CNK HSKA & Associates LLP

Hello Everyone, We are creating a Whatsapp Community to share alerts on GST and also connect with us on any matters relating to GST. Please follow the below link to share your details and we will start adding you to our community from the next week. https://lnkd.in/gXGZ-yvv Regards, Team HSKA

Advisory on issuance of Notices/Orders without DSC by the issuing authorities!! The GSTN has clarified that such documents which are issued on the portal, through the Officer's login who has logged in through DSC, shall not require any physical signatures. #HSKA #GSTupdates #Notices

Archival of GST Returns!! As per GST portal data policy, data of taxpayer shall be retained only for SEVEN years . Thus, return data will not be available to be viewed beyond 7 years for taxpayers. #HSKA #GSTportal #Datapolicy

Re-opening of Reporting of ITC reversal Opening Balance!! Earlier vide Notfn No. 14/2022-CT dated 05.07.2022, the Government introduced certain changes in Table 4 of Form GSTR-3B regarding availment & reversal of ITC along-with reporting of re-claimed and ineligible ITC. To facilitate the taxpayers in correct and accurate reporting of ITC reversal and reclaim thereof and to avoid clerical mistakes, a new ledger namely Electronic Credit Reversal and Re-claimed Statement was introduced on the GST portal. The taxpayers were also given an opportunity to report their cumulative ITC reversal as an opening balance in the newly introduced Electronic Credit Reversal and Re-claimed Statement. The same is now REOPENED for rectifying mistakes and declaring correct and final figures of opening balance of such credits that are reversed and eligible to be reclaimed!! 1. The functionality is open from: 15th September 2024 to 31st October 2024 2. Amendments allowed upto: 20th November 2024 #HSKA #GSTupdates #ITCstatement

Presenting the highlights of the latest Circulars!! #HSKA #GSTUpdates

We are pleased to share with you the key highlights from the 54th GST Council Meeting, which brought several important changes that may impact your business operations. The highlights cover: 1. Rate revisions for select goods and services 2. Clarifications on tax applicability for various industries 3. New measures for trade facilitation and compliance adjustments To stay informed on how these updates may affect your business, please click the link below for a detailed overview https://lnkd.in/gMdVqNYz

Presenting to you the September 2024 edition of GST Newsletter!! Stay Tuned and Stay updated!! #HSKA #GSTupdates https://lnkd.in/guE2b9_X

INVOICE MANAGEMENT SYSTEM!! A new system called Invoice Management System (IMS) has been introduced to help the suppliers and recipients communicate directly on the portal. The key virtues of such IMS are: 1. Helps taxpayers to efficiently address invoice correction/amendments; 2. It shall facilitate in matching recipient taxpayers' records/invoices issued by the supplier for claiming ITC; and 3. It shall allow the recipient taxpayers to either accept/reject an invoice or keep it pending in the system, to be availed later. #HSKA #GSTupdates #invoices

To assist taxpayers in correctly reporting RCM transactions, a new statement called "RCM Liability/ITC Statement" has been introduced on the GST Portal. This statement captures the RCM liability shown in Table 3.1(d) of GSTR-3B and its corresponding ITC claimed in Table 4A(2) and 4A(3) of GSTR-3B for a return period. This statement will be applicable from tax period August 2024! 1. Opening balance of RCM ITC must be reported - "Login >> Report RCM ITC Opening Balance or Services >> Ledger >> RCM Liability/ITC Statement >> Report RCM ITC Opening Balance" 2. In case RCM liability paid is: a. Higher than RCM ITC- Fill in positive value of such excess liability b. Lower than RCM ITC- Fill in negative value of such excess ITC 3. If any RCM ITC was earlier reversed through Table 4B(2) and needs to be reclaimed, such RCM ITC must be claimed through Table 4A(5) and NOT Table 4A(2)/ 4A(3). 4. Such RCM ITC reversal which shall be reclaimed, need not be reported in Opening balance statement. For Opening balance computation: 1. Monthly filers- Report the opening balance considering RCM ITC till the July-2024 return period. 2. Quarterly filers- Report the opening balance up to Q1 of FY 2024-25, considering RCM ITC till the April-June, 2024 return period. The opening balance statement must be filed on or before 31.10.2024 and rectification to such statement shall be allowed upto 30.11.2024!! #HSKA #GSTupdates #RCM #Openingbalance

Mandatory furnishing of Bank details in the registration details on GST Portal!! As per Rule 10A of Central Goods and Services Tax Rules, 2017 notified vide notification no. 31/2019 dated 28.06.2019, a taxpayer is required to furnish details of a valid Bank Account within a period of 30 days from the date of grant of registration, or before filing form GSTR-1. The said rule is being enforced from 01 September 2024 onwards. Therefore, for the Tax period August-2024 onwards, the taxpayer will not be able furnish GSTR-01/IFF as the case may be, without furnishing the details of a valid Bank Account in their registration details on GST Portal. #GSTupdates #HSKA #Bankaccountdetails