Soon launching Communication channel between buyer and supplier for ITC matching: GSTN

No.PR-304 October 28, 2020 New Delhi

Soon launching Communication channel between buyer and supplier for ITC matching: GSTN

“GSTN is planning to launch Communication channel between buyer and supplier which will ease the communication amongst buyers (recipients) & sellers (suppliers) through the Portal”, said Mr. Rajeev Agarwal, Senior Vice President, GSTN at a Webinar organized by PHD Chamber of Commerce & Industry on GST Annual Return (GSTR-9) and GST Audit Report (GSTR-9C) – Practical Issues, Challenges & Resolution.

Mr. Agarwal shared that this will also allow taxpayers to communicate with respect to any discrepancy in Invoice or missing invoices and would allow follow-up directly through the Portal, like a messaging facility.

Shri Jagmal Singh, Vice President, GSTN while addressing the participants highlighted that the GSTN has activated the validation of delinking of Credit or Debit Note from its original GST invoice on the GST portal. GSTN has enabled the facility to report credit or debit notes for multiple invoices in GSTR-1. He said amendments have been made in section- 34 for allowing single credit/ debit notes for multiple invoices. Previously, individual Credit/ Debit Notes [CN/DN] are need to raised and linked to original invoices in the system. Consequently, original invoice number has to be quoted in the system while reporting a CN/DN.

Shri Pradeep Multani, Senior Vice President, PHD Chamber while addressing the webinar highlighted that most of the industry members were finding it difficult to comply with the deadlines for filing returns. He lauded the Government’s decision to extend the due dates for GST Annual Return (GSTR-9) and Reconciliation Statement (GSTR-9C) for 2018-19 to 31st December 2020. He felt that this step would go a long way in bestowing industry’s faith in the Government’s intention to help the trade in such trying times.

Shri Bimal Jain, Chair, Indirect Taxes Committee, PHDCCI discussed multiple issues & challenges with resolution viz. reconciliation of GST credit with books & GST returns, Time limit to avail credit, wrong availment and reversal of credit, RCM liabilities and it’s credit, spill over effects of 2017-18, etc., for filling GSTR 9 and GSTR 9C. Further he discussed and given precautions for the time limit to avail credit of FY 2018-19.

The other eminent tax experts who addressed the webinar include ; Mr. Tushar Aggarwal, Partner, Tattvam Advisors; Mr. Ashu Dalmia, Managing Partner, AAP & Co.; Mr. Shivam Mehta, Partner & Mr. Kabir Rishi, Joint Partner Lakshmikumaran & Sridharan and Mr. Sandeep Garg, Senior Partner, SSAR & Associates.

Ends Media Division PHD Chamber of Commerce and Industry