Additional, Rs. 6,000 crore released to the States for meeting the GST compensation shortfall
The Ministry of Finance has released the 11th weekly installment of Rs 6,000 crore to the States to meet the GST compensation shortfall. Out of this, a number of Rs 5,516.60 crore has been released to 23 States, and a number of Rs 483.40 crore has been released to the 3 Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir, and Puducherry) that are members of the GST Council. Currently, 60% of the estimated GST compensation shortfall has been released to the States & Union Territories with legislative assembly.
To read the full official notification, click on https://pib.gov.in/PressReleasePage.aspx?PRID=1687654
Auto-population of e-invoice details into GSTR-1
In the recent press release of the GST Department, from 1st January 2021, the taxpayers with aggregate turnover above Rs. 100 crore had also started reporting invoices to Invoice Registration Portal (IRP). Now, certain notified taxpayers have been issuing invoices after obtaining the Invoice Reference Number (IRN) from the Invoice Registration Portal (IRP).
To read the full official notification, click on https://www.gst.gov.in/newsandupdates/read/439
Aadhaar Authentication and e-KYC for Existing Taxpayers on GST Portal
The criteria for Aadhaar Authentication and e-KYC in the case where Aadhaar is not available has been deployed on GST Portal from 6th January 2021 for the existing Taxpayers that includes taxable person, SEZ units or Developers, ISD and Composition taxpayers can do their Aadhaar Authentication or e-KYC on GST portal. This is applicable for Government Departments, Public Sector Undertakings, Local Authorities, and Statutory Bodies.
To read the full Official Notification, click on https://www.gst.gov.in/newsandupdates/read/438