1 / 11

7 GST updates for the month of January 2020

With the appearance of the yr 2020, GST is all set to tempo up with a few critical updates. These <a href="https://irisgst.com/7-gst-updates-for-the-month-of-january/">GST updates </a> are being delivered into impact to simplify GST compliance, slash tax evasion, and, enhance the GST filing ratio.

ishagst19
Download Presentation

7 GST updates for the month of January 2020

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. 7 GST updates for the month of January 2020

  2. With the appearance of the yr 2020, GST is all set to tempo up with a few critical updates. These updates are being delivered into impact to simplify GST compliance, slash tax evasion. The fundamental highlight of the yr 2020 goes to be the new GST returns. The new returns shall introduce new and simplified forms GST Ret 1, Ret 2 and Ret 3 together with annexure shape GST Anx 1 and Anx 2. InTRODUCTION

  3. here’s a listing of vital updates and amendments for and from the month of January: 1. SabkaVishwas Legacy and Dispute Resolution Scheme Extended 2. GSTR 1 submitting and EWB 3. EInvoicing system is made to be had on a voluntary basis 4. GSTN has enabled a Statistics column below downloads phase for the taxpayers to get admission to information 5. GST Collection crossed 1 lakhcrores for the month of December 6. Aadhaar to be made obligatory for GST 7. GSTR 1 submitting and EWB List of Updates

  4. SabkaVishwas LDRS is a dispute resolution and amnesty scheme underneath GST that got here into force on September 1, 2019. The day to avail the benefits of the scheme was December 31st, 2019. However, thinking about the taxpayer response to the scheme, the central authorities has extended the identical for a period of 15 days i.E. Till January 15, 2020. SabkaVishwas Legacy and Dispute Resolution Scheme Extended

  5. The 38th GST Council waived off the overdue charge for unfurnished GSTR 1 shape for the length among July 2017-November 2019, if the equal is filed on or before January 10th, 2020. Henceforth, if a taxpayer does now not record his GSTR 1 for 2 consecutive filing period, his/her EWB gadget will be blocked. GSTR 1 submitting and EWB

  6. The eInvoicing system has been made to be had on a voluntary foundation for corporations with an mixture turnover exceeding INR 500 crores. Under the eInvoicing gadget, a taxpayer can generate an eInvoice from any accounting/billing software program of his choice. However, the generated eInvoice might be considered legitimate best as soon as it has been pronounced on the IRP portal and a completely unique IRN variety has been issued to it. EInvoicing system is made to be had on a voluntary basis

  7. The GSTN has enabled a Statistics column beneath the down load segment. By clicking at the applicable tab, a taxpayer can get entry to the subsequent data from the information option are as beneath. Registration: The State-wise records having info of energetic taxpayers on the near of remaining month. This excludes the ones taxpayers whose registration has been cancelled however includes those taxpayer’s registration became restored on software/enchantment. Tax Collection: Tax facts are split into 3 elements viz. Tax Paid on GST Portal, IGST paid on Customs Portal and IGST settled to States/UTs. July 2017 is the primary month, there has been no agreement and hence there's no records under the identical. GSTN has enabled a Statistics column below downloads phase for the taxpayers

  8. The GST series for the month of December became INR 1.03 lakhcrores. This is the 2d consecutive month where the GST collection has surpassed 1 lakhcrores, indicating the stabilisation of sales series, credits to the anti-evasion measures delivered via the government. GST Collection crossed 1 lakhcrores for the month of December

  9. The GST Network has decided to make Aadhaar authentication or bodily verification mandatory for brand new sellers from January 1, 2020, to keep malpractice in check. This is due to the fact there are presently 66.Seventy nine lakh new dealers registered under the Goods and Service Tax who're contributing to just 15% of the overall sales underneath the tax regime. Aadhaarto be made obligatory for GST

  10. In order to simplify annual return filing for a taxpayer, a few modifications were brought into the annual return shape GSTR 9 and the recon statement GSTR 9, vide Notification No. 56/2019 dated 17.Eleven.2019. The ultimate date to furnish the once a year return paperwork become prolonged to January 31, 2020, as a consequence of unavailability of the up to date offline device. Accordingly, the changes inside the utility software and the offline gear at the moment are made to be had at the GSTN portal. The GSTN has resolved the following problems as in line with press note: Error JSON now not showing any errors now constant. Column 5G, 12B and 12C made non-obligatory. 8. New Offline Tools (Version 1.6) for annual returns now available on GSTN Portal

  11. Thank You

More Related