Upcoming functionality of interest calculator in GSTR-3B

New interest functionality to be introduced in GSTR-3B. This functionality will facilitate taxpayers in doing self-assessment, the new functionality of interest calculator is being released in GSTR-3B. This functionality will assist taxpayers in calculating the interest applicable for delayed filing of returns. Taxpayers will have to verify and discharge the correct interest liability as per law, as payment of interest is a statutory compliance.

Advisory issued on revamped search HSN code functionality

The 'Search HSN' functionality was earlier given as a measure of facilitation to the taxpayer to search the Technical Description of any particular HSN code of any goods and/or service used in the Trade, vis-a-vis HSN description in the Customs Tariff Act, 1975. However, there are many instances of goods and services where descriptions commonly used in Trade in common parlance i.e. Trade description differ from the Technical descriptions otherwise provided in the HSN descriptions of the Customs Tariff Act, 1975 and the aforesaid functionality. Thus finding the corresponding HSN codes vis a vis a common description was a bit challenging for the taxpayer. (Note: Technical descriptions imply those descriptions which pertain to each and every HSN Code while Trade descriptions imply those descriptions which are used in common parlance by the trade/ businesses for various goods and services.)

Implementation of Rule-59(6), as amended, on GST Portal

The GST portal confirms restriction in filing GSTR-1 of the subsequent month if the GSTR-3B of the previous month, in case of monthly filers, has not been filed. Further details as follows.

GSTN removes GSTR-2A from GST portal effective 1.1.2022 pursuant to notification

GSTN removes auto populated GSTR-2A from the GST portal commencing tax period January 2022 and onwards.

Know your compliance timeline for January 2022

With GST timelines nearing, ensure timely compliance. Check for your applicable due dates now.   

GST Council defers rate hike for textile industries

GST rate hike from 5 percent to 12 percent on textiles sheltered under the monetary threshold effective 1st January, 2022 deferred.

Revisions of GST rates on apparels, footwears and other made up textile articles

The Ministry of Finance makes further amendments to GST rates on apparels, footwears and other made up textile articles effective 1st January, 2022.

November GST Compliance Calendar

Here's your GST compliance calendar for November. Click to know if you have been compliant with timelines prescribed under the GST law.

Guidelines for disallowing debit of electronic credit ledger under Rule 86A of the CGST Rules, 2017

CBIC streamlines disallowance of debit of electronic credit ledger under Rule 86A of the CGST Rules, 2017.

Recent GST updates upto October 23, 2021

GSTN Portal Update: Turnover details reflecting in Interest and Late fee tab of GSTR 3B

The GSTN portal has launched the 'View Turnover' Tab in the Interest and Late fee section of GSTR-3B. This development arises from the linkage of the turnover of PY to the late fee payable.