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K.N. Mallya & Associates

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K.N. Mallya & Associates

Regular Updates on GST and Tax Laws...

31/10/2024

ദീപാവലി ആശംസകൾ

30/09/2024

Tax Audit Due Date Extended by 7 days to 07-October-2024

24/09/2024

Archival of GST Returns data on GST portal
Sep 24th, 2024

1. Section 39 (11) of the CGST Act, 2017 , implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, provides that the taxpayers shall not be allowed file their GST returns after the expiry of a period of three years from the due date of furnishing the said return.

2. Further, as per GST portal data policy, data for view of taxpayer to be retained for seven years only. Therefore, the same data policy is being implemented on the GST portal. Thus, return data will not be available to view beyond 7 years for taxpayers.

3. Accordingly, on 01st August 2024 return filed for July 2017 has been archived and on 01st September 2024, data for August 2017 has been archived. Further, this data archival is going to be a monthly activity hence on 01st October, 2024 data of September 2017 shall be taken down from the GST portal and so on so forth.

4. Hence, hereby the taxpayers are advised to download their relevant data from the GST portal for any future reference, if required.

Thanks,
Team GSTN

04/09/2024

Invoice Management System w.e.f 1st October 2024.

27/08/2024

There's an important update for Goods and Services Tax (GST) assessees. From September 1, 2024, GST authorities will only allow the filing of GSTR-1 returns or the submission of data using the Invoice Furnishing Facility (IFF) of the registered taxpayer who has furnished their bank account details. According to an advisory dated August 23 shared by the GST Network on microblogging site X (formerly Twitter), the GST taxpayer "will not be able to furnish GSTR-01/IFF", as the case may be, "without furnishing the details of a valid bank account in their registration details" on the GST portal.

GSTN is a government-owned entity that provides the technological infrastructure for the GST system in the country.

The organisation has time and again informed the taxpayers about the mandatory requirement of furnishing their details while undertaking GST registrations.

As per Rule 10A of the GST law, a taxpayer is required to furnish the details of a valid bank account within 30 days from either of the following two, whichever is earlier:

The date of the grant of registration
Before furnishing the details of outward supplies in Form GSTR-1 or using the IFF
This rule is being enforced from September 1, GSTN said.

It is informed that in the absence of valid bank account details in the GST registration, the assessee will not be able to file the GSTR-1 return or furnish the details using the Invoice Furnishing Facility, it added.

What to do?

"All the taxpayers who have not yet furnished the details of a valid Bank Account details are hereby requested to add their bank account information in their registration details by visiting Services > Registration > Amendment of Registration Non - Core Fields tabs on GST Portal," according to the advisory.

17/08/2024

Simplify Your GST Returns with K.N MALLYA & ASSOCIATES

Are you struggling with GST returns? Let us handle the hassle for you! Our expert team ensures accurate and timely filings, so you can focus on what you do best – running your business.

📞 Contact us today at 9847763911 or 7736634927
📧 Email: [email protected]
🌐 Visit: www.knmallya.com

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Address

6/1916 (2), Anavathil, Opp. BSNL, Mattancherry
Kochi
682002

Opening Hours

Monday	10am - 5pm
Tuesday	10am - 5pm
Wednesday	10am - 5pm
Thursday	10am - 5pm
Friday	10am - 5pm
Saturday	10am - 1pm

Website

http://www.knmallya.com/

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