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GST Update : Time Limit for Reporting e-Invoice on the IRP Portal – Lowering of Threshold to AATO 10 Crores and Above

  GSTN has issued an advisory regarding Time Limit for Reporting e-Invoice on the IRP Portal – Lowering of Threshold to AATO 10 Crores and Above   Highlights With reference to the earlier advisory dated 13th September 2023  ( https://einvoice.gst.gov.in/ einvoice/newsandupdates/read- 602 ) , where a time limit of 30 days for reporting e-Invoices on IRP portals for taxpayers with an AATO of 100 crores and above was implemented, the threshold has now been lowered to cover taxpayers with an AATO of 10 crores and above. Therefore, from 1st April 2025, taxpayers with an AATO of 10 crores and above would not be allowed to report e-Invoices older than 30 days from the date of reporting on IRP portals. This restriction would apply to all document types (Invoices/Credit Notes/Debit Notes) for which an IRN is to be generated. For example, if an invoice is dated 1st April 2025, it cannot be reported after 30th April 2025. It is further clarified that there would be no such reporting...
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53rd GST Council Meeting Update in Tamil @GSTInfoTamil

  53rd GST Council Meeting Update in Tamil  @GSTInfoTamil  ---------------------------------------------------     By   GST Info Tamil     YouTube link for more tax update     https://www.youtube.com/gstinfotamil?sub_confirmation=1   WhatsApp update group              https://chat.whatsapp.com/ChcVTsYGAns9fvv16qcd8I                                                                                                          
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Live : Press Conference by Union Finance Minister Nirmala Sitharaman after 53rd GST Council Meeting

  Press Conference by Union Finance Minister Nirmala Sitharaman after 53rd GST Council Meeting ---------------------------------------------------     By   GST Info Tamil     YouTube link for more tax update     https://www.youtube.com/gstinfotamil?sub_confirmation=1   WhatsApp update group              https://chat.whatsapp.com/ChcVTsYGAns9fvv16qcd8I                                                                                                          
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What is a Letter of Credit?

What is a Letter of Credit? An LC is a contract by which a bank guarantees the seller that the buyer will make the payment for the goods and services. The use of LCs to effect payment is widespread in international trade. This is because they offer security of payment for and receipt of goods to the parties involved in the trade transaction who may be in different countries. You can choose from the different types of LCs available according to your specific requirements. What are the different types of Letters of Credit? The different types of Letters of Credit offered by banks in India are as follows: Documentary A documentary LC is an obligation by the issuing bank to pay the agreed amount to the beneficiary (usually the seller) on behalf of the applicant (buyer) upon receipt of specified documents. Sight LC or Usance Credit A sight LC guarantees the payment once the beneficiary (the party which is about to receive the payment) presents the sight LC to the ban...
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NIC to launch E-Way Bill 2 Portal on 1st June 2024

  NIC to launch E-Way Bill 2 Portal on 1st June 2024  The GSTN has issued an advisory that NIC is releasing the E-Way Bill 2 Portal i.e. https://ewaybill2.gst.gov.in on 1st June 2024. This portal will ensure high availability and will run in parallel to the e-way Bill main portal i.e. https://ewaybillgst.gov.in . The e-way bill 2 portal will synchronise the e-way bill details with main portal.   The highlights of the portal are as follows:   •E-Way Bill 2 Portal will provide the critical services of E-Way Bill system, and gradually it will be extended with other services of e-way bill system   •The taxpayers and logistic operators can use the E-Way Bill 2 portal with the login credentials of the main portal   •The taxpayers and logistic operators can use the E-Way Bill 2 portal during technical glitches in e-way bill main portal...
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What is GSTR-4 , Late fees and interest?

 W hat is GSTR-4? GSTR-4 is the annual GST Return that has to be filed by a composition dealer. Unlike a regular taxpayer who is required to furnish 2 monthly returns and an annual return (with certain exemptions), a dealer opting for the composition scheme is required to furnish one return every quarter in  Form CMP-08 and Form GSTR 4 once a year by the 30th day of April, following the financial year . Late fees under GST as per latest notification Note that the maximum late fees have been rationalised from the month of June 2021 and quarter ending June 2021. As per the 43rd GST Council meeting’s outcome, maximum late fee is reduced to the following amounts based on type of return and turnover slab, notified via the CGST notifications 19/2021, 20/2021,21/2021 dated 1st June 2021 for GSTR-3B and GSTR-1. Name of the return  Type of return Annual turnover in previous year Maximum late fee under CGST Maximum late fee under SGST Maximum late fee ...
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