Latest GST News and Updates

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Published Date:  27-12-2023   Author:   shraddha-vaviya
latest gst updates

Latest GST News and Updates

The Central Board of Indirect Taxes and Customs (CBIC) has launched a special amnesty initiative for taxpayers with GST concerns. Specific GST taxpayers who disagree with a GST tax demand order can file an appeal under this GST Amnesty Scheme until January 31, 2024.

“A Special Amnesty Scheme was announced to excuse late filing of the GST Appeal.” The amnesty program is in effect until January 31, 2024. On December 17,2023, the Ministry of Finance stated on social media, “This is a golden opportunity for those taxpayers who may have missed the appeal deadline.”

The Goods and Services Tax (GST) is an indirect tax system in India implemented in July 2017 to replace several taxes such as VAT, Excise Duty, and Service Tax. The supply of goods and services is subject to GST, and the tax rate depending on the type of goods and services provided. 

GST is a destination tax, meaning the tax revenue is directed to the state where the products or services are consumed. The GST council, composed of representatives from the national and state governments, decides on the tax rate and any amendments to the GST statute.

Goods and Services Tax (GST) in India

The tax has consolidated all other indirect taxes, such as Value Added Tax (VAT), into a single tax. The government levies GST (Goods and Services Tax) in slabs. The current slab rates are 5%, 12%, 18%, and 28%. The Goods and Services Tax Council manages GST, governed by the Goods and Services Tax Act of 2017.

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GST is levied on all goods and services except petroleum products and electricity, which state governments tax. It is divided into two parts: State Goods and Services Tax (SGST), which state governments collect, and Central Goods and Services Tax (CGST), which is managed by the federal government. 

Both governments’ shares are equal to GST. For example, if a product is subject to 5% GST, the SGST (2.5%) and CGST (2.5%) will be the same. Another tax, the Integrated Goods and Services Tax (IGST), is levied on interstate goods and services sales.

The tax was intended to prevent tax cascading or the collection of various taxes at each production level. It is also done under GST; however, the manufacturer gets refunded on higher levels. It is a destination-based tax, meaning it is collected by the state where the commodity or service is consumed rather than the state where it was manufactured.

GST Updates of December 2023

December 14, 2023

GST Instruction No. 05/2023 in response to the Supreme Court’s decision in Northern Operating Systems Private Limited (NOS).

Taxpayers with an AATO of $5 million or more must present at least a 6-digit HSN on their e-invoices beginning December 15, 2023.  

December 2, 2023

The GST collection in November 2023 is INR 1,67,929 lakh crores, a 15% increase. 

December 1, 2023

The advice for two-factor authentication has been rolled out for Punjab, Chandigarh, Uttarakhand, Rajasthan, and Delhi.

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GST registration applicants in Andhra Pradesh, advisory for a pilot project to biometrically validate Aadhaar and verify papers.

GST Updates of November 2023

November 29, 2023

Here’s some essential information on amnesty provisions for missing appeal filing deadlines for rulings issued on or before March 31, 2023. Keep an eye out for any CBIC guidance on these procedures. 

The CBIC directs proper personnel to serve GST DRC-01 notifications and post DRC-07 notices electronically via the government site. 

November 18, 2023

This guide and instruction set will help you integrate a direct API with any of the six IRPs for E-Invoice reporting.

November 14, 2023

The GSTN’s taxpayer advisory on reversing the Input Tax Credit under rule 37(A). 

The GST department has issued advice regarding ITC mismatch – GST DRC-01C. 

November 10, 2023

An announcement on the amnesty for taxpayers who missed the deadline to file an appeal for orders issued before March 31, 2023. 

The taxpayer and transporter advisory on verifying transporter ID (TRANSIN) in the e-waybill system. 

November 6, 2023,

A recommendation for GST Registration Applicants in Gujarat and Puducherry on biometric-based Aadhaar authentication and document verification.

From November 20, 2023, taxpayers with an AATO of more than Rs 20 Crore will be required to use two-factor authentication. 

November 3, 2023

GST Amnesty program for taxpayers who were unable to seek an appeal against decisions issued before March 31, 2023. 

November 2, 2023

The GST collection in October 2023 is INR 1.72 lakh crores, a 13% increase.

GST Updates of October 2023

October 28, 2023

The CBIC has issued new advisory adjustments to Table 5B in GSTR 5A report supplies to Registered GSTINs (B2B supply).

October 19, 2023

The DGGI reported over 6,000 false ITC instances between April 2020 and September 2023, totaling more than Rs. 57,000 crore in GST avoidance. In this case, 500 persons were arrested. 

October 18, 2023

The GST administration has issued advice regarding GST REG-10 and Form GSTR-5A. 

October 17, 2023

The GSTN department has released TDS & TCS credit received v2.2 offline utility. 

October 16, 2023

The Kerala GST Department has issued fresh instructions on the issuance of separate notices to taxpayers under sections 73 and 74. 

October 13, 2023

GST-unregistered providers who want to sell items through online platforms can participate in the program. 

A service for internet businesses that permits unregistered goods suppliers to supply goods. 

October 7, 2023

Updates on the 52nd GST Council Meeting.

October 6, 2023

Introduction of DRC-01C Compliance (Difference between GSTR-2B and GSTR-3B Input Tax Credits).

October 4, 2023

The new JSON e-invoice download functionality is now available on the official e-invoice Portal. 

October 3, 2023

To deal with the DRC-01C form, the GST department has enabled the ITC mismatches functionality in GSTR-2B and GSTR-3B.

The gross GST revenue for September 2023 has surpassed 1,62,712 crore. 

GST Updates of September 2023

September 27, 2023

GSTN will upgrade services on the GST official portal on September 28, 2023, at 12:00 AM. The Portal’s services did not begin until 6:30 AM on September 28.

The GSTN department has issued advice on a temporary halt in e-invoice auto-population in the GSTR-1 form. 

September 20, 2023

Taxpayers must generate B2B e-invoices containing the GSTINs of government departments/agencies when supplying to them. 

GSTN has provided additional geocoding functionality for Additional Place of Business. 

September 14, 2023

The GST portal will be improved at 12:00 AM on September 15th, 23. 

The GST Portal’s services will not be available until 06:30 AM on September 15th, 23. 

September 11, 2023

As of November 1, 2023, all taxpayers with an AATO of more than Rs 20 crore would be forced to use two-factor authentication.

From November 1, 2023, taxpayers with an AATO of up to or surpassing 100 crores and using e-invoice portals will be expected to submit invoices within 30 days. 

September 6, 2023

According to a notification dated October 15, 2020, taxpayers whose aggregate yearly turnover (AATO) exceeds Rs 5 Crore must include at least a 6-digit HSN code in an e-invoice or e-Waybill, while all other taxpayers must submit at least a 4-digit HSN code. Taxpayers have already adjusted and are likely to comply by the deadline. This will be required for e-Waybills and e-Invoices beginning October 1, 2023. 

September 1, 2023

For correct and accurate reporting of ITC reversal, the GSTN has implemented Electronic Credit Reversal and Re-claimed statements.

GST Updates of August 2023

August 31, 2023

The revised ITC reversal opening balance reporting guideline is now available on the official GST portal.

August 28, 2023

A new advisory has been sent to applicants whose GST Registration forms have been flagged for biometric authentication using AADHAAR. 

August 25, 2023

The GST department has stated the Mera Bill Mera Adhikar scheme. 

August 21, 2023

On September 1, 2023, the states of Haryana, Assam, Gujarat, and the union territories of Dadra & Nagar Haveli, Daman & Diu, and Puducherry will implement an invoicing incentive system.

August 1, 2023

The GST collection for July 2023 has surpassed 1,65,105 crore.

GST Updates of July 2023

  • The Central Government amended the Prevention of Money-Laundering Act, 2002 (“the PML Act”) on July 7, 2023, by Notification F. No. P.12011/2/2009-ES Cell-DOR. The GSTN entry has been included in the proposed change.
  • The GSTN department has made e-invoice exemption declaration functionality available on the GST e-invoice site. More information can be found here: The Functionality of E-invoice Exemption Declaration Is Now Available.
  • The GSTN department has announced that the 51st GST Council meeting will be held via video conferencing on August 2, 2023.
  • The GST department has produced a comprehensive statistics report to commemorate six years of GST implementation.

Wrapping It Up

This informative piece summarizes the most recent GST developments and news from July 2023 to November 2023. These revisions were made more than a year after the Supreme Court issued its decision in Union of India v. M/s Mohit Minerals Pvt. Ltd. The Supreme Court held in this landmark decision that imposing a reverse charge levy on importers as a result of service imports violated Section 8 of the Central Goods and Services Tax (CGST) Act, 2017.

FAQs

  • What are the GST rules in April 2023?

According to GST Network warnings issued on 12th and 13th April 2023, taxpayers with an annual turnover of Rs. 100 crore or more must transmit tax invoices and credit-debit notes to IRP within seven days of the invoice date beginning May 1, 2023.

  • What exactly is RCM in GST?

The Reverse Charge Mechanism requires that GST be paid and deposited with the government by the recipient of goods or services rather than the supplier of goods or services.

  • What are the new HSN code rules?

Taxpayers with an aggregate yearly turnover (AATO) of Rs. 5 crore or more will be required to use at least a 6-digit HSN number in their e-invoices and e-way bills from October 1, 2023.

  • What exactly is the new GST portal?

GST Portal is the official website of the Indian government, which can be found at https://www.gst.gov.in/.

  • In India 2023, which state pays the highest GST?

Maharashtra has regularly registered the highest GST collection in absolute figures in yet another month.

  • What is the 2023 GST exemption?

Payments and IGST responsibility for commodities imported via ocean freight (e.g., vessels) from outside India would be exempted beginning in October 2023, according to the new notification No. 12.

  • What is the annual return on Gstr 9?

Form GSTR-9 is an annual return that registered taxpayers who were average taxpayers, including SEZ units and SEZ developers, must file once every fiscal year. 

  • What is the entire meaning of IRN?

The Invoice Reference Number (IRN) is issued uniquely by the Invoice Registration Portal (IRP) under the e-invoicing system using a hash generating technique.

  • Is IRN required on invoices?

Under GST rules, any invoice issued by the applicable taxpayer that does not include the IRN is considered illegitimate. 

  • How many different kinds of e-invoices are there?

In essence, there are two forms of true eInvoicing that you should be aware of.

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Shraddha Vaviya

With several years of experience, I am deeply passionate about writing and enjoy creating content on topics such as GST, tax and various finance-related subjects. My goal is to make complex financial matters understandable for readers by simplifying them.

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