INCOME TAX Ministry of Finance discloses the new GST UPI Payment Guidance

Ministry of Finance discloses the new GST UPI Payment Guidance

Ministry of Finance discloses the new GST UPI Payment Guidance

Ministry of Finance discloses the new GST UPI Payment Guidance

The Indian Govt issued the exemption in the fine to those pursuing companies to consume Business to Business transactions for a term of four months from 01 Dec 2020 to 31 Dec 2021 in order to issue invoices except dynamic QR code through registered persons with a turnover of more than Rs 500 cr, according to the Ministry of Finance.

The Ministry of Finance mentions that the government has been advising banks, merchants, and the National Payments Corporation of India to implement GST for a year now to provide a unified payment interface UPI. Several meetings were held through DoR and NPCI, high-profile banks, and various stakeholders to improve the project. NCPI made the compulsory binding solutions and mutual technical qualifications within the banks.

In addition, the objective of the NCPI is to help the GST to get online from the 1st week of March 2020 and is ready for certification from 6 February 2020 on UPI.

India required to develop a cashless environment, The Ministry of Finance has proposed the issuance of an invoice with a dynamic QR code by an enrolled individual whose turnover is more than Rs 500 cr empty its Notification 14/2020 of 21 March 2020 to enable the GST on UPI w.e.f 1/12/2020 to be extended to invoices made to unregistered customers.

The penalty plan is also proposed to submit invoices with the exception of the dynamic QR code w.e.f 01 Dec 2020. While the majority of banks have postponed preparation for the incorporation of GST into UPI, several conferences, persuasions, and essential assistance from NPCI have already taken place.

As per the received information from the North block, a meeting was held to enable the GST on UPI, it was agreed to offer a 1 Time exemption from the penalty for a period of four months until 30 Dec 2021, to the result that members would settle the required protocol during that period to live with the QR code on invoices by 1/04/2021 enabling GST on UPI.

Thus, The Ministry of Finance, as far as the sources are concerned, has agreed to extend the special discount provided for in notification No. 89/2020-Central Tax, dated 29 November 2020, exempting invoices except the dynamic QR code from Dec 01, 2020, to Mar 03, 2021, from the provision that the assessee begins to comply with the provisions of the QR code from 1 April 2021.

Finance Act, 2021: The Finance Bill, 2021 has received the assent of the President, Shri Ram Nath Kovind, on 28th March 2021 and become ‘Finance Act, 2021’. However, the changes relating to GST shall come into force from the date to be notified later on.

Dynamic QR Code: The CBIC vide Notification No. 06/2021–Central Tax dated 30-03-2021, waived the amount of penalty payable by a registered person u/s 125 of CGST Act for non-compliance of provisions of dynamic QR code in case of B2C invoices till June 30, 2021, subject to the condition that said person complies with provisions of said notification w.e.f. July 1, 2021.

CBIC initially deferred to October 01, 2020, the requirement to enforce the QR code, followed by the further postponement of the requirement in the case of B2C invoices for the QR code, until December 01, 2020.

Govt made the penalty waiver Extension for non-compliance of QR Code till 30.06.2021

GST Registered taxpayer having a Total turnover of exceeded INR 500 CR. in an FY issuing the invoice to unregistered person (i.e. B2C invoice), shall provide invoice dynamic QR code. (CBIC vide Notification No. 14/2020-CT of 21.03.2020)

However, CBIC has been extended the deadline from 01.12.2020 to 30.06.2021 for the waiver of penalty for non-compliance of QR Code provisions, Provided that the QR Code provisions have complied with w.e.f. 01.07.2021. ( the CBIC vide Notification No. 06/2021 – CT dated 30.03.2021) 

CBIC subsequently waived, for failure to comply with provisions of dynamic QR code between the period until 31 March 2021, the amount of penalty paid by a registered person u/s 125 to the CGST law. Similar relief until 1 July 2021 has been provided now again.

Point to be noted that, the penalty has been waived for not providing a QR code However would be treated as non-compliance by GSTN."

Disclaimer: The content of this post isn't considered to be professional or legal advice, We aren't responsible for any damages arising from your access to the location content & must not be relied on or used as a substitute for legal advice from a lawyer professional in your jurisdiction. CARajput is among India's big digital compliance services platform which committed to helping people have started & developed their businesses. We had started with the goal of creating it easier for start-ups to start out their business. Our main aim is to assist the businessman with applicable laws & regulations compliance and providing support at each & every level to make sure the business stays compliant and growing continuously. For any query, help or feedback you may in touch on singh@carajput.com or Call or what’s-up on 9-555-555-480

Share This Post

Related Articles

Related Videos


E.FILING OF INCOME TAX RETURN | What is e-filing of income tax | Steps to file

E.filing of Income Tax Return | What is e-filing of income tax | Steps to file

Published On: Jan 03, 2022 | By: RJA

Need help?

Request a call
from a RJA
Business Advisor.

LET'S TALK

Private Limited Company

Popular Categories

Browse Blogs

Recent Posts

CBIC examine crypto ecosystem to bring more activities on GST framework

CBIC examine crypto ecosystem to bring more activities on GST framework

Extension of tax returns filing deadline for AY 2022–23 till 31st Aug 2022

Extension of tax returns filing deadline for AY 2022–23 till 31st Aug 2022

Taxpayer compulsory submit the correct HSN codes in GSTR-1: GSTN Advisory

Taxpayer compulsory submit the correct HSN codes in GSTR-1: GSTN Advisory

GSTR-9 and GSTR-9C(i.e GST Annual Return) are Available for filing Now

GSTR-9 and GSTR-9C(i.e GST Annual Return) are Available for filing Now

Advisory for SGST to Issue DIN While Issuing Notice

Advisory for SGST to Issue DIN While Issuing Notice

Connect with a RJA Advisor

Fields marked with an * are required

Enquire Us

Please send us your query and we feel very happy helping you

Testimonials

  • Thank you very much for all your help in setting up my new company and clearing up all outstanding business in my sole trader accounts. For the first time in years I have peace of mind regards my business accounts. Your workforce are a credit to you, the girls at reception are so helpful and Chris has been brilliant. It is very much appreciated.

    A US consultancy group

  • Rajput Jain & Associates. are a tremendous value added to me as an executive and a busy parent. It just makes sense to delegate my tax file to them -- they are proactive, extremely service oriented, and most importantly, I am completely confident they are finding every dollar of tax savings available to me.

    A Leading Service Provider

  • We use Rajput Jain & Associates for all our accounting, Corporation tax, VAT and other compliance needs. The service is professional, courteous and prompt. I would recommend Rajput Jain & Associates to any company requiring a comprehensive accounting and tax service.

    A Leading Consultancy Firm in Dubai

Money Back Guarantee

Not happy with the service? You can request a refund at anytime within 30 days!

24/7 Support

Get support through phone, email, mobile app or live chat - 24/7, 365 days.

EMI Payment

Easily pay online with EMI payments, credit or debit card, net banking, PayPal and more.

Legal Disclaimer--

The information contained on this website merely provides details of our firm to persons who have shown interest in knowing more about us and is not intended to solicit work or advertise our capabilities in any manner. The information provided on this website is general in nature and should not be used as a basis of decision-making without further professional advice. The third party site links are only provided for ready reference of the users and CA Rajput Jain & Associates neither controls their content nor undertakes any responsibility regarding them.

© 2016 Rajput Jain & Associates. All Rights Reserved | Sitemap

Call Email