⚫Manufacturing sector activity showed a marginal improvement in December compared to the previous month even as employment generation remained low. Purchasing managers index inched up to 56.4 in December compared to 56.3 in November.
⚫The count of the unemployed mounted to 38.7 million in December 2020 compared to 27.4 million in November, registering a massive increase of 11.3 million.
⚫The benchmark Sensex on Monday crossed the 48,000-mark for the first time as investors cheered the approval to two Covid vaccines by the Indian authorities. The Sensex ended the session at 48,177, following a gain of 308 points. The Nifty, on the other hand, rose 114 points, to end the session at 14,133. It took five sessions for the Sensex to reach the 48,000 level from 47,000.
⚫Indian banks loans rose 6.1% in the two weeks from a year earlier, while deposits rose 11.3%, as per the RBI report.
⚫Divestment may trigger a breakout in PSU stocks, charts show. If the Nifty PSE Index sustains above 2,800 levels on the closing basis, it may see a rally towards 3,100 levels.
⚫The seventh round of talks between agitating farmers and the central Govt to resolve the impasse over the three farm laws and a legal guarantee for MSP yet again failed to make headway. Both sides dug in their heels before deciding to reconvene on January 8. While the central Govt wanted farmers to discuss the three Acts clause by clause, the farmers wanted nothing less than an assurance of total repeal.
⚫Data of 100 million credit, debit cardholders leaked on Dark Web. Breach after attack on Bengaluru-based fintech service provider Juspay's server.
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1. Certain notified taxpayers have been issuing invoices after obtaining Invoice Reference Number (IRN) from Invoice Registration Portal (IRP) (commonly referred as ‘e-invoices’). Details from such e-invoices shall be auto-populated in respective tables of GSTR-1. Update on the status of such auto-population was last published on 30/11/2020.
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2. For those taxpayers who had started e-invoicing from 1-10-2020, the auto-population of e-invoice data into GSTR-1 (of December 2020) had started from December 3rd, 2020
3. In this regard, following is to be noted by those taxpayers:
➡️The data in GSTR-1 is now available on T+3 day basis, i.e. for example, the data from e-invoices uploaded on 18-12-2020 would be visible in GSTR-1 on 21-12- 2020.
➡️The corresponding reflection of such e-invoice details in GSTR-2A/2B/4A/6A has also started.
➡️The auto-population of e-invoice data into GSTR-1 is based on date of document (as reported to IRP).
For example, a document dated December, 30th, 2020 is reported to IRP on 3rd January, 2021 and where GSTR-1 for December, 2020 is not filed, then the details of that document will be available in the tables of GSTR-1 pertaining to December, 2020.
However, if the GSTR-1 for December was already filed by that date, then, the details of such document will be made available in the consolidated excel file downloadable from GS TR-1 dashboard (with error description as ‘Return already filed’). The taxpayer may thereupon take necessary action.
4. Owing to existing validations in GSTR-1, e-invoices reported with below commonly observed issues are not auto-populated in the tables of GSTR-1 but are made available in the consolidated excel file downloadable from GSTR-1 dashboard (with corresponding error description):
➡️Supplier is found to be of type ISD/NRTP/TCS/TDS;
➡️Supplier is found to be composition taxpayer for that tax period;
➡️Document date is prior to Supplier’s/Recipient’s effective date of registration;
➡️Document date is after Supplier’s/Recipient’s effective date of cancellation of
registration;
➡️ Invoices reported as attracting “IGST on Intra-state supply” but without reverse charge
5. Further, in certain cases, e-invoice details could not be processed (and hence were not auto-populated) due to data structure issues. These errors may be taken note of and shall be avoided while reporting the data to IRP.
➡️Serial number of item shall not be reported as ‘0’
➡️White space found in POS (Place of Supply State Code), e.g. “8 ” . Expected values were 08 and 8.
6. The detailed advisory with methodology of auto-population etc. is already made available on the GSTR-1 dashboard (‘e-invoice advisory’) and also e-mailed to relevant taxpayers.
7. It is once again reiterated that the auto-population of details from e-invoices into GSTR-1 is only a facility for the taxpayers. After viewing the auto-populated data, the taxpayer shall verify the propriety and accuracy of the amounts and all other data in each field, especially from the perspective of GSTR-1 and file the same, in the light of relevant legal provisions.
8. The taxpayers are once again requested to verify the documents auto-populated in GSTR-1 tables and consolidated excel and may share feedback on GST Self Service Portal, on below aspects:
➡️All documents reported to IRP are present in excel
➡️Status of each e-invoice/IRN is correct
➡️All the details of document are populated correctly
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👉🏻Govt crackdown on 7,000 GST evaders, 185 arrested
(Armed with data analytics and information from agencies, the government has launched a massive crackdown on GST evaders, initiating action against 7,000 entities including arrest of 187)
👇🏻 👇🏻 👇🏻
http://bit.ly/3rWAbTw
👉🏻GST Important Changes Applicable from 1st January 2021
(Important GST Changes Applicable from 1st January 2021)
👇🏻 👇🏻 👇🏻
https://bit.ly/3pOPMTn
👉🏻Power To Block GST Credit Mustn’t Be Used To Harass Taxpayers - Gujarat High Court
(The court expressed the need for the government to issue guidelines and the procedure to be followed by GST authorities while exercising their powers to block utilisation of ITC)
👇🏻 👇🏻 👇🏻
http://bit.ly/3ohh3NU
👉🏻Appointment of GST Auditors for CSIR – NEERI
(CSIR – NEERI invites RfP from Chartered Accountant / Cost Accountant Firms for conducting GST Audit)
👇🏻 👇🏻 👇🏻
http://bit.ly/3pSAexQ
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Individuals etc to now file ITR by 10 Jan, Cos etc to file 3CD etc by 15 Jan & ITR by 15 Feb. Vivaad se Vishwas Decl till 31 Jan & GSTR9 for 19-20 till 28 Feb.
Notification 01/2021 CGST dated 01/01/2021:
A registered person shall not be allowed to furnish the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1, if he has not furnished the return in FORM GSTR-3B for preceding two months;
A registered person, required to furnish return for every quarter under the proviso to sub-section (1) of section 39, shall not be allowed to furnish the details of outward supplies of goods or services or both under section 37 in FORM GSTR-1 or using the invoice furnishing facility, if he has not furnished the return in FORM GSTR-3B for
preceding tax period.
E-invoice would be made mandatory for all B2B transactions (including SEZ & Exports Outward Supply)for Taxpayers with aggregate turnover over 5 crores on a PAN from 1st April 2021: Finance Secretary said during an Interview to Press.
Business having turnover below 100 cr should use the time to gear up & to have a robust system for generating E-invoice from 1st April 2021 without any defect or holding up their invoicing on 1st April 2021.
Members who are not able to generate UDIN on account of Non Payment of COP/Membership Fees are requested to kindly file online Form 9/Form 101 for restoration of Membership/COP on SSP which will be made available tonight ! Post restoration of Membership UDIN will be reactivated.
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