![]() Opt-in or out of GST SchemesĪ) Composition Scheme under GST: If you wish to opt for the Composition Scheme for the financial year 2023-24, the last date to opt-in or opt-out from the Composition Scheme is 31st March 2023. Note: The previous LUT is valid up to March 31, 2023, only. It is crucial to note that LUT application is required to be completed before March 31, 2023, or before supply for Exports and SEZ. In simple terms, all registered taxpayers who export goods will have to furnish LUT in GST RFD-11 form in order to make exports without the payment of IGST. 16/2017 dated 07-07-2017, any registered person availing the option to supply goods or services for export without payment of IGST needs to furnish, a bond or a LUT (Letter of Undertaking) in Form GST RFD-11. In terms of rule 96A of CGST Rule-2017 notified by GST Notification No. The Option once filed cannot be withdrawn during the year and the cut-off date for filing the Annexure V FORM is 15th March of the preceding financial year.Īnnexure V has been made available on the portal for GTA’s to exercise their option for the Financial Year 2023-24, which would be available till 15th March, 2023. Option in Annexure V FORM is required to be submitted on the portal by the Goods Transport Agencies every year before the commencement of the Financial Year. They can navigate Services > User Services > Opting Forward Charge Payment by GTA (Annexure V), after login, to submit their option on the portal. 03/2022-Central Tax (Rate), dated 13th July, 2022, an option is being provided on the portal to all the existing taxpayers providing Goods Transport Agencies Services, desirous of opting to pay tax under the forward charge mechanism to exercise their option. Payment of tax under the forward charge mechanism by a Goods Transport Agency (GTA) IRIS IRP can now help taxpayers and solution providers to generate IRN for B2B invoices, credit notes and debit notes smoothly.Ģ. ![]() With the expansion in the scope of the e-invoicing mandate, IRIS has been appointed as the Invoice Registration Portal (“IRP Partner”) of GSTN, which permits us to act on behalf of GSTN to register B2B e-Invoices of trade and industry. IRIS is now a GSTN-authorized IRP – Invoice Registration Portal The CBIC officially announced that 4 digit HSN ( Harmonic Nomenclature System HSN) will no longer be accepted only 6-digit HSN Codes will be accepted on the e-invoice gateway. Date to be announced soon. In the upcoming weeks, there will be a significant modification to the e-invoice system under Goods and Services Tax (GST). 6 Digit HSN Mandatory for E-invoicingĪs per the GST Notification No.78/2020 – Central Tax dated 15th October, 2020, it is mandatory for the taxpayers to mention 6-digit HSN Codes for their outward supplies having AATO more than Rs 5 Crores. And like every year, this year again we have brought you a GST Year-End checklist of all the activities that you need to complete before the financial year ends. ![]() Likewise, there are some that need to be done every year when the Financial Year starts, yet some others were historically introduced on 1st April, the start of the financial year. There are certain tasks that taxpayers need to carry out before April 1, 2023, and some mandates start from 1st April 2023. March is nearing its end and the new financial year is almost here! GST Year-End Checklist is the most important document for a GST taxpayer, as comes March!
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