Page 2 - Gstn

Govt says GSTN portal working fine as tax consultants list glitches

Industry associations seek extension of deadline to file annual returns.

GSTN blocks Rs 14,000-cr input tax credits of 66,000 taxpayers

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.

Account Aggregator system can democratise credit, bolster lending ecosystem

An AA enables a free and instant exchange of financial data between FIUs and FIPs with the consent of customers

Limited e-invoicing window a worry for small and medium companies

The e-invoicing system was first made mandatory for entities with a turnover of Rs 500 crore and above and later extended to businesses with Rs 100 crore or more on January 1

SC asks Centre to file affidavit on technical glitches in GSTN

One of the major contentions put forward by the taxpayers was that the relevant GST forms could not be filed due to technological glitches faced on the GST Network portal

Govt must focus on alignment of provisions with GSTN processes

There is a conscious attempt from the top echelons of the government to promote digitalisation and substantially reduce physical interface between the administrators and the trade

GSTN launches 'communication between taxpayer' facility on portal

The GST Network on Monday said it has launched the "communication between taxpayer" feature on its portal

25,000 defaulting taxpayers to be persuaded to file GST returns by Nov 30

GSTN and tax officials have decided to persuade 25,000 taxpayers, who have defaulted to file their GSTR-3B returns by the November 20 due date for the month of October, to file the same

GSTN infrastructure upgraded to handle up to 300,000 users concurrently

The number of active taxpayer numbers have effectively doubled since the launch of GST at about 1.3 crore.

Composition taxpayers can now file 'nil' GST statement through SMS

While they needn't log on to the GST portal for filing nil returns, the facility on GST portal will remain available to taxpayers

Composition taxpayers with 'NIL' liability can file returns via SMS: GSTN

Out of the total of 1.71 million taxpayers registered under the Composition Scheme

Carrying physical copies of e-invoices not required, clarifies GSTN

CBIC has said companies will not attract any penalty if they move goods without e-invoicing

GST-registered businesses to get pre-filled return form soon: GSTN CEO

GSTN, which handles the IT backbone for GST has already started providing tax liability data based on sales return GSTR-1 of the taxpayer to be used in his tax payment form GSTR-3B in pdf form

Entries invited for contest on showcasing GST reforms on video, graphics

Top prize of Rs 1 lakh, four runners-up to get Rs 50,000 each; GSTN releases a series of themes on which the entries could be based

GSTN enables functionality to help GST payers on ITC eligibility

So far, the GST system used to compute eligible ITC based on suppliers' sales return GSTR-1, but the break-up at the invoice level was not provided

GSTR 1 and 3B to be linked to determine input tax credit and liability

The group of ministers (GoM) on Information Technology (IT) led by Bihar deputy chief minister Sushil Kumar Modi took stock of the preparedness and the timelines in a meeting held on Friday

Use of GST data in national accounts in limbo 3 years after tax roll-out

Difficult to gauge from state GST revenues collections whether or not economic activity is picking up, say experts

GST Network makes annual returns available online for composition dealers

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

E-way bill generation showing green shoots of economic recovery: GSTN

Network says June 30, the last day of Unlock 1.0, ended with generation of 1.83 million E-way bills worth over Rs 54,500 crore, which is the highest since lockdown was enforced

Tranformational tax reform

GST has achieved a lot in three years, but there is an unfinished agenda