A. New GST Reporting Requirements:
 

Purpose:

  • The  GST Council in its 31st meeting decided that a new GST Return system  will be introduced to facilitate taxpayers. Under the New GST Return System, there will be one main return called the GST RET-1 and two  annexures i.e. FORM GST ANX-1 and FORM GST ANX-2.
  • The returns will have to be filed on a monthly basis by all taxpayers. W.e.f.: 01st April, 2020.

Overview:

  • FORM  GST ANX-1 is an annexure to the main return GST RET-1 introduced under  the new filing system of simplified returns under GST.
  • This annexure will contain details of all outward supplies, inward supplies liable to  reverse charge and import of goods and services. Details in this annexure will have to be reported invoice-wise (except for B2C supplies) based on continuous uploading facility to be made available on GST  portal.
  • The reporting can be done on a real-time basis, and will be  available for the recipient of supplies to take necessary action in  their FORM GST ANX-2.

For a detailed update and relevant communication please refer to the following MOS Note:

  • E-Business Suite Release 12: Support on new GST Reporting Requirements (Doc ID 2623180.1)

 
B. E-Invoicing Functionality under GST:

Purpose:

  • The GST Council in its 37th meeting held on 20th Sept 2019 approved the standard of e-invoice for introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System.
  • Further, the Central Board of Indirect Taxes had issued Notifications listed below on 13-December 2019 modifying the existing CGST Rules for implementing e-invoicing procedures with effect from 1-April-2020.

Overview:

  • In an e-invoicing regime, tax payers are required to generate their invoices for supply of goods or services at taxable event for a given supply and with e-invoicing, they will be mandated to follow the prescribed data structure and content. Below are the important points with regard to the complete process:
  • This is applicable for B2B and B2G supplies.
  • Invoice generated from the supplier system must contain the mandatory data as per the prescribed schema.
  • Tax payers will be required to register their invoices electronically on real time basis with Invoice Registry Portal (IRP) prior to supply.
  • If the invoice information received is in order, IRP will acknowledge the receipt of the invoice which will be registered at GSTN portal and send back the unique Invoice Reference Number (IRN) which must be printed in the tax invoice generated by tax payers from their ERP/Accounting system.
  • On successful registration of the invoice at GSTN portal, IRP will digitally sign the invoice and assign a unique QR code and the same will be communicated back to the supplier.
  • This document issued by IRP will be the fiscal document for supply and must accompany the consignment along with eway bill and the tax invoice generated by the supplier.
  • Invoice generated from system without electronic registration and without QR code will be considered as an INVALID document.

For further details and relevant recommendations, please refer to the following MOS Note:

  • E-Business Suite Release 12: Support on E-Invoicing Requirements under Goods and Service Tax (GST) (Doc ID 2623708.1)

 

Applicable to:
Oracle E-Business Suite Release 12.1.X to 12.2.X