Advisory on due date extension of GST Returns for the state of Manipur

GST

Advisory on Filing of Declaration In Annexure V by Goods Transport Agency (GTA) opting to pay tax under forward charge mechanism

General

E-Invoice Verifier App by GSTN - Advisory

GST

Advisory: Update on Enablement Status for Taxpayers for e-Invoicing

16/06/2023

Dear Taxpayers,

It is to inform that as per Notification No. 10/2023 - Central Tax dated 10th May 2023, the threshold for e-Invoicing for B2B transactions has been lowered from 10 crores to 5 crores. This change will be applicable from 1st August 2023.

2.   To this effect GSTN has enabled all eligible taxpayers with an Aggregate Annual Turnover (AATO) 5 crores and above as per GSTN records in any preceding financial year for e-Invoicing. These taxpayers are now enabled on all six IRP portals including NIC-IRP for e-Invoice reporting.

3.   You can check your enablement status on the e-Invoice portal at https://einvoice.gst.gov.in .

4.   It would be in the interest of trade to register and utilize the sandbox testing facility available at the IRP portals. This will help taxpayers to familiarize themselves with the invoice reporting mechanism and ensure a seamless transition to the e-Invoice system.

5.   Please note that the enablement status indicated on the e-Invoice portal does not indicate a legal obligation on taxpayers to use e-Invoicing. However, actual liability to generate IRN shall be checked by taxpayers with respect to applicable notification in the light of facts pertaining to them.

6.   While the listing of enabled GSTINs is purely based on the turnover criteria reported in GSTR-3B, it is essential for taxpayers to confirm whether they fulfil the conditions outlined in the notification/rules. Thus, it is the legal responsibility of the concerned taxpayer, both buyers and suppliers, to ensure compliance.

7.   In case, a taxpayer who is otherwise but not auto enabled on the e-Invoice portal, can self-enable for e-Invoicing using the functionality provided on the portal.

8.   GSTN once again emphasises that all eligible taxpayers should familiarize themselves with the e-Invoicing requirements and take the necessary steps to ensure compliance with the new threshold.

GST

Advisory: Online Compliance Pertaining to Liability / Difference Appearing in R1 – R3B (DRC-01B)

29/06/2023

Dear Taxpayers,

1.   It is informed that GSTN has developed a functionality to enable the taxpayer to explain the difference in GSTR-1 & 3B return online as directed by the GST Council. This feature is now live on the GST portal.

2.   The functionality compares the liability declared in GSTR-1/IFF with the liability paid in GSTR-3B/3BQ for each return period. If the declared liability exceeds the paid liability by a predefined limit or the percentage difference exceeds the configurable threshold, taxpayer will receive an intimation in the form of DRC-01B.

3.   Upon receiving an intimation, the taxpayer must file a response using Form DRC-01B Part B. The taxpayer has the option to either provide details of the payment made to settle the difference using Form DRC-03, or provide an explanation for the difference, or even choose a combination of both options.

4.   To further help taxpayers with the functionality, a detailed manual containing the navigation details is available on the GST portal. It offers step-by-step instructions and addresses various scenarios related to the functionality. The link is stated below:



https://tutorial.gst.gov.in/downloads/news/return_compliance_in_form_drc_01b.pdf

GST

India imposes antidumping duty on 5 Chinese goods for 5 years

Dec 27, 2021

India has imposed antidumping duties on five Chinese products, including certain aluminium goods and some chemicals, for five years to guard local manufacturers from cheap imports from the neighbouring country. According to separate notifications of the Central Board of Indirect Taxes and Customs (CBIC), the duties have been imposed on certain flat rolled products of aluminium; sodium hydrosulphite (used on dye industry); silicone sealant (used in manufacturing of solar photovoltaic modules, and thermal power applications); hydrofluorocarbon (HFC) component R-32; and hydrofluorocarbon blends (both have uses in refrigeration industry).

These duties were imposed following recommendations of the commerce ministry's investigation arm Directorate General of Trade Remedies (DGTR).

GST

Govt hikes import duty on toys to 70%

Feb 02, 2023

The government on Wednesday increased the import duty on toys and its components to 70 per cent with a view to cut inbound shipments of these products and boost domestic manufacturing activities. Similarly, import duty on bicycles has also been hiked to 35 per cent from 30 per cent, according to a Union Budget document.

Import duty hike on toys and parts of toys excludes parts of electronic toys.

Earlier, basic customs duty on toys was increased from 20 per cent to 60 per cent in February, 2020 to promote local manufacturing.

GST

India raises tax on imported cars, motorbikes, including EVs in a bid to boost "Make in India" scheme

 Feb 02, 2023

India on Wednesday said it will raise taxes on imported cars and motorbikes, including electric vehicles (EVs), as it seeks to boost local manufacturing in line with Prime Minister Narendra Modi's "Make in India" campaign ahead of elections in 2024.

All vehicles with a landed cost of less than $40,000 will be taxed at 70%, up from 60% earlier, a move analysts say could impact demand. The landed cost includes the vehicle's price tag plus insurance and freight costs.

Import tax on all semi-knocked-down cars - where major parts are imported separately and the final vehicle is assembled in the country - will be raised to 35% from 30%.

GST