RBI BRINGS GSTN UNDER ACCOUNT AGGREGATOR FRAMEWORK

The Good and Service Tax Network (GSTN) has been added by the Reserve Bank of India (RBI) to the framework for account aggregators as a source of financial data. The most recent action aims to make it easier for micro, small, and medium-sized businesses to obtain loans based on cash flow (MSMEs). For the purpose of providing returns for the goods and services tax, the department of revenue will be the GSTN’s regulator (GST).

The financial data will be contained in GST returns submitted in GSTR-1 and GSTR-3B. The framework for registering with and using an account aggregator framework in India was published by the RBI in 2016.

 

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Read More: What is the co-browsing option for taxpayers on the income tax website?

 

In essence, an account aggregator makes it possible for people and financial institutions to share information. Thus, before offering a loan to a person or an organization, lenders can examine this data. The account aggregator platform has so far enabled 17 banks, 48 non-bank lenders, and about a billion accounts.

GSTN Started Allowing Amendment In Form 9A

GSTN has started allowing the amendment related to FY 2021-22 in October 2022 return period. This is in line with the recent amendment in the GST Law wherein amendment can be done up to 30th November of the next FY.

The specifics of taxable outward supplies made to the registered person that has previously been reported in table 4A, 4B, 6B, and 6C – B2B Invoices – may be changed by the taxpayer. To look for the invoice, the taxpayer must enter the financial year and invoice number before clicking on “Amend Record.”

 

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The 30th of November is the deadline for making GSTR-1 revisions and claiming pending input tax credit (ITC) for FY 2021–2022, as occasionally extended by the Government. The precise due date, however, will depend on the GSTR-1/GSTR-3B filing deadlines in November (specifically, those related to the return period in October). The GSTR-1/3B cannot be changed in the event that a taxpayer misses the pertinent deadlines. Any pending ITC for the fiscal years 2021–22 will be lost.

 

Read More: Input Tax Credit Complexities with GST Return Amendment

 

For the first two months of the quarter, small taxpayers may choose to upload their B2B outward supply invoices monthly using the Invoice Furnishing Feature (IFF), a facility offered by the QRMP system. In the GSTR-1 return, the invoices for the final month of the quarter must be uploaded.

 

GSTC Permits the use of Funds from E-Credit & E-Cash Ledgers to pay output tax dues in Returns

GSTC Permits the use of Funds from E-Credit & E-Cash Ledgers to pay output tax dues in Returns

GSTC allows for money in E-credit & E-cash ledgers to be used to pay output tax dues in returns

GSTC allows for money in E-credit & E-cash ledgers to be used to pay output tax dues in returns. The solicitor general was instructed by GSTC to represent NAA in cases where its constitutionality is questioned.

Here is what the source told:
  • The GSTC permits the use of funds in the E-credit and E-cash ledgers to settle output tax obligations in returns.
  • E-credit and E-cash ledger balances cannot be used to pay penalties, interest, or other costs.
  • For greater compliance, auto-population of GSTR3B & annual returns would be permitted.
  • Unneeded, the new return filing system will be discontinued.
  • The GSTC began a thorough examination of the national anti-profiteering authority.
  • GSTC instructed the solicitor general to support the NAA in cases in which its constitutionality is contested.
  • GSTC agrees to simplify the refund claims process for some concessional goods under an inverted duty structure.
  • In SC cases where NAA has been remanded by state high courts in opposition to orders, the government may soon appeal.
  • In cases of profiteering, GSTC informed NAA that a panel of attorneys had been established to ensure customers received justice.