GST Update (07-01-2024)
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Exercising its power under section 109(3) of the CGST Act, 2017, the Central Government, on the recommendation of the Goods and Services Tax Council, has notified the constitution of Principal Bench of the Goods and Services Tax Appellate Tribunal (GSTAT) at New Delhi with effect from 1st January, 2024.
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Notification No. S.O. 1(E) [F. NO. A-50050/99/2018-AD.1CCESTAT(PT.)], dated 29-12-2023
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2. New Advisory on requirement of HSN Code on E-Way Bill Portal w.e.f. 1st February 2024
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The NIC has issued an advisory to inform that requirement of 6 digit HSN code for all the B2B and Export transactions by the taxpayers whose Annual Aggregate Turnover (AATO) is more than Rs. 5 Crores shall be implemented in e-way bill System from 1st February 2024. The taxpayers, with AATO less than Rs. 5 Crores, would need to provide at least 4 digit HSN code.????????
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Hence, the taxpayers are advised to make necessary changes in their systems and enter 4 / 6 digit HSN codes while generating the e-way bills through web and API systems from 1st Feb. 2024.
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(Press Release dated January 5th, 2024)
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3. Blocking the generation of E-Way Bill without e-Invoice/IRN details for B2B and B2E transactions for e-invoice enabled tax payers will be done from 1st March 2024
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E-Waybill generation will not be allowed without e-Invoice details from 1st March 2024. This is applicable for e-invoice enabled tax payers and for the transactions related to Supplies under B2B and Exports. However, EWBs for other transactions such as B2C and non-supplies will function as usual without any change.
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It may be noted that in case of B2B and B2E (Exports), direct e-Waybill generation without e-Invoice will not be allowed for Suppliers eligible for e-Invoicing. This applies to the E-Waybill categories of Supply/Exports/SKD/CKD/Lots. In case of E-Way Bills generated by transporters, similar check would be enforced on the Supplier GSTIN. Other operations such as Part-B updating, transporter Id updating, etc. will continue as usual without any change.
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(Press Release dated January 5th, 2024)
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4. Due date for filing GSTR-3B for November, 2023 extended for several districts of Tamil Nadu
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The CBIC has issued a notification to further extend the due date for furnishing the return in FORM GSTR-3B for the month of November, 2023 till 10th January, 2024, for the registered persons whose principal place of business is in the districts of Tirunelveli, Tenkasi, Kanyakumari, Thoothukudi and Virudhunagar in the state of Tamil Nadu.??????????
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Notification No. 01/2024- Central Tax dated January 5th, 2023
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5. CBIC extends due date of GSTR-9 and GSTR-9C for several districts of Tamil Nadu
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The CBIC has issued a notification to extend the due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2022-2023 till 10th January, 2024, for the registered persons whose principal place of business is in the districts of Chennai, Tiruvallur, Chengalpattu, Kancheepuram, Tirunelveli, Tenkasi, Kanyakumari, Thoothukudi and Virudhunagar in the state of Tamil Nadu.???????????
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Notification No. 02/2024- Central Tax dated January 5th, 2023
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6. CBIC notified special procedure for persons engaged in manufacturing of Pan Masala & Tobacco products from 01.04.2024
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The CBIC has notified special procedure which shall be followed by registered persons engaged in manufacturing of Pan Masala & Tobacco products from 01.04.2024. The registered persons engaged in the manufacturing of tobacco, pan masala and other similar items were required to follow a specific procedure such as furnishing the details of packing machines, maintaining additional records, and submission of special monthly statements with effect from 01-01-2024. However, the Government has deferred the implementation of special procedures till 01-04-2024. Further, some modifications have been made in the procedural aspects of registration of machines and special monthly returns. The requirement to maintain daily records in Form SRM-IIIA and Form SRM-IIIB has been done away with. The previous notification prescribed for maintaining a daily record of inputs and production/clearance in each place of business in the specified format specified of Form SRM-IIIA and Form SRM-IIIB respectively.
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Notification No. 04/2024- Central Tax dated January 5th, 2023
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7. GSTN adds two new tables in GSTR-1 starting January 2024 specifically designed for reporting supplies on which e-commerce operators are liable to pay tax
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GSTN has added two new tables in GSTR-1 starting January 2024 which is specifically designed for reporting supplies on which e-commerce operators are liable to pay tax. These are Table 14 - Supplies made through E-Commerce Operators and Table 15 - Supplies under Section 9(5) of the CGST Act. In Table 14 one can add details of taxable outward supplies made through e-commerce operator and in Table 15 one can add Supplies under Section 9(5) of the CGST Act on which the e-commerce operator is liable to pay tax.
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8. GSTN enables GST Payments through Credit/ Debit Cards
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The Goods and Services Tax (GST) portal has been enabled with a new feature. The GST payers can now make their payments through debit or credit card through Kotak Mahindra Payment Gateway. Currently, the portal exclusively accommodates cards through Kotak Mahindra Gateway, with the possibility of expanding the list of acceptable variations of Credit Cards in the near future.
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Thanks and Best Regards
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CA. Tarun Kr. Gupta
+91 9830124482
Follow me on LinkedIn at https://www.dhirubhai.net/in/tarun-gupta-20b45b
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10 个月Great update, thanks for sharing!