9911796707
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 X X X X Extracts X X X X X X X X Extracts X X X X ..... pillar of stability and a global growth engine. Similarly, the Finance Minister has said that India's GDP may hit $ 5 trillion by FY 2028. E-way bills generated in December 2023 surged to 9.52 crore, second highest monthly figure of E-way bills in GST era so far. This is going to positively impact GST collection in January-February, 2024. In October 2023, it was 10.03 crore. The National Informatic Centre (NIC) withdrew its Circular related with blocking the generation of e-way bill without e-invoice / IRN. The said notification was to come into effect from March, 1 2024. NIC issued an advisory on HSN codes in E-way bill system CBIC had attended the due dates for GSTR -3B and GSTR 9/9C for specified districts in Tamil Nadu by few days. No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w payment of tax through debit cards and credit cards has been allowed. The Union Budget for the year 2024-25 may not be presented for full year 2024-25 in February, 2024 due to ensuing general elections in the country. Instead there will be vote an account. GSTR-3B due date extended for Tamil Nadu * The due date for furnishing the return in Form GSTR-3 for the month of November, 2023 has been extended for specified districts of Tamil Nadu state. * The new due date shall be 10th January, 2024. * This will apply to the registered taxpayers whose principal place of business is located in districts of Tirunelveli, Tenkasi, Kanyakumari, Thoothukudi and Virudhunagar in the state of Tamil Nadu. * The effective date is 20th December, 202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. (Source: Notification No. 1/2024-Central Tax dated 05.01.2024) Due dates extended for GSTR-9 and GSTR-9C for Tamil Nadu Districts * CBIC has amended Rule 80 of CGST Rules, 2017 so as to extend the due dates of furnishing the GSTR-9 and GSTR-9C returns for the FY 2022-23 for specified districts of Tamil Nadu. * For GSTR-9 (Annual Return), due date shall be 10th January, 2024 [Rule(80 1B)] * For GSTR-9 (Reconciliation Statement) due date shall be 10th January, 2024 [Rule(80 3B)]. * Specified districts of state of Tamil Nadu are Chennai, Tiruvallur, Chengalpattu, Kancheepuram, Tirunelveli, Tenkasi, Kanyakumari, Thoothukudi and Virudhunagar. * This shall come into force on 31st December, 2023. (Source: Notification No. 2/202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4-Central Tax dated 05.01.2024) Notification No. 30/2023-Central Tax dated 31.07.2023 rescinded * CBIC has rescinded Notification No. 30/2023-CT dated 31.07.2023. * Notification No. 30/2023-CT prescribed special procedure to be followed by a registered person engaged in manufacture of certain goods, i.e., tobacco and related products. * The recession shall be effective from 1st January, 2024. * A new Notification No. 4/2024-CT dated 05.01.2024 has been issued w.e.f. 01.04.2024 for the new special procedure. (Source: Notification No. 3 and 4/2024-Central Tax dated 05.01.2024) Changes in GST Rate Notification * CBIC has amended Notification No. 1/2017- Central Tax (Rate) dated 28.06.2017 to amend following entries : S.No. Exi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sting old Chapter / Heading / Tariff Amended Chapter / Heading / Tariff 165 2711 1200 2711 1300 2710 1900 2711 1200 2711 1300 2711 1910 165A 2711 1200 2711 1300 2711 1900 2711 1200 2711 1300 2711 1910 * These pertain to Liquefied Propane and Butane mixture, Liquefied Propane, Liquefied Butane and Liquefied Petroleum Gases (LPG). * This shall be effective from 4th January, 2024. (Source: Notification No. 1/2024-Central Tax (Rate) dated 03.01.2024) Changes in GSTR-1 * GSTN has introduced new changes in GSTR-1. * Two new Tables -14 and 15 have been added to GSTR-1. * Table 14 - Supplies made through E-Commerce Operators (In this table, taxpayers can add details of taxable outward supplies made through e-commerce o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perator.) * Table 15 - Supplies under Section 9(5) of the CGST Act [In this table, taxpayers can add details of taxable outward supplies on which the E-Commerce Operator is liable to pay tax under Section 9(5)]. * Till now, GSTR-1 was not having specific tables for reporting these transactions separately. As a result, Table 3.1.1 in GSTR-3B was not auto-filled due to the absence of corresponding reporting sections. * W.e.f. January 2024, GSTR-1 has introduced Tables 14 and 15 specifically designed for reporting supplies on which E-Commerce Operators are liable to pay tax. * This modification ensures accurate auto-filling of Table 3.1.1 in GSTR-3B for both, suppliers and e-commerce operators. * In GSTR - 3B, Table 3.1.1 addresses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... supplies notified under Section 9(5) of the CGST Act, 2017. This table requires suppliers and E-Commerce Operators (ECOs) to separately report supplies on which the E-commerce Operator is liable to pay tax. * This will be effective from January, 2024. (Source: GSTN Portal dated 03.01.2024) GST payments through cards * GSTN has enabled GST payments through Credit Cards/Debit Cards on the GST Portal. * Accordingly, taxpayers will now have the option to make GST payments through Credit Cards and Debit Cards. * For this, taxpayers should opt for the E-payment option, where they will find a specific section dedicated to Credit/Debit Card payments. * It is advisable for taxpayers to carefully review the transaction charges associated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with each payment method, particularly when selecting Credit Cards, Debit Cards, or Bhim UPI sub-payment modes. * Charges will be applicable to payments made through credit cards, debit cards, and UPI. (Source: GSTN Portal dated 05.01.2024) Advisory on HSN Code -E-way Bill System * New HSN Codes for E-way Bills shall come into force w.e.f. 1st February, 2024. An advisory has been issued by National Informatics Centre. * As per the Notification No. 78/2020-Central Tax, dated 15th October, 2020, it was made necessary to provide at least 6 digit HSN code for all the B2B and Export transactions by the taxpayers whose Annual Aggregate Turnover (AATO) is more than Rs. 5 Crores. The taxpayers, with AATO of less than Rs. 5 Crores, need to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provide at least 4 digit HSN Code.
* This validation will be implemented in E-Way Bill system from 1st February, 2024.
* The taxpayers are advised to make necessary changes in their systems and enter 4/6 digit HSN Codes while generating the E-Way Bills through web and API systems from 1st February, 2024.
(Source: NIC Advisory dated 05.01.2024) X X X X Extracts X X X X X X X X Extracts X X X X
|
