Latest GST News, Information, Notifications & Announcements

Last Updated at: March 16, 2020
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Latest GST News, Information, Notifications & Announcements

Ever since the new taxation system of the unified tax regime or GST was launched in India, there have been a lot of speculations about the same. There was a mixed reaction. Well, it has been more than a year now and we are a few days down the New Year. A lot has changed, and new developments have taken place, and here, we will be highlighting GST’s latest news. You can also visit the GST official website to get GST information and GST notifications.  To know more, read ahead.

What is GST?

As a seller or service provider, it is mandatory to register for the GST if your business has a turnover of above Rs.40 lakhs [if you sell physical goods] or more than Rs.20 lakhs if you supply services.

GST or Goods and Service Tax is divided into different tax slabs for collection of tax:

0%
5%
12%
18%
28%

 

You must know that alcoholic drinks, petroleum products, electricity are not a part of the GST slab. In India, there are three types of GST:

  1. Central Good and Service Tax
  2. State Goods and Service Tax
  3. Integrated Goods and Service Tax

Get Your Business GSTIN Number

GST Latest Notifications

Government to form a panel for SOP to check fraudulent GST claims:

The government of India has planned to form a panel consisting of central and state officials. They will be working together to form a Standard Operating Procedure or SOP. This committee will also be responsible for examining and implementing measures within a defined timeframe to ensure that there are no deceitful claims.

The end of January 2020 will implement this protocol. As a part of this program, a memorandum of understanding will be signed between the Central Board of Indirect Taxes and Customs (CBIC), Central Board of Direct Taxes (CBDT), and the GST Network. They will exchange data via an application program interface every quarter. The data of any fraud would also be shared.

GST Collection crosses Rs. 1 Trillion mark

The good news has emerged in 2020 as per reports that the GST collection has crossed Rs. 1 trillion marks. This has been continuously observed for two months, November and December. This has brought a sigh of stabilization of the economy.

In December 2019, the mop-up stood at Rs. 1.031 trillion in December, which was lesser than Rs. 1.034 trillion that was collected in November 2019. As per the data released by the finance ministry, December month showed a growth rate of 8.9%.

Rule change on Input Tax Credit

The government of India has specified certain changes in the input tax credit. As per the change, the input tax credit, which was earlier 20%, has now been reduced to 10%, if the invoices or debit notes are not reflected in filings.

The officers at the level of commissioners have been permitted to bar debit of the input tax credit for a year in case a person has fraudulently availed the credit. This proposal was approved last year on December 18.

GST will have an e-invoicing system from this year

The latest GST announcement is that in 2020, the taxpayers will have a new system of invoicing and return in place. Two new things that would be seen this year are electronic invoicing and new returns.

Both these systems will be mandatory from April 1, 2020, but the e-invoicing system will be implemented voluntarily by those who have an annual turnover above Rs. 500 crores from January 1. Those who have an annual turnover of Rs.100 crore can make use of the e-invoicing from February 1, 2020. With this system, it is expected that the system will be more streamlined and seamless.

The e-invoicing system will be authenticated electronically by GST Network (GSTN), which will later be used on the GST portal. The entire e-invoicing process will be divided into two parts: generation of invoices and reporting of the invoice to the central portal.  This new system of e-involving will be uploaded on the government site – Invoice Registration Portal or IRP — on a real-time basis.

GST news update: the GST authorities to do auditing of tax

The latest GST news is that the GST council meeting updated states that the authorities will have their first tax audit under GST. The authorities have started to use notices for this exercise. As a part of this audit, the authorities will carry detailed scrutiny of accounts and records for the year 2018. As per the GST new update, the authorities had started issuing notices asking audit of account from July 2017 to March 2018, the first year when the GST implementation took place.

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Latest GST News, Information, Notifications & Announcements

579

Ever since the new taxation system of the unified tax regime or GST was launched in India, there have been a lot of speculations about the same. There was a mixed reaction. Well, it has been more than a year now and we are a few days down the New Year. A lot has changed, and new developments have taken place, and here, we will be highlighting GST’s latest news. You can also visit the GST official website to get GST information and GST notifications.  To know more, read ahead.

What is GST?

As a seller or service provider, it is mandatory to register for the GST if your business has a turnover of above Rs.40 lakhs [if you sell physical goods] or more than Rs.20 lakhs if you supply services.

GST or Goods and Service Tax is divided into different tax slabs for collection of tax:

0%
5%
12%
18%
28%

 

You must know that alcoholic drinks, petroleum products, electricity are not a part of the GST slab. In India, there are three types of GST:

  1. Central Good and Service Tax
  2. State Goods and Service Tax
  3. Integrated Goods and Service Tax

Get Your Business GSTIN Number

GST Latest Notifications

Government to form a panel for SOP to check fraudulent GST claims:

The government of India has planned to form a panel consisting of central and state officials. They will be working together to form a Standard Operating Procedure or SOP. This committee will also be responsible for examining and implementing measures within a defined timeframe to ensure that there are no deceitful claims.

The end of January 2020 will implement this protocol. As a part of this program, a memorandum of understanding will be signed between the Central Board of Indirect Taxes and Customs (CBIC), Central Board of Direct Taxes (CBDT), and the GST Network. They will exchange data via an application program interface every quarter. The data of any fraud would also be shared.

GST Collection crosses Rs. 1 Trillion mark

The good news has emerged in 2020 as per reports that the GST collection has crossed Rs. 1 trillion marks. This has been continuously observed for two months, November and December. This has brought a sigh of stabilization of the economy.

In December 2019, the mop-up stood at Rs. 1.031 trillion in December, which was lesser than Rs. 1.034 trillion that was collected in November 2019. As per the data released by the finance ministry, December month showed a growth rate of 8.9%.

Rule change on Input Tax Credit

The government of India has specified certain changes in the input tax credit. As per the change, the input tax credit, which was earlier 20%, has now been reduced to 10%, if the invoices or debit notes are not reflected in filings.

The officers at the level of commissioners have been permitted to bar debit of the input tax credit for a year in case a person has fraudulently availed the credit. This proposal was approved last year on December 18.

GST will have an e-invoicing system from this year

The latest GST announcement is that in 2020, the taxpayers will have a new system of invoicing and return in place. Two new things that would be seen this year are electronic invoicing and new returns.

Both these systems will be mandatory from April 1, 2020, but the e-invoicing system will be implemented voluntarily by those who have an annual turnover above Rs. 500 crores from January 1. Those who have an annual turnover of Rs.100 crore can make use of the e-invoicing from February 1, 2020. With this system, it is expected that the system will be more streamlined and seamless.

The e-invoicing system will be authenticated electronically by GST Network (GSTN), which will later be used on the GST portal. The entire e-invoicing process will be divided into two parts: generation of invoices and reporting of the invoice to the central portal.  This new system of e-involving will be uploaded on the government site – Invoice Registration Portal or IRP — on a real-time basis.

GST news update: the GST authorities to do auditing of tax

The latest GST news is that the GST council meeting updated states that the authorities will have their first tax audit under GST. The authorities have started to use notices for this exercise. As a part of this audit, the authorities will carry detailed scrutiny of accounts and records for the year 2018. As per the GST new update, the authorities had started issuing notices asking audit of account from July 2017 to March 2018, the first year when the GST implementation took place.

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