NRIs are Indian citizens living abroad for business, employment, education or other purposes. They pay GST on purchases of goods and services while visiting India. However, some of their purchases are eligible for a GST refund. This article discusses the eligibility for GST refunds among NRIs and the process of claiming such refunds. Key TakeawaysNon-resident Indians (NRIs) are eligible for GST refunds on specific transactions. Primarily, health and life insurance premiums paid from NRE accounts are eligible for claiming GST refunds. Claiming a refund of GST paid involves registration on the GST portal and filing the RFD-01 form.Rent from commercial properties exceeding Rs 20 lakhs is liable to pay GST. GST-registered NRIs can claim ITC on GST collected on their commercial rent income. The Reverse Charge Mechanism (RCM) applies to non-registered NRIs earning GST-applicable rent income.  The maximum time limit for claiming a GST refund is 2 years from the date of the GST payment.What is the GST Refund for NRIs in India?The GST refund for NRIs is a provision within the GST Act, 2017, that allows only the eligible Indian citizens living abroad to reclaim GST paid in India in specific cases.

Businesses with a turnover exceeding Rs. 2 Crore annually must file GSTR-9 before 31st December. But, before filing the return, you have to check the accuracy of your data. You should ensure the GSTR-9 audit checklist is in place to fill in the details correctly and avoid penalties. In this blog, you will learn the GSTR-9 audit checklist and how to use it.Objectives of the GSTR-9 AuditGSTR-9 is a summary return of all GST-related activity for a business for the entire year.

The GST portal is a robust yet complex web application with many functionalities and features related to registration, return filing, tax payment, refund claims, and other compliance issues. The portal lists different error codes and solutions to them. Some error messages, like ‘Invalid Summary Payload,’ remain unresolved. Understanding such system-generated error messages is essential to navigating through the portal effectively. This article discusses one of those error messages that many taxpayers may encounter while submitting GSTR-9.  What is the Invalid Summary Payload Error?‘Invalid Summary Error’ is a system-generated error message in the GST portal that taxpayers may encounter while manually uploading a JSON file to the GST portal for GSTR-9 return submission.This error message rarely appears when offline utilities, like Excel-based tools, are used to prepare declarations in JSON format. However, the message may sometimes appear once the taxpayer tries to upload the offline-validated data in JSON format.Causes of the ‘Invalid Summary Payload’ errorA ‘Payload error’ in the JSON data structuring means an existence of syntax error in data.

Rule 164 of the CGST Rules, 2017, seeks waivers of interest, penalties, or both for tax demands under Section 73 from 1st July 2017 to 31st March 2020 (“relief period”). Section 73 empowers the GST officers to issue a show cause notice to taxpayers where tax is not paid due to reasons other than fraud.Rule 164 is introduced to complement section 128A of the CGST Act, 2017, for providing procedures and conditions for closure of proceedings under section 128A. This article will discuss rule 164, its applicability and updates related to this rule.What is Rule 164 in the CGST Rules?Taxpayers who intend to apply for a waiver of interest, penalties, or both shall submit the form GST-SPL-01 or GST-SPL-02 after paying the tax demanded via DRC-03 or by crediting such amount in the electronic liability register.GST-SPL-01GST-SPL-02This form is required when the tax officer issues a notice under section 73, but no order is issued under this section. It will be required when the tax officer passes an order under section 73, but no order is issued by the appellate authority/revisional authority. ORAn order is passed by the appellate authority/revisional authority, but the appellate tribunal issues no order.Upon the satisfaction of the relevant authority, the taxpayer shall be eligible for a waiver of 100% interest and penalty computed under the CGST Act, 2017. Also, it shall be deemed that the proceedings for such matters are concluded and disposed of.Applicability of Rule 164 in CGST RulesRule 164 applies to those cases which have pending tax demands and appeals pertaining to the period 1st July 2017 to 31st March 2020.Purpose of Rule 164Rule 164 helps to streamline and close long-pending cases by offering a systematic settlement process for the taxpayers and GST authorities. This rule has also helped the taxpayers to partially withdraw their appeal, easing the dispute resolution process.Forms and procedures under Rule 164Rule 164 involves various forms that are required to be submitted by the taxpayer and the tax officer.

CMP-08 must be filed by all taxpayers registered under the GST composition scheme, including service providers. It is used to declare and pay self-assessed tax every quarter and must be submitted by the 18th of the month following each quarter.The GSTN enabled the CMP-08 filing facility on 29 July 2019. This form replaced the earlier quarterly GSTR-4 from FY 2019-20 onwards. Instead, composition taxpayers are now required to file GSTR-4 annually, starting from April 2020 for the financial year 2019-20. (as per Central Tax (Rate) Notification No.

Digitisation of business processes and rapidly changing market dynamics have transformed roles and responsibilities of CFOs. Monitoring and reporting based on historical data is no longer sufficient for staying ahead of the curve. Relentless demand for real-time business analytics has made cloud technologies for finance teams essential.  This article discusses the benefits of cloud solutions for CFOs and what a CFO cloud strategy should look like for finance teams.  What are Cloud Solutions for CFOs?Cloud solutions for CFOs refer to web-based tools, technologies, and platforms with applications in financial management workflows in businesses. Earlier, companies used to rely on on-premise computing infrastructure and on-device software applications for the digitisation of these workflows. Low-cost access to reliable high-bandwidth internet and affordable virtual computing have tremendously popularised the use of cloud-based financial applications. Key Benefits of Cloud Solutions for CFOsCloud-based financial solutions can offer a multitude of benefits to an organisation in achieving its business goals. Streamlined team collaboration even with a mobile workforce: Financial cloud solutions offer centralised data storage and processing with seamless access to tools.

E-way bills were introduced to track the intra-state and inter-state movement of goods. While generating E-way bills, taxpayers may receive certain errors or rejections from the E-way bill website. This article will explore the error codes shown by the E-way bill portal, their reasons, and resolutions.What are E-Way Bill Error Codes and How do they Work?E-way bill error codes are messages generated from the E-way bill portal indicating an issue with the taxpayer's data submission. These codes help the taxpayer identify the exact reason for the error, such as an incorrect GSTIN or vehicle number format. This process ensures that e-way bills are generated correctly, preventing fraudulent activities. E-Way Bill Error Codes ListError CodeError MessageResolutionE-way bill generation errors4000 The status of the Invoice Reference Number is not active Check the status of the e-invoice; either it has not been generated or it has been cancelled.4003Requested IRN data is not available4004Error while retrieving IRN details 4001An error while creating an E-way BillRetry generation of the E-way bill by checking input data, or contact the GST helpdesk if the error persists.4002The e-way bill is already generated for this invoiceAvoid generating duplicate E-way bills; verify the invoice number from the GST Portal and existing E-way bill details from master data in the E-way bill portal.4005The e-way bill details are not foundVerify and check the e-way bill number is accurate from master data in the e-way bill portal.4007Requested e-way bill is not available4006Requesting parameter cannot be emptyKindly provide all mandatory parameters as requested by the e-way bill portal4008Please enter valid e-waybill numberEnter correct and complete e-Way Bill number4009E-way bills can be generated provided at least one HSN belongs to goodsEnsure under the e-way bill that at least one item HSN code belongs to goods.4010E-way Bill cannot be generated for debit notes, credit notes and services.E-way bills can only be generated for the movement of goods, so kindly exclude debit/credit notes or service bills, which do not correspond to the movement of goods. Transport & Vehicle Errors4011Vehicle number should be passed in case the transportation mode is road.Enter a valid vehicle number when the transport mode is via road.4012The transport document number should be passed for transportation modes air and railEnter a valid transport document or challan number for air/rail transport in the e-way bill.4013The distance between the pincodes given is too high or lowVerify and enter valid distance between source and destination PIN codes.

Once fully active, the Invoice Management System (IMS) will revolutionise the GST Input Tax Credit (ITC) claiming process. It's raising much hope among taxpayers regarding ease of GST compliance, automation of the ITC claim process and real-time updates on the action status of invoices taken by recipients. But do you know it will not process a few of the invoices of specific types? This article discussed transitions that will not be included in the invoice management system. Types of transactions and invoices not included in IMSAs per the advisory on IMS, the dashboard provides a detailed summary of all inward B2B invoices for recipient users. They can accept an invoice for an ITC claim, reject an invoice for discrepancies, or keep an invoice pending for future consideration.   However, there are specific types of B2B transactions for which invoices will not appear in the IMS dashboard. However, these invoices will appear directly in the user's GSTR-3B. These types of transactions are:Inward RCM supplies: In GST, the supplier pays the tax to the government after collecting it from the recipient for the supply of goods, services, or both.

GSTN (Goods and Services Tax Network) recently introduced the Invoice Management System (IMS) as an additional layer in the existing reconciliation process in the GST portal on 1 October 2024. Both the GST authority and the indirect taxation experts expect the system to streamline the processes of ITC claims for business and help audit transactions more effectively.  This article discusses the new IMS functionality, explains how it helps users, and how to use the new feature for efficient ITC claims and compliance.  Key features of an Invoice Management SystemThe Invoice Management System or IMS within the GST portal offers several key features that make jobs more accessible for users. These features are:Communication functionality - The IMS improves the communication process between suppliers and their recipients. By providing the recipient with options to eitherAcceptReject orKeep the invoice pending,A recipient user can check invoices instantly once they are saved or filed in GSTR-1/1A/IFF by a supplier and act on the invoice to include it in the ITC claim process.  Single-window operation—Now, taxpayers can track, verify, and act on most invoices (except a few) from different suppliers in a single dashboard, saving a lot of workload. Summary view of invoices—The IMS will offer a consolidated filtered view of all invoices, their current status, and the actions that the recipient has taken on each invoice. For example, suppose the recipient has rejected an invoice.

Compliance with GST rules and regulations has become a significant concern for businesses. Whether you are the CFO or finance manager of a large company with diversified business operations or a small business, you and your team might face similar problems while claiming input tax credits. However, we expect the future of GST compliance to improve with the Invoice Management System in the GST portal.This article discusses the GST Invoice Management System and how it is changing the worldview of GST compliance.  Table of contents:What is the IMS (Invoice Management System)? Key benefits of IMS for GST compliance How does IMS reduce non-compliance risks?Impact of IMS on different business sizesThe future of GST compliance with IMSWhat is IMS (Invoice Management System)? Invoice Management System is a new feature for communicating invoices saved/filed by suppliers/vendors in their GSTR-1 to recipient users. It is a dashboard inside the GST portal.  An invoice appears in the dashboard as soon as a vendor or supplier saves it.   The IMS dashboard offers 2 broad functionalities - View Inward Supplies View Outward Supplies Inside the Inward Supplies section, the recipient gets to:Take action on the invoices saved by suppliers or vendors in their GSTR-1 for claiming ITCCheck the summary of all the inward invoices and the latest status of each invoice based on  the actions taken Download inward invoice data in Excel formatReset action status for multiple invoices Generate GSTR-2BView the advisory or seek help if any clarification is required.Inside the Outward Supplies functionality, suppliers get to:Check actions taken by recipients (B2B customers) on the outward invoice they saved in their GSTR-1 Download outward invoice data in Excel file format. View the advisory or seek help if any clarification is required.Key Benefits of IMS for GST Compliance Improved accuracy in ITC claims Ensuring data accuracy while availing and claiming ITC in the portal has always been a significant problem for finance managers and CFOs. Usually, the accounts department must reconcile their records with invoices submitted by each supplier individually.