GSTN: Downloading document-wise details of Table 8A of Form GSTR-9

 1. A facility has been provided to the taxpayers to download document wise details of Table 8A of Form GSTR-9, from the portal in excel format. This can be done by using a new option of ‘Document wise Details of Table 8A’ given on the GSTR-9 dashboard, from Financial Year 2018-19 onwards. This will help the taxpayer in reconciling the values appearing in Table 8A of Form GSTR 9, thus facilitate filling the Form GSTR 9.

2. Table 8A of Form GSTR 9 is populated on basis of documents in filed Form GSTR-1 or Form GSTR-5 of the supplier. Thus, all documents which are present in GSTR-2A (Table 3 & 5), will not be available here, as documents which are in uploaded or submitted stage in Form GSTR 1 or 5, are not accounted for credit in table 8A of Form GSTR 9.

3. This excel download will address issues like:

• Figures of Input Tax Credit (ITC), as pre-populated in table 8A of GSTR-9, not matching with the figures, as appearing in their Form GSTR-2A;
• To view details of documents that are auto-populated from GSTR-2A, to table 8A of Form GSTR-9

4. Steps to Download: To download, navigate to Services > Returns > Annual Return > Form GSTR-9 (PREPARE ONLINE) > DOWNLOAD TABLE 8A DOCUMENT DETAILS option.

5. Downloaded excel file will contain:

• GSTIN, Trade Name or Legal Name of the supplier
• The period (month) in which the document featured in GSTR-2A of the recipient
• Document wise details of B2B (invoices), B2BA (amended invoices), CDNR (credit and debit notes) and CDNRA (credit and debit notes amended), filed by supplier in their Form GSTR-1/GSTR-5, in separate Excel sheets
• Details from only Form GSTR-1/GSTR-5, which are filed till 31st October of subsequent year
• In case of amendments, only latest value will be accounted for
• Field showing “ITC available for Table 8A” – “Yes” or “No”
• If ITC is not available, a column named ‘Reason for Non-accounting’ with reasons for non-accounting in Table 8A

6. Some other Important Points:

• Excel download option will be available once GSTR-9 tab for filing is enabled
• Generated excel will be downloaded as a zip file, if number of documents are less
• Generated excel can be downloaded in multiple parts, if number of documents are large
• Data saved/submitted in Form GSTR-1/5 will be shown in Form GSTR-2A, but will not be shown in downloaded excel file of Table 8A of Form GSTR-9

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TDS on Cash Withdrawal w.e.f. 1st July 2020: All You Need to Know

The recent changes introduced to ‘TDS on Cash withdrawals’ under Sec 194N of Income Tax Act.

The Finance Act, 2020 tightened the existing provisions for those who have not been filing income tax returns. This will be applicable from July 1, 2020.

*2% TDS will apply on cash withdrawn  in a financial year exceeding Rs. 20 lacs and up to Rs. 1 Crore.

*5% TDS will apply on cash withdrawn in a financial year, above Rs. 1 Crore.

The Amendment of Section 194N will be with effect from 1st July, 2020.

The section will apply to withdrawals made by taxpayers who are an individual, A Hindu Undivided Family (HUF), a Company, a partnership firm, or an LLP, a local authority, an Association of Person (AOPs) or Body of Individuals (BOIs).

However, this section will not be applicable to government bodies, banks including co-operative banks, business correspondents of a banking company, white-label ATM operator of any bank, farmers whom the Central Government specifies the commission agent or trader.

For example, if Mr. ‘Y’ has filed all his returns and if he withdraws cash up to Rs. 1 Crore then no TDS will be applicable. In case Mr. ‘Y’ withdraws cash which is more than Rs. 1 Crore then only 2% TDS will be applicable.

On the other hand if Mr. ‘Z’ has not filed all his returns and if he withdraws cash from Rs. 20 Lakh to Rs. 1 Crore then 2% of the TDS will be applicable. In case Mr. ‘Z’ withdraws cash which is more than Rs. 1 Crore then 5% TDS will be applicable.

For more info: click here

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How to file Nil GSTR-3B through SMS

Step 1:  SMS to 14409 from your registered mobile number.  The registered mobile number of such a representative cannot be common with other authorised representatives for the same GSTIN. 

The message should be as follows: 

NIL<space>3B<space>GSTIN number<space>Tax period (MMYYYY)

Example: NIL 3B 09XXXXXXXXXXXZC 062020

The user will then receive a six-digit validation code from VD-GSTIND, which will have a validity of 30 minutes.

Step 2: Confirm the NIL filing with another SMS:
CNF<space>3B<Space>Code

Example: CNF 3B 123456

A receipt message should come with an ARN code.

The ARN code can be used to track the status of the return at www.gst.gov.in, by going to Services > Returns > Track Return.

For help, users can SMS: HELP 3B to 14409.

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Thrust on local Product: No global tender for up to Rs 200-crore govt purchase

Finance minister Nirmala Sitharaman announced: “Indian MSMEs and other companies have often faced unfair competition from foreign countries. Therefore, global tenders will be disallowed in government procurement of up to Rs 200 crore. The necessary amendments of General Financial Rules will also be done.” This will be a step towards self-reliant India and will also support the ‘Make in India’ initiative.

This announcement ensure that local businesses, especially small and medium ones, don’t face unfair competition from large foreign companies with deep pockets. 

Read More at: click here

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