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Government has extended dates for GST filings as notified vide Not. No. 52/2020 dt 24.06.2020 and No. No 57/2020-CT dated 30.06.2020. for more info click https://www.gst.gov.in/newsandupdates/read/382
#GST officers are working on a system where businesses above a certain turnover threshold will have to generate 'e-invoice' on government or GST portal for every sale, thereby effectively reducing the room for tax evasion. To start with, businesses above a specified threshold will just get a unique number for every electronic invoice or e-invoice generated. This number can be matched with the invoices reported in the sales return and taxes paid, an official said. Going forward, businesses will be required to generate full electronic-tax invoice or e-invoice recording entire value of sales. The official said that businesses beyond a turnover threshold would be provided a software which will be linked to GST or a government portal for generating e-invoice. The threshold can also be fixed on the basis of the value of invoice. "The requirement of e-invoice generation could be either on the basis of turnover of the registered person or value of the invoice. The thinking is, ideally, it should be based on the turnover threshold so as to avoid splitting of sales," an official told PTI. Giving example, the official said that if the minimum invoice value is fixed at Rs 1,000, there is a possibility of businesses of splitting the bills to avoid the invoice-based threshold cap. E-invoice generation method will be similar to the one being followed for the e-way bill on the 'ewaybill.nic.in' portal or payment of Goods and Services Tax on the GSTN portal. The proposed system of e-invoice will eventually replace the requirement of the generation of e-way bill for movement of goods, as invoices would be generated through a centralised government portal. Currently, e-way bill is required for moving goods exceeding Rs 50,000. The official further said that once full e-tax invoice starts getting generated, it would significantly ease burden of return filing by businesses as invoice wise data would be auto-populated in the return forms. "We will have to study global models followed by countries like Latin America, South Korea, and Europe. We will also look at ways to incentivise businesses to adopt the method of e-invoice generation," the official said. An officers committee, comprising central, state tax officials and GST Network Chief Executive, has been set up to look into the feasibility of introducing e-invoice system to streamline generation of invoices and easing compliance burden. The committee will finalise an interim report next month. The proposed 'e-invoice' is part of the exercise to check GST evasion. With almost two years into GST implementation, the government is now focussing on anti-evasion measures to shore up revenue and increase compliance. There are over 1.21 crore registered businesses under the GST, of which 20 lakh are under composition scheme.
Finance minister Arun Jaitley announced a slew of relief measures for exporters and traders after the 22nd meeting of the GST council. Here are the highlights of Jaitley's briefing on the meet:
HSN (Harmonized System of Nomenclature) is an 8-digit code for identifying the applicable rate of GST on different products as per CGST rules. If a company has turnover up to RS. 1.5 Crore in preceding financial year then they need not to mention HSN code while supplying goods on invoices, if a company has turnover more than 1.5 Cr but up to 5 Cr then they need to mention 2 digit HSN code while supplying goods on invoices and if turnover cross 5 Cr then they shall mention 4 digit HSN code on invoices.
The single GST(goods and service taxes) replaced several former taxes and levies which included: central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi. Other levies which were applicable on inter-state transportation of goods have also been done away with in GST regime

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01-July
Many people limit themselves
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02-July
Many people limit themselves
Posted By: John SmithView: 56Comment: 239

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