Reetu | Aug 27, 2024 |
All GSTN Important Updates in the Month of August 2024
The Goods and Services Tax Network (GSTN) has notified various updates and changes related to GST in the month of August 2024. From advisory for Biometric-Based Aadhaar Authentication, the introduction of RCM Liability/ITC Statement, Changes in GSTR 8 to FAQs on filing of GSTR-1A. Let’s take a look at all the updates issued by GSTN this month.
The Goods and Services Tax Network (GSTN) has issued an advisory on Biometric-Based Aadhaar Authentication and Document Verification for GST Registration for the applicants of Dadra and Nagar Haveli, Daman and Diu, and Chandigarh.
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process.
Rule 8 of the CGST Rules, 2017 has been amended to state that an applicant can be identified on the common portal based on data analysis and risk parameters for Biometric-based Aadhaar Authentication and taking a photograph of the applicant, as well as verifying the original copy of the documents uploaded with the application.
GSTN developed the aforementioned capabilities. On August 24, 2024, it was rolled out in Dadra and Nagar Haveli, Daman and Diu, and Chandigarh.
To read more – Click Here
The Goods and Services Tax Network (GSTN) issued an advisory for furnishing bank account details before filing GSTR-1/IFF Notification No. 38/2023 – Central Tax New Delhi, 4th August 2023.
According to Rule 10A of the Central Goods and Services Tax Rules, 2017, as notified by notification no. 31/2019 dated 28.06.2019, a taxpayer is required to furnish details of a valid bank account within 30 days of the grant of registration, or before furnishing details of outward supplies of goods or services, or both, in FORM GSTR-1 or using the Invoice Furnishing Facility (IFF), whichever is earlier.
To read more – Click Here
To help taxpayers appropriately report Reverse Charge Mechanism (RCM) transactions, a new statement named “RCM Liability/ITC Statement” has been added to the GST Portal. This statement will enhance accuracy and transparency for RCM transactions by capturing the RCM liability shown in Table 3.1(d) of GSTR-3B and its corresponding ITC claimed in Table 4A(2) and 4A(3) of GSTR-3B for a return period.
This statement will apply to monthly filers beginning in August 2024, and quarterly filers beginning in the July-September-2024 period. The RCM Liability/ITC Statement can be accessed using the navigation: Services >> Ledger >> RCM Liability/ITC Statement.
To read more – Click Here
Form GSTR-8 is a Statement of TCS (Tax Collected at Source) to be filed by E-Commerce Operators.
This advisory on Changes in GSTR-8 is the effect of the decision taken by the council members of GST in the recently held GST Council Meeting.
The Advisory reads as follows:
Please refer to the GST Council decision to the effect that the TCS rate has been reduced from the current 1% (0.5% CGST + 0.5% SGST/UTGST, or 1% IGST) to 0.5% (0.25% CGST + 0.25% SGST/UTGST, or 0.5% IGST) effective from 10/07/2024 vide Notification No. 15/2024 dated 10.07.2024.
Thus, the following important aspects regarding the TCS rates effective from 10.07.2024 are to be noticed:
Period from 1st July to 9th July 2024:
During this period, the old TCS rate of 1% will continue to apply. Taxpayers are required to collect & report TCS at this rate for all transactions that happened between these dates.
From 10th July 2024 onwards:
A revised TCS rate of 0.5% will come into effect from 10th July 2024. Taxpayers must ensure their systems and processes are updated to reflect this new rate for all transactions that happened from 10th July forward.
Furthermore, as a few taxpayers have reported validation errors while filing GSTR-8 for the month of July 2024, it is to inform you that the GSTN team is working on the changes announced by the GST Council in respect of GSTR-8, which are expected to be completed in the next few days, and users will be able to file returns beginning August 6, 2024, at midnight. We apologize for any inconvenience this may have caused.
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process.
Rule 8 of the CGST Rules, 2017 has been amended to state that an applicant can be identified on the common portal based on data analysis and risk parameters for Biometric-based Aadhaar Authentication and taking a photograph of the applicant, as well as verifying the original copy of the documents uploaded with the application.
GSTN developed the aforementioned functionalities. It was launched in Jammu and Kashmir and West Bengal on August 2, 2024.
The said functionalities also allow for document verification and appointment booking process. After the submission of the application in Form GST REG-01, the applicant will receive either of the following links in the e-mail,
(a) A Link for OTP-based Aadhaar Authentication OR
(b) A link to book an appointment with a message to visit a GST Suvidha Kendra (GSK), along with the GSK’s location and jurisdiction, for biometric-based Aadhaar authentication and document verification.
If the applicant receives the link for OTP-based Aadhaar authentication as described in point 3(a), she or he can proceed with the application as usual.
However, if the applicant receives the link stated in point 3(b), she or he must schedule an appointment to visit the chosen GSK using the link given in the e-mail. Once the applicant receives appointment confirmation via e-mail (the appointment confirmation e-mail), she or he will be allowed to visit the specified GSK on the date and time chosen.
At the time of the visit of GSK, the applicant is required to carry the following details.
(a) a copy (hard/soft) of the appointment confirmation e-mail
(b) the details of jurisdiction as mentioned in the intimation e-mail
(c) Aadhaar Card and PAN Card (Original Copies)
(d) the original documents that were uploaded with the application, as communicated by the intimation e-mail.
The GSK will perform biometric authentication and document verification for all relevant individuals in accordance with GST application Form REG-01.
The applicant must schedule a biometric verification appointment within the maximum time frame specified in the notification e-mail. In such circumstances, ARNs would be generated after the biometric-based Aadhaar authentication and document verification processes are finished.
The feature of arranging an appointment to visit a chosen GSK is now available to applicants from Jammu & Kashmir and West Bengal.
GSKs will operate within the days and hours specified by the administration in your state.
Form GSTR-1A has been made available to taxpayers for the July 2024 tax period, as directed by the government in notification no. 12/2024 dated July 10, 2024.
GSTR-1A is an optional tool that allows you to add, amend, or correct any details of a supply reported/missed in the current tax period’s GSTR-1 before filing the GSTR-3B return for the same tax period.
GSTR-1A shall be open for the taxpayer after the filing of GSTR-1 of a tax period or after the due date of GSTR-1 whichever is later.
Detailed manual for filing GSTR-1A – Click Here
FAQ on Filing GSTR-1A – Click Here
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