GST: Audit Guidelines Need To Be Reviewed To Include Video Conferencing

GST officers would have to audit and assess taxpayers via video-conferencing instead of undertaking physical visits amid the coronavirus pandemic, and the current guidelines need to be reviewed for this, according to experts.

As per the current goods and services tax (GST) audit guidelines, taxpayers have been broadly categorised into three groups based on their annual turnover large, medium and small. While large and medium units are compulsorily under premises-based audits; for small units, desk-based audit has been suggested.

Major relief to business community in filing GST statements: Min

Bihar Deputy Chief Minister Sushil Kumar Modi on Thursday said the Centre has given big relief to business community in filling of GST statements, taking into account the slow-down due to lockdown enforced to check spread of Coronavirus.

 The date of filing annual statements of GST for businessmen with turnover of more than Rs five crores was earlier extended till June 30 and it had now been extended till September 30, he stated.

GSTN has enabled new facility to adjust negative ITC while distributing ITC to its units by ISD in Form GSTR-6

The GSTN Portal has enabled a new facility in Form GSTR-6. The adjustment of negative Input Tax Credit (“ITC”), while distributing credit to its units by ISD, through Form GSTR- 6.

• The persons registered as ISD can distribute ITC among its Units by filing Form GSTR-6, every month.
• Previously, ISD was not able to adjust negative ITC to its units, under a major head through ITC available under another major head. For example, if in a particular month, no ITC had accrued under a head but ITC reversal was required to be done under that head or in cases where no inward supplies under a head but receipt of Credit Note(s) under that head for past supplies etc.
• ISD would now be able to adjust negative ITC while distributing credit through Form GSTR 6.

CBIC issued clarification w.r.t. challenges in implementing the GST Law

The CBIC vide Circular No. 138/08/2020 – GST dated May 06, 2020 which has clarified the challenges which were faced by the registered person in implementing the GST Law.
 The following are the clarification made by the department are as thereunder: click here