Gstr 1 News Today

The Central Board of Indirect Taxes and Customs (CBIC) is yet to issue any notification on the extension of the deadline, as per reports.

"Taxpayers are therefore advised to promptly furnish their bank account details, who have not provided it so far if 30 days period is shortly going to expire to avoid disruption in business activities and the subsequent suspension of GSTIN," it said. GSTN further said that a new functionality is being developed as per which taxpayers whose registration is suspended for non-submission of bank account details would be intimated through Form REG-31.

The Bombay High Court has directed the department to permit the petitioner or assessee to amend or rectify Form GSTR-1 for the period July 2021, November 2021, and January 2022, either online or...

"The department needs to avoid unwarranted litigation on such issues and make the system more assessee friendly. Such an approach would also foster the interest of revenue in the collection of taxes," the court said. The court permitted the petitioner company, Star Engineers (I) Pvt Ltd, which is engaged in designing and manufacturing electronic components for industrial purposes, to make necessary amendments or rectify the mistakes in its Form GSTR-1 either through online or manual m...

While the government has made e-invoicing mandatory for firms with turnover above Rs 5 crore, stakeholders say such firms would face challenges in implementing the technology.

The move would help curb the menace of fake billing, whereby sellers would show higher sales in GSTR-1 to enable purchasers to claim input tax credit (ITC), but report suppressed sales in GSTR-3B to lower GST liability.

Till the time, as per the GST law, first show cause notices were issued and then recovery process was initiated in such cases of mismatch in GSTR-1 and GSTR-3B.

Come January 1, GST officers can directly initiate recovery action against errant businesses that show higher sales in monthly return GSTR-1 but under-report it while tax payment in GSTR-3B.

Businesses have to file GSTR-1 by the 11th day of the subsequent month while they can file GSTR-3B in a staggered manner between the 20th-24th day of the succeeding month. 

Taxpayers registration to be suspended for significant anomalies in GST sales return The Central Board of Indirect Taxes and Customs (CBIC) has issued an SOP for suspension of registration of a person on the observance of such discrepancies/anomalies which indicate violation of the GST Act PTI | February 14, 2021 | Updated 15:29 IST GST officers will immediately suspend registration of taxpayers whose sales return or GSTR-1 forms show "significant differences or anomalies" from the return file...