Govt allows further operational flexibility to GST filers
By IANS |
Published on
Sat, Apr 3 2021 13:51 IST |
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Temp GST compensation retention isn t diversion of cess: Fin Min sources. Image Source: IANS News
New Delhi, April 3 : The government has allowed further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme of GST.
These tax filers will now be permitted to declare invoices pertaining to movement of goods and services in their quarterly return form GSTR 1 to be filed in the last month of each quarter.
As per an advisory issued by the Goods and Services Tax Network (GSTN), the taxpayer must ensure that any saved but not Filed/Submitted IFF (Invoice Furnishing Facility) records for the first two months of the quarter i.e. month of Jan-2021 or Feb-2021 must be deleted using RESET button before filing GSTR-1 for Jan-Mar-2021 quarter.
Here’s how to avail GST credit if your supplier has not uploaded invoices
Rounak JainFeb 22, 2021, 09:19 IST
Unavailability of GST credit is one of the issues that plagues taxpayersIANS
The Goods and Services Tax (GST) regime requires the sellers to upload invoices in a timely manner to allow buyers to avail GST credit.
However, if the seller fails to upload an invoice or makes any error, the buyer’s GST credit gets blocked until this is rectified.
This can create working capital management issues, but a solution is in the works, says Tally Solutions’ Mohan D.
Further, there is a workaround if you want to claim GST credit in case your supplier has not uploaded invoices.The problem of buyers not being able to avail Goods and Services Tax (GST) credit for more than one year is not unheard of. Many buyers have their Input Tax Credit (ITC) blocked or the credit lapses because their supplier has not uploaded their invoices or has not filed their GST return in time.
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ET Startup Awards 2020 | India s digital engine to drive $1 trillion into $5 trillion Economy: Ravi Shankar Prasad
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ET Startup Awards 2020 | India s digital engine to drive $1 trillion into $5 trillion Economy: Ravi Shankar PrasadET Bureau
Last Updated: Jan 15, 2021, 06:55 AM IST
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Given the size of the population and the quantum of information generated, India’s ambition is to become a leader in data economy, Union Minister Ravi Shankar Prasad says ET Startup Awards 2020.
Ravi Shankar Prasad, Union Minister for Communications, Electronics & IT and Law.
New Delhi: The Indian digital ecosystem will contribute at least $1 trillion (Rs 73.08 lakh crore) to the $5 trillion (Rs 365 lakh crore) economy targeted in five years, communications, IT and law minister Ravi Shankar Prasad said at the sixth ET Startup Awards. The country is also aiming to take a leadership position in the data economy,
Declare a cyber security emergency December 21, 2020, 11:13 PM IST
Quick takes, analyses and macro-level views on all contemporary economic, financial and political events.
Around 50 organisations, including important departments of the US government, such as Treasury, State and Homeland Security, have been hacked, and for nearly nine months, without these departments or their cyber guardians being aware of the transgress. What does this mean for India and its defences against foreign attackers? Cybersecurity must go right up to the top of national security, and shoring it up taken up on an emergency basis.
The sophisticated attack that has allowed large-scale data transfer from American government agencies, including the one that manages its nuclear arsenal, possibly to a foreign government, was managed through third-party software. Orion is a network management tool, developed and supplied by the software company SolarWinds, and the hac
The e-invoicing booster
The system is efficient, transparent and cost-effective
On October 1, 2020, a new electronic system for invoice generation called e-invoicing was launched in India. E-invoicing was launched to enhance ease of doing business in India. It entails the creation of invoices on the taxpayer’s ERP or billing system, and thereafter uploading these invoices onto a common portal called the Invoice Registration Portal (IRP).
These invoices are allocated a unique Invoice Reference Number (IRN), affixed with a QR code, and digitally signed by the IRP. These e-invoices are then returned back to the taxpayer for further use in his business.