Time of supply is a relevant measure under the GST law for every transaction entered into by the supplier of goods and services. This means the point in time when goods have been deemed to be supplied or services have been deemed to be provided to determine when the taxpayer is liable to pay taxes. While this article explains all about the time of supply for goods under GST, there is a separate article for time of supply for services. Time of supply under normal chargeThe time of supply of goods shall be the earlier of the following dates:  (a) The date of issuing of invoice (or the last day by which invoice should have been issued*) OR (b) The date of receipt of payment *In case where the supply involves the movement goods, the invoice needs to be issued at the time of removal. In other cases, the invoice needs to be issued at the time of delivery of goods to the recipient.Notes:If the supplier receives an amount up to Rs.1,000 in excess of the invoice amount, the time of supply for the extra amount shall be the date of issue of invoice (at the option of the supplier).For (a) and (b)- The supply shall be assumed to have been made to the extent it is covered by the invoice or the payment (as the case may be). For (b)- the date of receipt of payment shall be earlier of- 1. The date on which he entered the payment in his books OR 2.

A Letter of Undertaking (LUT) is used while exporting goods. The article explains what a letter of undertaking is and how to file an LUT on the GST portal.What is LUT and why is it used?All registered taxpayers who export goods or services to a country outside India or to Special Economic Zones (SEZs) will need to furnish a Letter of Undertaking (LUT) in Form GST RFD-11 on the GST portal, in order to make these exports without the payment of IGST.When to apply/file an LUT and what was the scenario before GST?A Letter of Undertaking has to be filed /submitted online before exporting goods/services to a country outside India or to Special Economic Zones (SEZs). Prior to this, exporters had to manually submit the filled-in and signed RFD-11 on a business letterhead in duplicate –One to the Jurisdictional Deputy/Assistant Commissioner having jurisdiction over their principal place of business where the verification with the Export documents happens through ICEGATE mediumAnother along with the Export documents to the Customs clearing authority.Just like the earlier excise regime, this led to exporters losing considerable time and operating expense on this compliance. Eventually, this process has now been rationalised and made simple & quick, giving transparency in the entire process of exports by an exporter to all the stakeholders involved. Note that the furnishing of Bond has to be on a non-judicial stamp paper and so needs a manual submission.Steps to furnish LUT on the GST portalHere are the steps to be followed on GST portal/GSTN to furnish LUT: Step 1: Login to GST Portal.Step 2: Go to  ‘SERVICES’ Tab > ‘User Services’ > Select ‘Furnish Letter of Undertaking(LUT)’Step 3: Select the financial year for which Letter of Undertaking is applied for from the ‘LUT Applied for Financial Year’ drop-down list.

Latest Update:The EPFO has prolonged the UAN-Aadhaar linking deadline until March 31, 2024. Individuals can opt to link these two either through online or offline, based on their convenience. The government had mandated the linking of the Universal Account Number (UAN) with the Aadhaar card number by April 2023.If you want to withdraw funds from your PF account, it is important to link your Employee Provident Fund (EPF) account with your Aadhaar number. This is one of many benefits of linking your EPF account with your Aadhaar number. Just like how Aadhaar number recognises an Aadhar card, Universal Account Number (UAN) identifies an EPF account.Linking your Aadhaar with the Provident Fund(PF) account is now mandatory. Linking aadhaar to UAN will facilitate faster withdrawals and a quick transfer process.

The shipping industry plays a very crucial role in global transportation. More than 90% of the world’s trade is done through shipping lines. This article discusses the applicability of GST on ocean freight.What is ocean freight?Ocean freight is a method of transport by which goods and cargo is transported by ships via shipping lines. Most of the world’s trade is carried out via sea. Which are the sections of GST laws governing ocean freight?The CGST Act requires the importers to pay IGST at 5% on ocean freight under the Reverse Charge Mechanism (RCM). However, the CBIC exempted the levy of GST on ocean freight with effect from 1st October 2023 vide Notification No.08/2017-Integrated Tax (Rate) dated 26th September 2023.Section 5(3) of the IGST Act: This section notifies the supplies which are taxable to GST under the reverse charge mechanism.

The Central Board of Indirect Taxes and Customs (CBIC) has introduced new rule 86B vide notification number 94/2020 dated 22nd December, 2020. Rule 86B is made effective from 1st January 2021.How was ITC utilisation allowed before Rule 86BInput tax credit plays a very important role in GST by avoiding cascading effect of taxation. The order of utilisation of ITC for different components such as CGST, SGST and IGST has gone through a lot of changes. However, the ITC available in the electronic credit ledger could always be fully utilised for discharging the output tax liability. The new Rule 86B has limited the use of ITC balance for paying its output tax liability.What is the restriction imposed under Rule 86BRule 86B limits the use of input tax credit (ITC) available in the electronic credit ledger for discharging the output tax liability.

GST notifications are issued by the department from time to time to keep the concerned people updated regarding changes made by the department with regard to various compliance procedures, tax rates, and similar matters.We have for you here, an updated summary of all such notifications issued in a summarised form. If you want to refer to any GST circular or order or removal of difficulties order, visit our page on “GST Circulars and Orders”. Central Tax NotificationsABCDNotification NumberDateSubjectDescription14/2023   13/202324/05/2023Seeks to extend the due date for filing GSTR-7 for April 2023The due date to file GSTR-7 for GST filers from Manipur is extended up to 31st May 2023, effective from 10th May.12/202324/05/2023Seeks to extend the due date for filing GSTR-3B for April 2023The due date to file GSTR-3B for GST filers from Manipur is extended up to 31st May 2023, effective from 20th May.11/202324/05/2023Seeks to extend the due date for filing GSTR-1 for April 2023The due date to file GSTR-1 for GST filers from Manipur is extended up to 31st May 2023, effective  from 11th May.10/202310/05/2023Seeks to implement e-invoicing for more taxpayersThe e-Invoicing system will get extended to those annual aggregate turnover ranging from Rs.5 crore up to Rs.10 crore starting from 1st August 2023.09/202331/03/2023Extension of limitation under Section 168A of CGST ActThe extension of limitation period to issue orders under Section 79 is as follows-For FY 2017-18 - up to 31st December 2023For FY 2018-19 - up to 31st March 2024For FY 2019-20 - up to 30th June 2024 08/202331/03/2023Amnesty to GSTR-10 non-filersRelief has been given to many taxpayers who did not file GSTR-10 yet but will file between 1st April 2023 to 30th June 2023. The late fee over Rs.1,000 per return (Rs.500 each under CGST and SGST) is waived.07/202331/03/2023Rationalisation of late fee for GSTR-9 and Amnesty to GSTR-9 non-filers(1) GST amnesty scheme for GSTR-9 delayed filing- The authority has waived off late fee in excess of Rs.20,000 (Rs.10,000 each under CGST and SGST) for delayed filing of GSTR-9 for years 2017-18 up to 2021-22 if filed between 1st April 2023 to 30th June 2023.(2) Rationalisation of late fee for delaying the filing of GSTR-9 FY 2022-23 onwards - Registered persons with Turnover up to Rs.5 crore is fixed at Rs. 50 per day (Rs.25 each under CGST and SGST) subject to max cap 0.04% of turnover in state/UT (0.02% each under CGST and SGST).Registered persons with turnover more than Rs.5 crore to 20 crore is fixed at Rs 100 per day (Rs.50 each under CGST and SGST) subject to max cap 0.04% of turnover in state/UT (0.02% each under CGST and SGST)06/202331/03/202Amnesty scheme for deemed withdrawal of assessment orders issued under Section 62Best judgement assessment shall be withdrawn where if the non-filer of returns has submitted returns on or before 30th June 2023 with applicable interest and late fee irrespective of appeal against the assessment order issued on or before 28th February 2023.05/202331/03/2023Seeks to amend Notification No. 27/2022 dated 26th December 2022The proviso to CGST Rule 8(4A) will apply to only GST registration applicants in Gujarat.

Amendments can be made in each invoice and details at the summary level also. Both types of amendments have their own limitations. These must be followed clearly to avoid any mistakes in filing GSTR 1.Filing period to select while reporting amendmentsReturn filing period must be the period in which the amendment is made. For example, if the amendment is made in August and the return filing period will beAugust, if the taxpayer is required to file monthly returnsSeptember, if the taxpayer is required to file quarterly returns i.e. July-SeptemberAll about Invoice level Amendments The following are the types of amendments covered:B2B Amendments B2C Large Amendments Credit/Debit Notes (Registered) Amendments Credit Debit Note (Unregistered) Amendments Export Invoices Amendments All about Summary Level Amendments B2C Others Amendments Advances Received (Tax Liability) Amendments Adjustment of Advances Amendments Time limit for AmendmentsAmendment can be made in the later tax period also but the date of revised amended invoice date must be the last date of the original invoice tax period.

GSTR-1 is a monthly/quarterly return that summarises all sales (outward supplies) of a taxpayer. You must make sure that a valid GSTIN is filled while entering sales invoice details. Basics of GSTR-1What is GSTR-1?GSTR-1 is a monthly or quarterly return that should be filed by every registered GST taxpayer, except a few as given in further sections. It contains details of all outward supplies i.e sales. The return has a total of 13 sections, listed down as follows:Tables 1, 2 & 3: GSTIN, legal and trade names, and aggregate turnover in the previous yearTable 4: Taxable outward supplies to registered persons (including UIN-holders) excluding zero-rated supplies and deemed exportsTable 5: Taxable outward inter-state supplies to unregistered persons where the invoice value is more than Rs.2.5 lakhTable 6: Zero-rated supplies as well as deemed exportsTable 7: Taxable supplies to unregistered persons other than the supplies covered in table 5 (net of debit notes and credit notes)Table 8: Outward supplies that are nil rated, exempted and non-GST in natureTable 9: Amendments to outward supplies that are taxable and reported in table 4,5 & 6 of the earlier tax periods’ GSTR-1 return (including debit notes, credit notes, refund vouchers issued during the current period)Table 10: Debit note and credit note issued to unregistered personTable 11: Details of advances received or adjusted in the current tax period or amendments of the information reported in the earlier tax period.Table 12: Outward supplies summary based on HSN codesTable 13: Documents issued during the period.Table 14: For suppliers - Reporting ECO operators' GSTIN-wise sales through e-commerce operators on which e-commerce operators are liable to collect TCS u/s 52 or liable to pay tax u/s 9(5) of the CGST ActTable 14A: For suppliers - Amendments to Table 14Table 15: For e-commerce operators - Reporting both B2B and B2C, suppliers' GSTIN-wise sales through e-commerce operators on which e-commerce operator must deposit TCS u/s 9(5) of the CGST ActTable 15A: For e-commerce operators -Table 15A I - Amendments to Table 15 for sales to GST registered persons (B2B)Table 15A II - Amendments to Table 15 for sales to unregistered persons (B2C)When is GSTR-1 due?The due dates for GSTR-1 are based on your aggregate turnover. Businesses with sales of up to Rs.5 crore have an option to file quarterly returns under the QRMP scheme and are due by the 13th of the month following the relevant quarter.Whereas, those taxpayers who do not opt for the QRMP scheme or have a total turnover above Rs.5 crore must file the return every month on or before the 11th of the next month.For businesses with turnoverMonth/QuarterDue DateMore than Rs.5 crore Jan 202411th Feb 2024 Feb 202411th Mar 2024 Mar 202412th Apr 2024 (earlier 11th Apr 2024)* Apr 202411th May 2024 May 202411th Jun 2024 Jun 202411th Jul 2024 Jul 202411th Aug 2024 Aug 202411th Sept 2024 Sept 202411th Oct 2024 Oct 202411th Nov 2024 Nov 202411th Dec 2024 Dec 202411th Jan 2025 Jan 202511th Feb 2025 Feb 202511th Mar 2025 Mar 202511th Apr 2025Turnover up to Rs.5 crore (QRMP Scheme)Oct-Dec 202313th Jan 2024 Jan-Mar 202413th Apr 2024 Apr-Jun 202413th Jul 2024 Jul-Sept 202413th Oct 2024 Oct-Dec 202413th Jan 2025 Jan-Mar 202513th Apr 2025* Note: As per CGST Notification no. 09/2024 dated 12th April 2024, all the monthly filing taxpayers who could not file GSTR-1 by 11th April 2024 for March 2024 due to technical issues can do so by 12th April 2024.

PLEASE NOTE: From FY 2020-21 onwards, the compulsory GST audit requirement by a CA/CMA for taxpayers with a turnover exceeding Rs.2 crore stands removed. The Form GSTR-9C is to now be self-certified and submitted by taxpayers with a turnover of more than Rs.5 crore from FY 2020-21 onwards. To read more about this change, you can refer to this article here.As per the Finance Act, 2021, the requirement of GST audit and submission of GSTR-9C as certified by the CA/CMA was removed. As per the 43rd GST Council meeting that was held on 28th May 2021, the GST Council recommended that GSTR-9C may be still submitted as self-certified by taxpayers with annual aggregate turnover of equal to or more than Rs.5 crore. The CBIC notified this change in Notification No.

GSTR-3B is the summary return that taxpayers must file regularly to show details of sales, ITC claims, tax liability, refunds, etc recorded on their GSTIN. This article gives a comprehensive overview of GSTR-3B and its applicability. Clear provides an end-to-end GSTR-3B filing solution with advanced features for automating sales and ITC reconciliations, maximising ITC claims, Table-4 reporting, ITC offset, vendor communication and filing. Continue reading to know more about GSTR 3B.What is GSTR 3B?GSTR-3B is a self-declared summary GST return filed every month (quarterly for the QRMP scheme). Taxpayers need to report the summary figures of sales, ITC claimed, and net tax payable in GSTR-3B.A separate GSTR-3B must be filed for every GSTINThe GST liability must be paid on or before the date of filing GSTR-3B, earlier of its due dateThe GSTR-3B once filed cannot be revisedEven in case of a zero liability, GSTR-3B must be compulsorily filed Who should file GSTR 3B?Every person who is registered under GST must file GSTR-3B.However, the following registrants do not have to file GSTR-3BTaxpayers registered under the Composition SchemeInput service distributorsNon-resident suppliers of OIDAR serviceNon-resident taxable personsLate Fee & Penalty for GSTR-3BA late fee is charged for filing GSTR-3B of a tax period after the due date.