The tobacco industry is booming, despite the ill effects that smoking and tobacco have on the human body. Many reports have been released by WHO claiming that India is harbouring the world’s highest incidence of mouth cancer. We are the second largest consumer of tobacco, having an astonishing 275 million users! But how does GST affect this multi-million dollar industry? In this article, let us understand all about GST on cigarettes, the GST rate on tobacco products, and other duties and cess imposed on tobacco products. Impact of GST on the Tobacco IndustryThe tobacco industry attracts Central Excise duty, National Calamity Contingent Duty (NCCD), GST, and compensation cess as it is a sin good. In fact, a lot of revenue is generated from the sale of tobacco for the Indian government. However, the tax burden levied on the Indian tobacco industry is not enough, as per the recommendation of the WHO for a minimum tax burden of 75% on all tobacco-related products. Hence, there has been an increasing demand for a higher tax burden on tobacco manufacturers.

The 44th Goods and Services Tax (GST) Council meeting was held on 12th June 2021. The GST Council had previously met up on 28th May 2021. During the press conference that followed the meeting, the Finance Minister Smt. Nirmala Sitaraman announced that a Group of Ministers (GoM) would be formed to discuss the need for further reductions and decide on any new exemptions for COVID essentials and treatment of Black Fungus.The 44th GST Council meeting was chaired by the Union Finance Minister. The Union Minister of State for Finance and Corporate Affairs Shri Anurag Thakur, and the finance ministers of the states and Union Territories (UTs), and other senior officers of both, the Ministry of Finance and the states and UTs were present at the meeting.Latest updates on GST Council meeting24th June 2022The 47th GST Council meeting was held on the 28th and 29th of June 2022 in Chandigarh.

The 46th GST Council meeting was held on Friday, 31st December 2021, at Vigyan Bhavan in New Delhi. It was chaired by the Union Finance Minister Smt. Nirmala Sitaraman. The meeting was also attended by the Union Ministers of State for Finance Shri Pankaj Chowdhary & Dr Bhagwat Kishanrao Karad, besides the finance ministers of the states and Union Territories (UTs) and other senior officers.Highlights of 46th GST Council MeetingKey matters discussed in the Council meeting, as announced in the FM’s press briefing:The Union Finance Minister (FM), during the press meet, stated that the 46th GST Council meeting was called under the emergency provisions with just two days notice. She also clarified that it was a very brief meeting with the GST hike on textiles as the only item on the agenda.The FM also said that the Gujarat FM had written a letter on 29th December 2021 requesting to reconsider the 45th GST Council meeting’s decision to correct inversion in the tax structure of the textiles sector.Hence, the Council decided to keep the GST hike on textiles from 5% to 12% on hold.

GSTR-9 is an annual GST return return filed by 31st December of the year following the particular financial year. GSTR-9 return contains sales, purchases and GST charged and paid on the same during the financial year. As a finance leader and professional, you must have known that filing GSTR-9 is more than just consolidating GSTR-1, GSTR-2B and GSTR-3B filed during a financial year. It involves rigorous reconciliations and any short paid tax or excess tax credit claims must be settled with the government. So, let's deep dive into GSTR-9 in this article. You can learn the following-What is the GSTR-9 annual return?Who should file GSTR-9 annual return?What is GSTR-9 due date?GSTR 9 turnover limitGSTR-9 typesContents of GSTR-9 and GSTR 9 Format Quick steps to file GSTR-9Consequences of not filing GSTR-9FAQs on GSTR-9Latest Updates53rd GST Council meetingAs on 22nd June 2024, the Council has recommended to provide relaxation to taxpayers from filing GSTR-9/9A for FY 2023-24 where their aggregate annual turnover for the said financial year is below Rs.2 crore.

Taxpayers with an aggregate annual turnover exceeding Rs.5 crore in the previous financial year must file GSTR-9C via self-certification. Enterprises must ensure to keep the reporting accurate and complete to avoid any scruitiny later on. Latest Updates53rd GST Council meetingAs on 22nd June 2024, the Council has recommended to provide relaxation to taxpayers from filing GSTR-9/9A for FY 2023-24 where their aggregate annual turnover for the said financial year is below Rs.2 crore. This was notified via CGST notification 14/2024 dated 10th July 2024.Pre-requisites to prepare and file GSTR-9CTo file the GSTR-9C form, there are a few pre-conditions that have to be fulfilled-The taxpayer must have a valid GSTIN and must be registered under GST.The login credentials of the taxpayer (Username and password) must be valid.The taxpayer should have filed Form GSTR-9 (Annual Return) for that financial year.The taxpayer’s business must have an aggregate turnover exceeding Rs.5 crore.Steps to generate form GSTR-9C JSON file from the offline utility?The taxpayer will have to perform steps both offline as well as on the GST portal-Step 1: Log in to the GST portal and download the GSTR-9 form.Step 2: Next, download the GSTR-9C tables derived from GSTR-9.Step 3: The GSTR-9C Offline Tool must also be downloaded. This may be done from the downloads tab by selecting “Offline Tools”, and then selecting “GSTR-9C Offline Tool”.Step 4: With the help of the GSTR-9C Offline Tool, the following steps may be done to prepare the GSTR-9C:-Open the GSTR Offline Utility Worksheet and then feed in the relevant data into the tables on the worksheet.To then view the draft version of Form GSTR-9C, the preview PDF file has to be generated.Once this is done, the JSON file can be generated.How to upload the GSTR-9C JSON file on the GST portal?In order to upload the JSON file that was generated-Step 1: The taxpayer will need to login to the GST portal using the GSTR-9C Offline Utility. Step 2: Once the login is successful, the taxpayer shall select “Annual Return” under ‘Returns’ tab, select the appropriate financial year and then click on search.Once the page loads, select the option “Prepare Offline” and then click on the “Upload” button available.Step 3: User can make any edits/changes in the GSTR-9C form before clicking on the “Proceed to File” button. Whenever users make changes, they must re-generate the JSON file and again upload the same through the GSTR-9C offline utility.Note: If the JSON file displays errors during the upload, the taxpayer can download the Error Report, make the necessary corrections and then upload the updated JSON file.Steps to file the form GSTR-9C on the GST portalStep 1: Once the generated JSON file is uploaded on the GST portal, the user may then proceed towards adding the financial statements such as the balance sheet, profit and loss statement and other necessary documents after the necessary verification.Step 2: The documents to be uploaded must be uploaded in PDF format.

Invoicing is a crucial activity for any business, irrespective of type and size. Businesses should be careful while generating invoices as every transaction enters into books of accounts through this activity. Further, after introducing the Goods and Services Tax (GST), registered businesses must issue GST invoices, also known as GST bills.This article explains everything about invoicing under GST, including what it is, who should issue it, mandatory fields, types of invoices, revised invoices, and invoicing under special casesWhat is a GST invoice?An invoice or a GST bill is a list of goods sent or services provided, along with the amount due for payment.Who should issue GST Invoice?If you are a GST registered business, you need to provide GST compliant invoices for sale of good and/or services.Also, you should receive GST invoices from your vendors to claim the Input Tax credit (ITC).What are the mandatory fields a GST Invoice should have?A tax invoice is generally issued to charge the tax and pass on the ITC. A GST Invoice must have the following mandatory fields-Invoice numberInvoice dateCustomer nameShipping and billing addressCustomer and taxpayer’s GSTIN (if registered)**Place of supplyHSN code/ SAC codeItem details i.e. description, quantity (number), unit (meter, kg etc.)Total valueTaxable value and discountsGST rate and amount of taxes i.e.

The Invoice Furnishing Facility (IFF) enables the QRMP taxpayers to upload their invoices every month. The Central Board of Indirect Taxes and Customs (CBIC) has introduced the IFF vide notification number 82/2020- Central tax.ClearTax GST provides easier option to furnish B2B invoices on the IFF, through auto-sorting feature, instant reports of B2B data filed on IFF and pending the filing, one-click data ingestion from Tally and other software, and many more. To know more, click on the button given belowLatest Updates on QRMP scheme26th August 2021From 1st September 2021, taxpayers will not be able to file GSTR-1 or use the IFF for August 2021 on the GST portal if they have pending GSTR-3B filings. It applies if GSTR-3B is pending for the past two months till July 2021 (monthly filer) or for the last quarter ending 30th June 2021 (quarterly filer), as per CGST Rule 59(6). 28th May 2021At the 43rd GST Council meeting, the following was announced:(1) The time limit to furnish B2B supplies on the IFF (optional facility for the taxpayers opting into the QRMP scheme), for May 2021 has been extended from 13th June to 28th June 2021. (2) For any delayed submission of PMT-06 for April 2021 and May 2021, interest relief has been provided as follows:(i) For April 2021, No interest is charged for delayed submission up to 9th June, whereas 9% of reduced interest is charged between 10th June and 9th July, and 18% of interest is charged thereafter.(ii) For May 2021, No interest is charged for delayed submission up to 10th July, whereas 9% of reduced interest is charged between 11th and 25th July, and 18% of interest is charged thereafter.(3) Quarterly GSTR-3B filing for Jan-Mar 2021 has also got interest and late fee relief as laid down here.1st May 2021The time limit to furnish B2B supplies on the IFF (optional facility for the taxpayers opting into the QRMP scheme), for April 2021 has been extended from 13th May to 28th May 2021.ApplicabilityA QRMP taxpayer who files quarterly GSTR-1 and GTR-3B returns can use the IFF. If a taxpayer does not opt for it, he needs to upload invoices directly in the GSTR-1.Prerequisites to use the Invoice Furnishing Facility (IFF)Prerequisites for using the IFF are:A taxpayer should be registered as a regular taxpayer or has opted in/out of the composition scheme.A taxpayer should have a valid user ID and password.A taxpayer should have opted to file under the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme.Important notes while using the Invoice Furnishing Facility (IFF)IFF is optional and can be submitted or filed between the 1st till the 13th of the next month for the relevant month (being first or second month of a particular quarter).There is option to continuously upload invoices to save them between 1st and 13th of the next month.However, in case the IFF has been submitted, it can be filed even after 13th of the month.Detailed filled and saved before the end date can be reset by clicking the ‘RESET’ button on the GSTR-1/IFF page.Submitted details cannot be deleted by using the RESET button.The submit button will freeze the invoices uploaded on the IFF for that specific month.

A business registered under GST issues a tax invoice to the buyer. Such an invoice mentions the GST rate charged on the goods and services sold. However, some businesses registered under GST cannot charge any tax on the invoice issued by them. Such dealers have to issue a Bill of Supply. A Bill of Supply is issued when GST is not applicable on a transaction or when GST is not to be recovered from the customers.Who should issue Bill of Supply?The following registrants should issue Bill of Supply:Composition DealerA taxpayer whose turnover is less than Rs 1.5 crores* (Rs.

IRP, known as the Invoice Registration Portal is instrumental in validating the genuineness of the invoices used in the GST ecosystem. It generates and assigns IRN to every GST invoice.The infrastructure to support the trial version of the e-invoicing system was first made available for voluntary use from 1st January 2020. The Invoice Registration Portal (IRP) plays a key role in running the show.Latest Updates10th May 2023CBIC mandated e-invoicing for taxpayers with ₹5 Cr+ turnover (in any financial year from 2017-18) w.e.f 1st August 2023.06th May 2023The GST department has deferred the time limit of 7 days to report the old e-invoices on the IRP portals by three months. Further, the department is yet to announce the new implementation date.13th April 2023As per the GST Network's advisories dated 12th April 2023 and 13th April 2023, taxpayers with annual turnover equal to or more than Rs.100 crore must report tax invoices and credit-debit notes to IRP within 7 days of invoice date from 1st May 2023.11th October 2022The GST Council may implement the next phase of e-invoicing for businesses with an annual turnover of more than Rs.5 crore from 1st January 2023. The system may get extended to businesses with a turnover of over Rs.1 crore by the end of the next fiscal year.1st August 2022 The e-Invoicing system for B2B transactions has now been extended to those with an annual aggregate turnover of more than Rs.10 crore up to Rs.20 crore starting from 1st October 2022, vide notification no.

‘How to generate e invoice’ has been one of the popular questions asked by many taxpayers. e-invoice is a B2B/B2G/export invoice reported by certain applicable GST-registered businesses with the e-invoice portal (GSTN), which must adhere to the standard format notified by the CBIC. This article will take you through the process of the generation of an IRN for e-invoice and also its workflow. @media (max- 767px){.protip {flex-direction: column !important;}.item2 {padding-left: 20px;padding-right: 20px;}}.protip {display: flex;flex-direction: row;flex-wrap: nowrap; 10px;padding: 20px 0px;border: 1px solid #ccc;background-color: #c4eaff;}.item {display: flex;justify-content: center;flex: 0 1 auto; 2%;padding-right: 2%;padding-left: 2%;align-self: center;}.item2 {flex: 1 1 auto;padding-right: 20px;}Latest Updates10th May 2023CBIC notified the 6th phase of e-invoicing. Hence, taxpayers having more than Rs 5 crore turnover in any financial year from 2017-18 shall issue e-invoices w.e.f 1st August 2023.06th May 2023The GST department has deferred the time limit of 7 days to report the old e-invoices on the e-invoice IRP portals by three months.