TMI BlogRECENT DEVELOPMENTS IN GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... RECENT DEVELOPMENTS IN GST - By: - Dr. Sanjiv Agarwal - Goods and Services Tax - GST - Dated:- 27-5-2023 - - S P Global Ratings has affirmed India s sovereign rating, at BBB- for long term and A-3 for short term with a stable outlook. If reflects India s sound economic fundamentals expected to be sufficient to offset the Government s weak fiscal performance. It expects real growth rate of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6% in the year 2023-24. In a surprise move, RBI announced on 19 May, 2023, the withdrawal of Rs. 2000 currency notes introduced in November, 2016 as a part of clean note policy . Such notes shall continue to be legal lender. Countrymen have been asked to deposit or exchange such notes till 30 th September, 2023. While exchange of notes shall be limited to Rs. 20000 at a time, there is no res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... triction to deposit the same in bank account. Such withdrawal is not akin to demonetization. The drive to verify registration has kicked off from 16 th May, 2023 which will continue for two months. This will curb cases of fake invoices, fraudulent input tax credit and tax evasion. With change in elected Government in Karnataka, there will be change in GST Council which may impact GST change ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. CBIC Chairman in a communiqu to offices has advised on importance of integrity in public life. He says integrity is a multi-faceted omnibus governing so aspects of our conduct. In its most restricted meaning it is equated with pecuniary integrity or non-acceptance of illegal gratification in performing our official duties. While there is no question that this interpretation is truly its co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re, integrity actually stands for many more things. As Civil Servants, our primary allegiance is to the Constitution and rule of law which implies that we must apply the laws that we administer in a fair, just and equitable manner It is also important that we do not allow our personal biases against individuals or organizations to color our perception when applying the law and we deal with issues ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on their own merit' . Good advice to implement. CBIC has also lowered e-invoice threshold from Rs. 10 crores to Rs. 5 crores of turnover w.e.f. 1 st August, 2023. CBIC has also rolled out module for automated GST returns scrutiny which shall lead more compliances and transparency. With so much of focus on enhanced transparency, automation and scrutiny, it can be expected that complian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces will add to more tax collection and lesser tax evasion. Automated Returns Scrutiny CBIC has rolled out Automated Return Scrutiny Module for GST returns in ACES-GST backend application for Central Tax Officers This is a non-intrusive means of compliance verification on the directions of MOF to roll out Automated Return Scrutiny Module for GST returns. This Module will enable t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he officers to carry out scrutiny of GST returns of Centre Administered Taxpayers selected on the basis of data analytics and risks identified by the System. In the Module, discrepancies on account of risks associated with a return are displayed to the tax officers. Tax officers are provided with a workflow for interacting with the taxpayers through the GSTN Common Portal for communication o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f discrepancies noticed under FORM ASMT-10 , receipt of taxpayer s reply in FORM ASMT-11 and subsequent action in form of either issuance of an order of acceptance of reply in FORM ASMT-12 or issuance of show cause notice or initiation of audit. The implementation of this Automated Returns Scrutiny Module has commenced with the scrutiny of GST returns for FY 2019-20. (Source: PIB Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lease dated 11.05.2023 ) GSTN enables GSTR-9 and 9C for FY 2022-23 GSTN portal has enabled the option to file annual forms GSTR-9 and GSTR-9C for the financial year 2022-23 on the common portal. GSTR-9 is for Annual Return and GSTR-9C is Annual Reconciliation Statement The due date to file GSTR-9 and GSTR-9C for the financial year 2022-23 is December 31, 2023 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . (Source: GSTN Portal dated 16.05.2023) How to find invoice reference number GSTN has enabled a functionality to find at Invoice Reference Number (IRN) through or by using document number Taxpayers can access the GSTN portal (https://einvoice.gst.gov.in/einvoice/dashboard Or . Within the search section, users can enter the Document Number in the designated field and ini ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tiate the search process. The system will thereafter retrieve and display the relevant IRN(s) linked to the specified document. (Source: GSTN Portal) ********* - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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