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Invoice Management System

Reading Time: 6 minutes Invoice Management System, a new communication process is being brought at portal to enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, This will also facilitate taxpayer in matching of their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC). GSTN is in the
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RCM Liability/ITC Statement

Reading Time: 2 minutes RCM Liability/ITC Statement, In the matter of correctly reporting Reverse Charge Mechanism (RCM) transactions, a new statement called “RCM Liability/ITC Statement“ has been introduced on the GST Portal. This statement will enhance accuracy and transparency for RCM transactions by capturing the RCM liability shown in Table 3.1(d) of GSTR-3B and its corresponding ITC claimed in Table
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GST council meeting

Reading Time: 2 minutes Recommendations made by 53rd GST council meeting held on 22nd June 2024 are as following;-   1. Waver of interest and penalty on demand notices issued under section 73 for FY 2017-18, 2018-19, 2019-20. Applicable in cases where tax is paid entirely by March 2025. 2. ⁠time limit to avail ITC u/s16(4) filed up to
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GST collection during the month of November 2023

Reading Time: < 1 minute GST collection during the month of November 2023 crossed 1.67 lakh crore The gross GST revenue collection for the month of November, 2023 is ₹1,67,929 crore out of which CGST is ₹30,420 crore, SGST is ₹38,226 crore, IGST is ₹87,009 crore (including ₹39,198 crore collected on import of goods) and cess is ₹12,274 crore (including
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Rule 37A of CGST Rules

Reading Time: 3 minutes GSTN has provided the system to facilitate the taxpayers, such amount of ITC required to be reversed on account of Rule 37A of CGST Rules for the financial year 2022-23 has been computed from system and has been communicated to the concerned recipient. The email communication to this effect has been sent on the registered
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Biometric Aadhaar Verification for GST

Reading Time: 2 minutes Advisory for Pilot Project of Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Gujarat and Puducherry: a new biometric-based Aadhaar authentication and document verification process for GST registration applicants is introduced by The Goods and Services Tax Network (GSTN) in Gujarat and Puducherry states. This system is launched to streamline the registration
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GST Appeal Amnesty Scheme

Reading Time: 6 minutes GST Appeal Amnesty Scheme, CBIC has notified the amnesty scheme allowing filling appeal under GST till January 31, 2024 , In the 52nd GST Council meeting, the council has announced Amnesty for GST Appeals and the related notification No.53/2023– Central Tax dated 2nd November 2023 has been issued. Eligibility Criteria: The Appeal may be filed
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Registered office of company

Reading Time: 3 minutes Registered office of company, as per the section 12 of Companies Act 2013:- (1) A company shall, on and from the fifteenth day of its incorporation and at all times thereafter, have a registered office capable of receiving and acknowledging all communications and notices as may be addressed to it. (2) The company shall furnish
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