7 GST updates for the month of January 2020

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7 GST updates for the month of January 2020
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InTRODUCTION

• With the appearance of the yr 2020, GST is all
  set to tempo up with a few critical updates.
  These updates are being delivered into impact to
  simplify GST compliance, slash tax evasion.
• The fundamental highlight of the yr 2020 goes to
  be the new GST returns.
• The new returns shall introduce new and
  simplified forms GST Ret 1, Ret 2 and Ret 3
  together with annexure shape GST Anx 1 and Anx 2.
  

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List of Updates

• heres a listing of vital updates and amendments
  for and from the month of January
• 1. Sabka Vishwas Legacy and Dispute Resolution
  Scheme Extended
• 2. GSTR 1 submitting and EWB
• 3. EInvoicing system is made to be had on a
  voluntary basis
• 4. GSTN has enabled a Statistics column below
  downloads phase for the taxpayers to get
  admission to information
• 5. GST Collection crossed 1 lakh crores for the
  month of December
• 6. Aadhaar to be made obligatory for GST
• 7. GSTR 1 submitting and EWB

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Sabka Vishwas Legacy and Dispute Resolution
Scheme Extended

• Sabka Vishwas LDRS is a dispute resolution and
  amnesty scheme underneath GST that got here into
  force on September 1, 2019. The day to avail the
  benefits of the scheme was December 31st, 2019.
  However, thinking about the taxpayer response to
  the scheme, the central authorities has extended
  the identical for a period of 15 days i.E. Till
  January 15, 2020.

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GSTR 1 submitting and EWB

• The 38th GST Council waived off the overdue
  charge for unfurnished GSTR 1 shape for the
  length among July 2017-November 2019, if the
  equal is filed on or before January 10th, 2020.
  Henceforth, if a taxpayer does now not record his
  GSTR 1 for 2 consecutive filing period, his/her
  EWB gadget will be blocked.

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EInvoicing system is made to be had on a
voluntary basis

• The eInvoicing system has been made to be had on
  a voluntary foundation for corporations with an
  mixture turnover exceeding INR 500 crores. Under
  the eInvoicing gadget, a taxpayer can generate an
  eInvoice from any accounting/billing software
  program of his choice. However, the generated
  eInvoice might be considered legitimate best as
  soon as it has been pronounced on the IRP portal
  and a completely unique IRN variety has been
  issued to it.

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GSTN has enabled a Statistics column below
downloads phase for the taxpayers

• The GSTN has enabled a Statistics column beneath
  the down load segment. By clicking at the
  applicable tab, a taxpayer can get entry to the
  subsequent data from the information option are
  as beneath.
• Registration The State-wise records having info
  of energetic taxpayers on the near of remaining
  month. This excludes the ones taxpayers whose
  registration has been cancelled however includes
  those taxpayers registration became restored on
  software/enchantment.
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• Tax Collection
• Tax facts are split into 3 elements viz. Tax Paid
  on GST Portal, IGST paid on Customs Portal and
  IGST settled to States/UTs.
• July 2017 is the primary month, there has been no
  agreement and hence there's no records under the
  identical.

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GST Collection crossed 1 lakh crores for the
month of December

• The GST series for the month of December became
  INR 1.03 lakh crores. This is the 2d consecutive
  month where the GST collection has surpassed 1
  lakh crores, indicating the stabilisation of
  sales series, credits to the anti-evasion
  measures delivered via the government.

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Aadhaar to be made obligatory for GST

• The GST Network has decided to make Aadhaar
  authentication or bodily verification mandatory
  for brand new sellers from January 1, 2020, to
  keep malpractice in check. This is due to the
  fact there are presently 66.Seventy nine lakh new
  dealers registered under the Goods and Service
  Tax who're contributing to just 15 of the
  overall sales underneath the tax regime.

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8. New Offline Tools (Version 1.6) for annual
returns now available on GSTN Portal

• In order to simplify annual return filing for a
  taxpayer, a few modifications were brought into
  the annual return shape GSTR 9 and the recon
  statement GSTR 9, vide Notification No. 56/2019
  dated 17.Eleven.2019. The ultimate date to
  furnish the once a year return paperwork become
  prolonged to January 31, 2020, as a consequence
  of unavailability of the up to date offline
  device.
• Accordingly, the changes inside the utility
  software and the offline gear at the moment are
  made to be had at the GSTN portal. The GSTN has
  resolved the following problems as in line with
  press note
• Error JSON now not showing any errors now
  constant.
• Column 5G, 12B and 12C made non-obligatory.

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• Thank You