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TMI BlogRECENT ADVISORIES BY GSTNX X X X Extracts X X X X X X X X Extracts X X X X ..... RECENT ADVISORIES BY GSTN X X X X Extracts X X X X X X X X Extracts X X X X ..... r registration * New IRPs for E-invoice GSTN Advisory on E-invoice Exemption Declaration GSTN has enabled E-Invoice Exemption Declaration (EED) functionality on e-invoice portal * This is specifically designed for taxpayers who are by default enabled for e-invoicing but are exempted from implementing it under the CGST (Central Goods and Services Tax) Rules. * EED functionality is voluntar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y and can be accessed at the e-Invoice portal (www.einvoice.gst.gov.in ). * It is applicable to taxpayers who are exempted from e-Invoicing as per the provisions of the CGST Rules. * Any declaration made using this functionality will not change the e-Invoice enablement status of the taxpayer. * The facility to report exemption declaration is purely for business facilitation purposes. (Sour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce: GSTN Portal dated 24.07.2023) GSTN - New ITC tab for Rule 86B * GSTN has introduced a new tab, i.e., Rule 86B which enables restriction on use of amount towards input tax credit available in the Electronic Credit Ledger (ECL) * Under Rule 86B of CGST Rules, 2017, there is a restriction of 99% imposed on the Input Tax Credit (ITC) available in the Electronic Credit Ledger of a registered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person. * In other words, 1% of the output liability must be paid in cash. * The limitation will be applicable when the value of taxable supply, excluding exempt and zero-rated supply, in a month exceeds Rs. fifty lakh rupees. (Source: GSTN Portal) GSTN : New tabs for registration * GSTN has introduced new tabs in 'state specific information' sector * These relate to Consumer Agreement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (CA) number or Electricity Consumer (EC) number, as the case may be. * It may be noted that it is now mandatory for all applicants to provide their CA/EC numbers while applying for GST registration. * Taxpayers should ensure to provide such information while applying for registration. (Source: GSTN Portal) New IRPs for E-invoice * GSTN has issued an advisory on services offered by four ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... new IRPs for invoice reporting * There are: * Cygnet-IRP (https://einvoice3.gst.gov.in) * Clear-IRP (https://einvoice4.gst.gov.in) * EY-IRP (https://einvoice5.gst.gov.in) * IRIS-IRP (https://einvoice6.gst.gov.in) * E-Invoice reporting and IRN (Invoice Reference Number) generation services by all IRPs, including the 4 new IRPs, are provided free of charge. There are no fees associated w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith using these essential services for generating and reporting e-Invoices. The IRPs are mandated to offer e-Invoice reporting and IRN generation as part of their compliance process, ensuring that taxpayers can avail these services without incurring any additional cost. * Any additional Value-Added Services (VAS) offered by IRPs are independent of the standard e-Invoice reporting and IRN generat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and may have associated charges. GSTN has no role in the provision or pricing of such Value-Added Services. * These include ERP plug in, data transfer through FTP / SFTP & reconciliation of GSTR-1 data, invoice storage for more than 48 hours etc. * Tax payers should review the details of the services, data security and their associated costs as offered by the respective IRPs. * In additi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on to the four new IRPs, e-Invoice reporting and IRN generation services are also provided by NIC-IRP. Users can access these services at https://einvoice1.gst.gov.in and https://einvoice2.gst.gov.in.
(Source: GSTN Portal dated 02.08.2023) X X X X Extracts X X X X X X X X Extracts X X X X
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