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October Newsletter
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New Releases
| Sr. No | Particulars | Description |
|---|---|---|
| 1. | Filed GSTR1 multi-month excel download | Users can now easily download their GSTR-1 data for all months in a click for single GSTIN. This feature simplifies the process of obtaining GSTR-1 data for analysis and record-keeping. |
| 2. | Excel Upload for company creation | This feature allows users to upload a single excel file to create multiple companies with a single click or to create a single company with multiple GSTINs in one go. It streamlines the company creation process, making it more efficient. |
| 3. | Upload Data - "Trial Balance" | Users can now upload Trial Balance data at the individual GSTIN level as well as at the PAN level. This feature provides flexibility for managing financial data and ensures accurate reporting. |
| 4. | Filed GSTR3B multi-month excel download | This new feature enables users to download GSTR-3B data for all months in a click for single GSTIN. It simplifies the process of obtaining historical GSTR-3B data for analysis and compliance purposes. |
| 5. | GSTR9 - Prefilled GSTR9 - Download in Excel | Users can now download Prefilled GSTR-9 data in a single Excel sheet. This feature enhances convenience and simplifies the process of preparing and reviewing GSTR-9 returns. |
| 6. | PAN level view in PR- addition of some error records | Previously, errors like "Already claimed" and "Already Reconciled" were not included in the error list. With this feature, these errors are now added to the error list, providing users with more comprehensive error information. |
| 7. | Range Filter on Document Issue | This feature introduces a range filter for the Document Issue column, making it easier for users to filter and sort data related to document issuances. It enhances data management and retrieval capabilities. |
| 8. | Improvements in the logic of sequence Generation for GSTR-1 filling | An improved logic has been added for the auto computation of Invoice series calculation in GSTR-1. This ensures that the Invoice Series is computed correctly, addressing any issues with previous calculations and enhancing the accuracy of GSTR-1 reporting. |
| 9. | Trial balance comparison of GSTINs for one PAN | Our latest feature allows you to effortlessly compare Trial Balance data for both single GSTIN and PAN level, making it more versatile and user-friendly. |
Webinar Summary
In-Depth Analysis of GSTR-9 and GSTR-9C- Part-1 & Part-2
Here’s a quick recap:
Part- I:
- Review income ledgers and expense credits to identify GST short payments.
- Thoroughly check inventories for write-offs, disposals, or theft that may require reversing GST availed under section 17(5)(h) of the CGST Act.
- Examine transactions with related parties to ensure GST payment under Reverse Charge Mechanism.
- Pay close attention to Contingent Liability notes and Cash Flow Statements to confirm appropriate GST payment.
Part – II:
- GSTR-9 Table Highlights:
– Table 4: Taxable Outward Supplies
– Table 5: Non-taxable Outward Supplies
– Table 6: Inward Supplies in GSTR3B
– Table 7: Inward Supplies reversed in GSTR3B
– Table 8: Reconciliation of GSTR 2A/8A vs. GSTR 3B
– Tables 9: Payment Summary and Amendments in GSTR1
– Tables 10 and 11: Amendments in GSTR1
- GSTR-9C Table Highlights:
– Table 5: Turnover reconciliation with Financial Statement
– Table 9: Rate-wise Tax Bifurcation and Reconciliation
– Table 12: ITC reconciliation with financial statement
- Categorize reasons for differences in GSTR 9C Table 5 from FY 2022-23.
- Align ITC with GSTR 2A in GSTR9 Table 8 and reconcile ITC with financial statements in GSTR 9C Table 12.
- Maintain detailed backups for each form entry for future assessments or audits.
Blogs
GSTR 9 and 9C: Key Changes for FY 23
Amendments and claiming Input Tax Credit (ITC) for the financial year 2022-23 must be completed by November 30,…
Read MoreReverse Charge Mechanism under GST
The Reverse Charge Mechanism (RCM) in the Goods and Services Tax (GST) is a concept that has been introduced to…
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1. Facility of enrolment for supply of goods through e-commerce operators by GST un-registered suppliers By way of…
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Read MoreKey Highlights of 52nd GST council meeting
The 52nd GST Council was held on 7th of October 2023 under the Chairpersonship of Union Minister for Finance &…
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The introduction of the Goods and Services Tax (GST) in India brought significant changes to the taxation landscape. Among…
Read MoreGST Notifications dated 19.10.2023
On October 19, 2023, the Central Board of Indirect Taxes and Customs (CBIC) issued nine notifications related to Central Goods and...
Read MoreCase Laws
GST ITC can not be denied only due to mismatch with GSTR 2A!
Section 16 of the CGST Act lays down the conditions to be fulfilled by GST registered buyers to claim ITC.…
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Goods transport agency under GST
The Goods Transport Agency (GTA) plays a crucial role in facilitating the movement of goods across the country. As per the provisions of the Goods and Services Tax (GST) regime, GTA services are subject...
Read MoreTDS and TCS under GST: A Detailed Guide
Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) are essential components of the Goods and Services Tax (GST) framework in India..…
Read MoreSupply & Types of Supply under GST
When GST (Goods and Services Tax) was introduced in 2017, it brought about a significant change in the way taxes were applied to various goods and services...
Read MorePlace of supply in GST
“Place of supply” in GST refers to the location where the taxable event occurs. For goods, it’s where the goods are supplied, and for services, it’s where the services are provided...
Read MoreSuccess Stories
As a Tax Manager, I rely on LogiTax's GST Returns and E-Invoicing solution to streamline our operations. It has simplified our processes, ensuring we meet all compliance requirements effortlessly. This is a must-have tool for every tax professional.
I've been using LogiTax for my clients, and it has made a significant difference in managing their GST returns and E-Invoicing. The software's user-friendly interface and powerful features save time and ensure accuracy. LogiTax is a true asset for any CA.
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