GST assesses, with a turnover of ₹5 crore or more but less than ₹ 10 crore will now be able to familiarize themselves with the invoice reporting mechanism and ensure a seamless transition to the e-Invoice system.
This is critical as these assesses mandatorily require issuing e-invoices from August 01.
“GSTN has enabled all eligible taxpayers with an Aggregate Annual Turnover (AATO) 5 crores and above as per GSTN (GST Network or IT backbone of the indirect tax system) records in any preceding financial year for e-Invoicing. These taxpayers are now enabled on all six IRP (Invoice Registration Portal) portals including NIC-IRP for e-Invoice reporting,” an advisory issued by GSTN said. Further, an assessee can check his enablement status on the e-Invoice portal at https://einvoice.gst.gov.in .
“It would be in the interest of trade to register and utilize the sandbox testing facility available at the IRP portals,” the advisory added.
As per Rule 48(4) of CGST Rules, notified class of registered persons have to prepare an invoice by uploading specified particulars of the invoice (in FORM GST INV-01) on IRP and obtain an Invoice Reference Number (IRN). After following the above ‘e-invoicing’ process, the invoice copy containing inter alia, the IRN (with QR Code) issued by the notified supplier to the buyer is commonly referred to as an ‘e-invoice’ in GST.
Because of the standard scheme, ‘e-invoicing’ facilitates the exchange of the invoice document (structured invoice data) between a supplier and a buyer in an integrated electronic format. It is important to note that ‘e-invoice’ in ‘e-invoicing’ doesn’t mean invoice generation by a government portal. The invoice not registered on the portal will not be valid. In such a situation, input tax credit (ITC) on the same cannot be availed by the recipient and will attract applicable penalties.
The advisory further said that the enablement status indicated on the e-Invoice portal does not indicate a legal obligation on taxpayers to use e-Invoicing. However, actual liability to generate IRN shall be checked by taxpayers for applicable notification in the light of facts pertaining to them.
While the listing of enabled GSTINs is purely based on the turnover criteria reported in GSTR-3B, taxpayers need to confirm whether they fulfil the conditions outlined in the notification/rules. Thus, “it is the legal responsibility of the concerned taxpayer, both buyers and suppliers, to ensure compliance,” the advisory said. In case a taxpayer who is otherwise but not auto- enabled on the e-Invoice portal, can self-enable for e-Invoicing using the functionality provided on the portal.
“All eligible taxpayers should familiarize themselves with the e-Invoicing requirements and take the necessary steps to ensure compliance with the new threshold,” GSTN advised.
Source from: https://www.thehindubusinessline.com/economy/gst-assesses-with-turnover-between-5-10-crore-must-prepare-for-e-invoice-system-transition/article66979401.ece
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GST Input Tax Credit (ITC) by CA (Adv) Bimal Jain
3 Day | 3 Session | 9 Hours
June 16 | 3:00 – 6:00 PM, June 17 | 3:00 – 6:00 PM and June 18 | 11:00 AM – 2:00 PM (IST)
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About Speaker:
CA (Adv) Bimal Jain
- FCA, FCS, LLB with 24 Yrs. of Experience in Indirect Taxation – GST, Service Tax, Excise, Customs, VAT/CST, FTP, DGFT matters etc.
- Chairman of Indirect Tax Committee of PHD Chamber of Commerce
- Author of books on Goods and Services Tax, “GST LAW AND COMMENTARY (With Analysis and Procedures)” [8th Edition – May 2023]
Coverage of the Course :
- What is the Eligibility and Condition for claiming ITC- Section 16 with practical scenarios and examples
- Requirement and reversal of ITC (Rule 37)
- Interplay of Valuation – GST ITC
- Schedule I vs Rule 37 Comparative Study
- Rules and Provision for Offset of ITC – Case Study
- Concept of Claim – Reversal – Reclaim
- Clarification on Non Filing of GSTR-1 and GSTR 3B
- Other provision of Section 17 for reversal of common ITC and reversal as per Rule 42/43 for Input, Input Service & Capital Goods
- Exclusions in value of exempt supplies for the purpose of reversal of common credit ITC as per rule 42 and 43
- Exclusion of interest income and other exempt services from aggregate value of exempt supplies for reversal of common ITC as per rule 42 and 43
- Special Provision for Banking, Financial Institutions, NBFC’s
- Blocking of ITC (Rule 86A)
- Restrictions on use of amount available in electronic credit ledger (Rule 86B)
- Order of utilization of input tax credit (Rule 88A)
- Manner of calculating interest on delayed payment of tax (Rule 88B)
- Availability of credit in special circumstances
- ITC on opening stock of inputs at the time of registration
- ITC on stock of inputs available to person taking voluntary registration
- ITC on opening stock of inputs and capital goods available on opting out of composition scheme
- ITC on stock of inputs and capital goods when exempted goods or services become taxable
- ITC reversal on closing stock of inputs on switching to composition scheme/ wholly exempt supplies
- Transfer of ITC in case of sale, merger, demerger, amalgamation, etc.
- Transfer of ITC on obtaining separate registration for multiple places of business within a state or UT
- Removal of capital goods or plant and machinery
- Taking ITC in respect of inputs and capital goods sent for job-work
- Manner of distribution of credit by Input Service Distributor
- Manner of recovery of credit distributed in excess
- Apportionment of Credit
- Meaning of Taxable & Exempt Supply
- Credit used exclusively for Taxable supply / exempt supply
- Common Credit
- Supplies for personal consumption etc.
- How to apportion the credit
- Blockage of Credit in respect of
- Motor Vehicles, Vessels and Aircraft; their servicing repair & maintenance.
- Food & beverages, outdoor catering beauty treatment, health services, cosmetic & plastic surgery, renting or hiring of motor vehicles, and others
- Woks contract services
- Membership of Club, Health and Fitness Centre
- Goods & Services provided to employees
- Travel benefits to employee
- Construction of immovable property on own account
- Tax paid under composition scheme
- Goods or services received by a non-resident taxable person
- Goods or services used for CSR activities
- Goods or services used for personal consumption
- Gifts, free samples and goods lost or written off
- Tax paid in fraud cases, confiscation etc.
- ITC on Works Contract and Construction of Immovable Property related issues such as:
- Installation of lift
- Overhead crane
- Construction of warehouse for leasing
- Civil construction for installation of machinery etc.
- Credit on free gifts, samples, goods lost, stolen or destroyed etc.
- ITC & Tax paid under Section 74, 129 and 130
- Discussion on various important judgments on ITC
- How to prove genuineness of transactions to avail GST IT
- ITC can be claimed during revocation of cancelled GST registration
- Claiming Time Barred ITC for the period of Cancellation
- ITC availability on vouchers and subscription packages
- Constitutional validity of Section 16(2)(c) challenged in various cases
- Constitutional validity of Section 16(4) challenged in various cases
- Case laws on rectification of error or omission made while filing GST statements/ returns/ forms
- Other important case laws on GST ITC
- Open House: Question and Answer
Key features of the course:
- E-Certificate to all participants
- Background Material (BGM) available in PDF (Downloadable basis)
- Dedicated WhatsApp group, Telegram and E-mail for Free Subscription of GST Updates for 1 Year
- Hindi/English medium
- Special 45% Discount on our latest ‘GST Law and Commentary with Analysis and Procedures’ by Bimal Jain & A2Z Taxcorp LLP – May 2023 Edition
Terms and Conditions:
- The Recorded Session will be provided.
- The validity of the Recorded Session is 2 Months with Unlimited Viewing.
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