GST NEWS BULLETIN

Updated FAQ on e-invoicing

As the implementation of e-invoicing is around the corner, CBIC has issued an updated list of FAQ’s on e-invoicing for resolving the doubts in the minds of the persons from Trade & Industry.

Facility to introduce single credit/debit note against multiple invoices on GST portal

CBIC has given effect to the much-awaited facility of reporting single credit note or debit note issued in respect of multiple invoices on the GST portal. Earlier the taxpayers were mandatorily required to report original invoice number while reporting a Credit Note or Debit Note in Form GSTR-1 or Form GSTR-6. It is important to note that the said provision was notified vide CGST Amendment Act, 2018 but the same was not given effect on the GST portal till date.

New conversion rate for imports/exports announced

CBIC has notified new rate of exchange of foreign currencies into Indian currency w.e.f. 18.09.2020 for the purpose of import or export of goods.

Matching offline tool to compare auto drafted ITC in GSTR-2B with purchase register introduced

To reduce the burden of the taxpayers for matching of ITC while reporting in GSTR-3B, CBIC has provided a matching offline tool to compare auto drafted ITC in GSTR-2B with purchase register. This step is aimed to facilitate the taxpayers in claiming correct ITC while filing their returns. Taxpayers can download the said tool from the GST portal.