relevant information on probable tax offenders to jurisdictional officers so as to initiate proceeding under GST law for scrutiny, adjudication and recovery of taxes, Mohan added. Nangia ...

GSTN has deferred by 3 months the implementation of time limit for businesses with turnover of over Rs 100 crore to upload their old e-invoices. Last month the GST Network had imposed a timeline for businesses with turnover of Rs 100 crore and above for uploading e-invoices on the Invoice Registration Portal (IRP) within 7 days of the issue of such invoices beginning May 1. Previously, there was no such restriction for businesses to upload the invoices on the IRP. As per GST law, businesses cannot avail input tax credit (ITC) if invoices are not uploaded on the IRP. In an advisory to taxpayers on May 6, GST Network said it has been decided by the competent authority to defer the imposition of time limit of 7 days on reporting old e-invoices on the e-invoice IRP portals for taxpayers with aggregate turnover greater than or equal to Rs 100 crore by three months. AMRG & Associates Senior Partner Rajat Mohan said in the last few days, even large businesses have been perplexed over ...

The new rule starts in May and it will apply to document-type invoices in the GST system

However, the survey itself may not come up before the end of 2024

GSTN is expected to go live on AA network in late January or early February, people aware of the development say

PAN database has relevant information about companies, says commerce minister Piyush Goyal

The AA network had been in discussion with the GSTN network for their onboarding for a long time as this would give financial institutions access to data regarding small businesses

The income tax e-filing and GST Network portals are working "pretty well" and the systems are running effectively, Infosys CEO Salil Parekh said

Currently, the value of exports and imports of services is released by the Reserve Bank of India (RBI) and it comes with a lag of over two months

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

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

Industry associations seek extension of deadline to file annual returns.

GST Network on Tuesday said it has blocked Rs 14,000 crore worth of input tax credit (ITC) of 66,000 businesses registered under GST. Responding to social media posts based on an RTI reply about the Rs 6.14 lakh crore of ITC blocked under Rule 86A of GST laws, GSTN tweeted that the figure includes erroneous data entries made by the taxpayers. "ITC of approximately Rs 14,000 crore involving 66,000 taxpayers stands blocked as on date. This is only 0.38 per cent (approximately) of average ITC utilised by all taxpayers in a financial year," tweeted GSTN, the company that handles the technology backbone for goods and services tax. The government had introduced Rule 86A in GST rules in December 2019 giving powers to taxmen to block the ITC available in the electronic credit ledger of a taxpayer if the officer has "reasons to believe" that the ITC was availed fraudulently. There are currently 1.32 crore taxpayers registered under GST.