Updates

Annual Returns for FY 2017-18

27/12/2019

Updated version of the Offline tool of GSTR-9C (Version 1.5) was made available on the portal on 24-12-2019. A minor issue has come to notice in auditor`s certificate issued in Part-B(ii) . The issue will be fixed shortly. In the meantime, where Part-B(ii) of the certificate is not applicable i.e. auditor preparing GSTR-9C has also conducted audit of the business and same number is applicable, they may continue with statement preparation and filing.

Accounting and Billing Software Providers can enrol with GSTN to receive regular updates on e-invoice

04/02/2020

An e-invoice standard has been finalized after consultation with trade/industry bodies as well as ICAI. Adoption of this new standard ensures complete inter-operability of e-invoices across the entire GST eco-system. The new system eliminates the need for fresh data entry, reduction of reconciliation errors and population of invoice details directly into Return through Invoice Reporting Portal (IRP). For more details on ‘e-invoice’, CLICK HERE

Being key players in Indian business eco-system, the role and support of Accounting and Billing Software Providers is crucial for successful implementation of GST e-invoice System.

In the coming months when e-invoice implementation takes place, GSTN intends to interact closely with Accounting and Billing Software Providers. This is to get suggestions and feedback as well as to keep them abreast of developments on new e-invoice framework.

Accounting and Billing Software Providers can ENROLL HERE , by providing contact and other details.

https://www.gst.gov.in/newsandupdates/read/354

Advisory for taxpayers for uploading multiple invoices/ credit/ debit notes as supporting documents with refund application (RFD-01)

28/11/2019

Click here to download :

https://tutorial.gst.gov.in/downloads/news/tips_refund.pdf

https://www.gst.gov.in/newsandupdates/read/333

E-Invoice System concept note, Standard, Schema and Template.

10/10/2019

The GST Council has approved introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System, starting from 1st January 2020 on voluntary basis. Since there was no standard for e-invoice existing in the country, standard for the same has been finalized after consultation with trade/industry bodies as well as ICAI after keeping the draft in public place. Having a standard is a must to ensure complete inter-operability of e-invoices across the entire GST eco-system so that e-invoices generated by one software can be read by any other software, thereby eliminating the need of fresh data entry – which is a norm and standard expectation today. The machine readability and uniform interpretation is the key objective. This is also important for reporting the details to GST System as part of Return. Apart from the GST System, adoption of a standard will also ensure that an e-invoice shared by a seller with his buyer or bank or agent or any other player in the whole business eco-system can be read by machines and obviate and hence eliminate data entry errors.

The GST Council approved the standard of e-invoice in its 37th meeting held on 20th Sept 2019 and the same along with schema has been published on GST portal. Standards are generally abstruse and thus an explanation document is required to present the same in common man’s language. Also, there are lot of myth or misconception about e-Invoice. The present document is an attempt to explain the concept of e-invoice, how it operates and basics of standards. It also contains FAQs which answer the questions raised by people who responded to the draft e-invoice standard used for public consultation. It is expected that the document will also be useful for the taxpayers, tax consultants and the software companies to adopt the designed standard.

For details on ‘E-Invoicing’ or ‘electronic invoicing’, please click here

For downloading schema & template of ‘E-Invoicing’, please click here

https://www.gst.gov.in/newsandupdates/read/326