In October 2023, the Goods and Services Tax Network (GSTN) issued an advisory stating that taxpayers can download e-invoices directly from the GST portal, both as seller and buyer. Until now, businesses could only access the e-invoices that had been shared with them by their suppliers and had to physically verify whether the e-invoice was valid.In this article, we decode how this new update of allowing direct download of e-invoices impacts businesses in India and how businesses can access this facility.All About the New e-Invoice Download Functionalitye-Invoicing is a system where invoices generated on an enterprise’s ERP are sent to the Invoice Registration Portal (IRP), also known as the e-invoice portal, for authentication and IRN generation. Post which, the data is pulled for e-way bill generation and auto-populated into the GSTR-1 and the buyer’s GSTR-2A/2B. Taxpayers did not have an option to download their purchase e-invoices directly from the e-invoice portal.However, in October 2023, the GSTN launched a new facility to download e-invoices directly from the e-invoice portal. Through this facility, taxpayers can download both sales and purchase e-invoices directly from the centralised e-invoice portal at einvoice.gst.gov.in.

In an e-commerce era where budding entrepreneurs carry out business remotely or from homes, without an office space, there are scenarios where businesses must register under GST declaring a place of business which are neither owned nor rented out by them. It invokes the use of the consent letter.They must still comply with the GST law since that will legally authorise them to collect taxes from their buyers and pass on the input credit of taxes paid. Only such GST registered businesses will be legally recognised as suppliers of goods or services, made mandatory to sell on e-commerce sites. If you want to verify the authenticity of the GST number of such sellers, you can use the GST search tool.The article provides details on using a consent letter, who should sign it, format for downloading the consent letter for GST registration.Meaning of GST consent letter or NOCMany businesses are carrying out their work from home as they do not have a registered commercial place of business. If such premises on which work is being carried out is owned, then a document supporting the taxpayer’s ownership is to be uploaded at the time of registration.If the premises are rented, then a valid rent/lease agreement is to be uploaded.

Under GST, a single rate of 12% is applicable on under-construction properties, whereas no GST is applicable on completed properties. However, the tax rates have been reduced from 8% to 1% for affordable houses and 12% to 5% for other than affordable houses, subject to the builder not claiming input tax credit (ITC).In the case of a works contract service being provided to develop a plot of land, a GST rate of 18% is applicable. Stamp duty and registration charges continue to apply apart from the indirect taxes. Taxability of Sale of Land Under Pre-GST LawsBefore GST, VAT was applicable on the sale of goods and goods were defined as all kinds of movable property. Land, being an immovable property, was not subject to VAT. However, stamp duties were charged on the sale of immovable properties. Taxability of Sale of Land Under GST and ExemptionsAs per Schedule III of the CGST Act, the land sale is neither considered a sale of goods nor a supply of services.

Papad is a popular snack in India and the question on whether GST on papad is applicable often arises. In this article, we will discuss the applicability of GST on papad as well as the GST rate and HSN code on papad. Applicability of GST on PapadGST on papad is currently exempted. However, Kachri and Kachari papads, also known as fryums, which are manufactured through the process of extrusion, attract GST. Papad HSN Code and GST RatePapad is categorised under HSN code 19059040. Under the current tax structure, papad enjoys a favourable GST rate of 0%, making it a nil-rated product. However, when it comes to Kachri and Kachari papads, also known as fryums, that come under the HSN code 19059030, a higher GST rate of 18% applies. This was clarified in the CBIC Circular No.

Filing GST returns has been simplified thanks to GST offline tools. By using offline tools for GST return filings, taxpayers can streamline and quicken the cumbersome process. This guide will help you understand the different types of GST return offline tools, how to use GST offline tools, and all about GST offline tool downloads.What are GST Offline Tools?GST offline tools are desktop applications designed for businesses and tax professionals to prepare their GST returns without an internet connection. The GST offline utility allows you to input details, perform calculations, and generate a JSON file, which can then be uploaded to the official GST portal for filing returns. Uses of GST Offline ToolsThe GST offline tool primarily facilitates the preparation and filing of various GST returns, such as GSTR 3B, GSTR 4, GSTR 6, and so on. Whether you're using the TRAN 1 offline tool, TRAN 2 offline tool, or offline tools for ITC 01, ITC 03, and ITC 04, these utilities simplify the cumbersome task of manual data entry and calculations.How to Download GST Offline Tools?The GST offline tool downloads can be accessed directly from the official GST portal.

Methi, or fenugreek, is categorised under the Harmonized System of Nomenclature (HSN) code 0910 and attracts a 5% GST. The HSN is an internationally recognised system that classifies and codes products in a standard way.Are you planning to purchase or sell methi but are not sure about the GST rate on methi? Continue reading to learn more about the Methi GST rate and HSN code.Applicability Of GST On MethiMethi falls under the HSN code 0910 and attracts 5% GST. Scope: HSN code 0910 covers coffee, tea, mate, and spices. Spices refer to plant products rich in aromatic oils, mainly used for flavouring. They can be whole, crushed, or powdered. Additionally, adding substances to spices doesn’t change their classification as long as their essential nature remains, and this also includes products known as ‘masalas’.Accordingly, Methi is taxable under HSN code 0910 and attracts 5% GST.Invoicing: The invoice should include details like the supplier’s and recipient’s GSTIN, description of goods — the type of Methi, quantity, value, applicable GST rates, and taxes.Place of Supply: GST is a destination-based tax, which means that methi is taxed at the location of consumption rather than that of production.Transportation: Under the GST law, transporting items worth more than Rs.

Filing GST returns can be complex when juggling multiple GSTINs. This guide provides insights on how to streamline your GST return filing for multiple GSTINs, ensuring accuracy while saving you time and effort. How to File GST Returns for Multiple GSTINs?Businesses that operate in multiple states or have multiple units often possess multiple GST Identification Numbers (GSTINs). Each of these unique numbers requires separate GST return filings. As you can imagine, this can be cumbersome, especially if handled manually. Thankfully, with the integration of technology into the taxation system, there are now solutions available to streamline this process. Here's a guide on how to handle GST returns for multiple GSTINs:Document Preparation: Maintain separate books of accounts for each GSTIN and for each vertical/business under a single GSTIN.

When it comes to GST compliance, understanding the nuances of GSTR 2B vs GSTR 3B and performing accurate GSTR 2B reconciliation with your GSTR-3B and purchase register is crucial.Meaning of GSTR-2B vs GSTR-3BGSTR-2B is a system-generated statement that provides details of all inward supplies or purchases, including information on eligible and ineligible Input Tax Credit (ITC) for a tax period. It acts as a verification tool, being auto-populated based on the GSTR-1, GSTR-5, and GSTR-6 filed by suppliers.On the other hand, GSTR-3B is a self-declared, monthly return that summarises a business's outward supplies, ITC claims, and total tax liability for that month. While GSTR-2B serves as a reference for available ITC, GSTR-3B is crucial for reporting monthly tax liabilities. Businesses must reconcile these two statements frequently, prior to filing the GSTR-3B, to ensure the accuracy of their ITC claims. Regular reconciliation helps avoid legal issues, financial losses, and penalties by flagging any discrepancies between the claimed and available ITC. This process is essential for maintaining compliance with GST norms and ensuring financial accuracy.Importance of GSTR-2B Reconciliation with GSTR-3B and Purchase RegisterThe GSTR-2B and GSTR-3B reconciliation is essential for many reasons.

Groceries refer to food and other essential goods purchased for household consumption. With the advent of the Goods and Services Tax (GST), understanding the grocery HSN codes and the grocery GST rates has become a pivotal aspect for both consumers and businesses in India.In this article, we decode the GST rate and HSN code on groceries.Applicability of GST on Grocery ItemsGroceries, being an essential part of daily consumption, have been given prime importance under the Goods and Services Tax (GST) regime. The GST Act outlines various rules about the scope, exemptions, e-way bills, place of supply, and invoicing procedures for groceries.Essential items often have exemptions under the GST law, while processed goods attract higher rates. For the movement of grocery items, e-way bills are generally mandatory if the consignment value exceeds INR 50,000, however, there are certain exemptions. Businesses registered under the GST law are required to follow a standard format for invoicing, and e-invoicing is applicable if the business’s turnover exceeds the applicable limit. The place of supply rules determines the type of GST levied, i.e., CGST/SGST or IGST, depending on whether the transaction is within a state or interstate.Grocery HSN Code and GST RateGrocery ItemHSN CodeGST RateRice (other than pre-packaged and labelled)10060%Rice (pre-packaged and labelled)10065%Wheat flour (other than pre-packaged and labelled)10010%Wheat flour (pre-packaged and labelled)10015%Bread (branded or otherwise)19050%Sugar17015%Salt25010%Pepper09045%Edible oils (such as olive oil, sunflower oil, groundnut oil, coconut oil, etc.)1508, 1509, 1512, 15135%Fresh and pasteurised milk04010%Ultra High Temperature (UHT) milk 04015%Butter040512%Ghee040512%Tea09025%Coffee09015%Spices (various)09105%Pasta190212%Muri or puffed Rice190410200%Corn flakes, prepared goods from cereal flakes (other than puffed rice)1904 (other than 19041020)18%Biscuits (non-branded)190518%Soft drinks (aerated) containing added sugar or other sweetening matter or flavoured220228% (+ 12% compensation cess)Is ITC Available on Grocery Items?Input Tax Credit (ITC) is a boon under the GST regime for businesses to set off the tax they have paid on their inputs with their output tax liabilities.

When conside­ring buying a house and obtaining a home loan, it become­s crucial to understand the potential impact of GST on your loan. This article­ aims to provide you with comprehensive­ insights on the applicability of GST on home­ loans. Applicability of GST on home loanWhen you apply for a home loan, there are various charges, such as processing fees and legal costs, which are typically deducted by banks, housing finance companies, and other financial institutions. Previously, these charges were liable to service tax. However, the introduction of GST has brought about a significant change in the taxation structure. The expenses that were previously categorised under service tax are now governed under GST.In India, GST will not apply to the home loan value.