Goods and Services Tax (GST) is a value added tax which was introduced for the betterment of the people. The regime stands on its decree to make it robust and efficient. Here are a few of changes and updates in to be implemented and new formats to be introduced in command to succeed the GST system and make it more taxpayer friendly.
It has become necessary for taxpayers whose income exceeds over 100 crores in a financial year to build or generate E-invoices for the cases of b2b supplies which has to be immediately reported to portals www.einvoice4.gst.gov.in , www.einvoice3.gst.gov.in and so.
Invoice Registration Portal has been introduced which generates e Invoices by the invoices uploaded by suppliers. IRP transfers the e-invoices to the suppliers and recipients.
The new GST return filing system was introduced or implemented on 1st April 2020 for all the taxpayers. This system was introduced to ensure that there is smooth functioning. It has increased the consent and reduced the tax to a larger extent. There are two main forms introduced in this system i.e., GST FORM ANNEX 1 and GST FORM ANNEX 2 which has detailed information of outward supplies, import of goods and services and inward supplies liable to reverse change.
The Central Board of Indirect Taxes and Customs Via Circular no. 129/48/2019 has provided some guidelines to ensure uniformity in the implementations of provision laws across field formations.
The decisions taken by the Central Board of Indirect Taxes and Customs has reduced the percentage of eligible ITC which are available for Profit, the details of which have not been shown up by the taxpayers in GSTR-1.
Non-filing of GSTR 1 for two consecutive periods will deter the invention of the E-Way Bill. Thus, the ordinary filing of GSTR1 and GSTR 3B has been elemental in the new year. Hence, the filing goes hand in hand.
If the taxpayer has forgotten to file the GSTR-1 form, which is the details of outward supplies of goods and services. Then the taxpayer was eligible to file the return till January 10,2020.
The due appointment for filing the GST twelve-monthly Return is extended i.e., GSTR-9 and Audit report. For the year 2017 and 2018, it has been extended up to March 31,2020.
For B2C invoice i.e., to an unregistered person whose total income extends over 500 crores is liable to create QR codes where the invoice is issued by a registered person.
Services like reminders of restore filing, the importance of a refund, ITC assertion mismatches are launched to expand intelligibility and effectiveness in the GST system.
These and several other changes / updates are expected in GST to establish a system that is capable of getting every one of the niceties associated with the taxation of property in a method that is uncomplicated to comprehend and compile. The administration is assembling progressive changes in this management with a timeline. This shows their binder to turn GST into a greatly effective, transparent and useful system.
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