The Goods and Services Tax (GST) Council’s 47th meeting was held on June 28-29, 2022 under the chairmanship of the Finance Minister Nirmala Sitharaman and made several recommendations to implement changes to the GST regime.


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Electronic Ledgers under GST Blog Post

E-Ledger is an electronic form of passbook for GST. Under the Goods and Services Tax, the taxpayers can maintain electronic ledgers. These e-ledgers are available to all GST registrants when they login to GST Portal. Whenever a taxpayer undertakes an activity related to these electronic ledgers, the concerned ledger then gets updated in real-time. Also, the details in the electronic ledgers get auto-populated from previous returns that were filed.

In simple words, the electronic ledger is an e-passbook for GST maintained in the GST portal. A registered taxpayer has 3 different electronic ledgers under GST. It is created during the GST registration process. Following are the details of the e-ledgers: 


Registration Requirements under GST Blog Post 2

GST Registration is a process by which a taxpayer gets himself registered under GST. Once a business is successfully registered, a unique registration number is assigned to them known as the Goods and Services Tax Identification Number (GSTIN). This is a 15-digit number assigned by the Central Government after the taxpayers obtain registration. GSTIN represents a unique identity of a tax payer in the records of the GST Department.


Updates on GST Return Filing System for Small Taxpayers

The Central Government is looking to overhaul the return filing system with a view to providing some relief to taxpayers with aggregate turnover under GST less than Rs. 5 crores. In this regard, it has released certain notifications to lay down a new scheme of return filing for such taxpayers. We have tried to summarize the changes/options in simple terms below.


GSTR 9A Annual Return Form for Composition Tax Payers

The GSTR 9A is an annual GST composition return form that has to be mandatorily filed by composition scheme taxpayers. The GSTR 9A form constitutes consolidated details of SGST, CGST and IGST paid during a given financial year. It constitutes all quarterly returns filed by the composition scheme holders (dealers/vendors) during a particular financial year. Each quarterly return must further reflect all sub-tax categories i.e CGST, SGST and IGST.


Details of Aadhaar Authentication Process for GST Registration

The GST Council in its 39th meeting held on March 14, 2020 approved operationalization of Aadhaar authentication for new taxpayers. The implementation of the same was postponed keeping the lockdown on account of COVID pandemic in view.

As per the notification of the Central Board of Indirect Taxes and Customs (CBIC) Aadhaar authentication for GST registration has become operational with effect from August 21, 2020. Aadhaar authentication for new registration is expected to substantially enhance ease of doing businesses for genuine businesses. A person opting for Aadhaar authentication for New GST registration would get it within three working days, if no notice is issued and would not need to wait for physical verification.

Financial Management