Satdive Consultancy Services

To
Dear Customer,

Greeting from Satdive Consultancy Services !!

Hurry Up..

Last 2 day remaining to file the Income Tax Return Filling for the F.Y.2021-2022.

If you want to file your income Tax Return for the f.Y 2021-2022 then please contact undersigned for further process.

Regards
Kiran Satdive
Email id: [email protected]
Cell No.: 7821830535

ESIC Date Extended for March 2022

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*Applicability of Section 194Q TDS on Purchase of Goods*

A new section 194Q introduced In the Budget 2021-22 which will be effective from 1st July 2021.

In order to widen and deepen the tax base, it is proposed to levy a TDS of 0.1% on a purchases transactions exceeding Rs. 50 lakhs in a year. In order to reduce the compliance burden, it is also proposed to provide that the responsibility of deduction shall lie only on the persons whose turnover exceeds Rs. 10 crores.

Who is Liable to Deduct
A buyer carrying on a business whose total sales, gross receipts or turnover from the business exceeds Rs.10 crores during the financial year immediately preceding the financial year in which such goods are purchased.


When tax liable to be Deducted
The tax shall be deducted from the purchases made by a buyer if the following conditions are satisfied:

There is a purchase of goods from a resident person;
Goods are purchased for a value or aggregate of value exceeding Rs. 50 lakhs in any previous year; and
The buyer should not be in the list of persons excluded from the provision for deduction of tax.
Time of Deduction
(i) At the time of credit of such sum to the account (even if Suspense A/c) of the seller; or

(ii) At the time of payment thereof by any mode

Whichever is earlier.


Rate
0.1% of the purchase value exceeding Rs. 50 lakhs if the seller has furnished his PAN or Aadhaar, otherwise, the tax shall be deducted at the rate of 5%.

Exception
(a) tax is deductible under any of the provisions of this Act; and

(b) tax is collectible (TCS) under the provisions of section 206C other than a transaction to which sub-section (1H) of section 206C applies.

TDS u/s 194 Q v/s TCS u/s 206C(1H)
The buyer shall have the primary and foremost obligation to deduct the tax and no tax shall be collected on such transaction under Section 206C(1H). However, if the buyer makes a default, the liability to collect the tax gets shifted to the seller.

Liability for Non-compliance
Dis-allowance to the extent of 30% of the value of transaction. It means that if the buyer fails to deduct and deposit TDS as applicable then dis-allowance shall be restricted to 30% of the amount of expenditure on which TDS is not deducted and deposited. In addition, if deductor fails to deduct tax at source, he shall be liable to pay interest at the rate of 1% for every month or part thereof on the amount of tax he failed to deduct. However, if he fails to deposit the tax deducted at source, he shall be liable to pay interest at the rate of 1.5% for every month or part thereof on the amount of tax he failed to deposit to the credit of the Central Govt.


Action Points
Procurement Team to Identify vendors having turnover more than 50 Lakhs.
IT Team to make necessary changes in the software.
Revision of Open PO’s w.e.f 01-July-21 since TCS would not be applicable.
Conclusion
The word TDS and Tedious sounds similar. Currently there are 38 provisions which required Tax Deduction at Source from various transaction. If all these provisions collated in a table this has increased the compliance burden at no cost to the Assessee. The intention of section 194Q is to widen and deepen the tax base. However, this purpose would get defeated and add more baggage to the already overcrowded TDS provisions.

*Extension of the due date of filing Application for Revocation of Cancellation of Registration*

“In view of the decision of GST Council taken in its 43rd meeting dt. 28.05.2021, the timeline for filing of the ‘Application for Revocation of Cancellation’ for those applicants, for whom the due date of filing such application was falling between 15 April to 29th June, 2021, has been extended up to 30th June, 2021.”

43 meeting of gst council

Income Tax important updates......

CBDT has extended due dates which includes

: Extension of TDS return due date for the last quarter of FY 2020-21 (30th June 2021)

: ITR for non Audited assessee for AY 2021-22 (30th September 2021)

: Tax Audit Report for AY 2021-22 (31st October 2021)

: ITR for Audited assessee for AY 2021-22 (30th November 2021)

: Revised/Belated ITR for AY 2021-22 (31st January 2022)

No extension for TCS return

No extension for 15-G and ,15-H

From 7 June 2021, You can pay your Income Tax even through Credit Cards

Changes by Ministry of Company Affairs wef 1st April 2021 to ensure more and more transparency

Schedule III of the Companies Act 2013 contains the general instructions for preparation of Balance Sheet and Statement of Profit and Loss of a Company.

Following are the changes made in the financials/ notes to accounts on account of amendments in Schedule III brought about by MCA:

1. Now companies have to round off the figures appearing in the financial statements, hitherto it was optional. Further, the criteria for rounding off shall be based on “total income” in place of “turnover”.

2. Company shall disclose Shareholding of Promoters.

3. Current maturities of Long term borrowings shall be disclosed separately.

4. Trade Payables ageing schedule to be given.

5. Trade Receivables ageing schedule to be given.

6. Security deposits shall not be disclosed under ‘Long term loans and advances’ but disclosed under ‘Other non current assets’.

7. The company shall disclose the reason of utilization of funds for the purposes other than for which they were borrowed and shall also disclose the purposes for which the funds were utilised.

8. Company needs to disclose if the books of accounts are tallied with the quarterly or monthly returns filed with banker in cases where company has borrowed funds from banks on the basis securities of current assets, or else a separate reco statement needs to be provided.

9. The company shall provide the details of all the immovable property (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) whose title deeds are not held and where such immovable property is jointly held with others, details are required to be given to the extent of the company’s share.

10. In cases where revaluation has been done in case of Property Plant and Equipment, the company shall disclose if the valuation was done by registered valuer.

11. Disclosures to be made where Loans or Advances in the nature of loans are granted to promoters, directors, KMPs and related parties (loans given to promoters as a % of total loans)

12. For Capital-work-in progress, ageing schedule shall be given

13. For Intangible assets under development, aging schedule to be given.

14. Disclosure of any proceedings initiated or pending against the company for holding any benami property under the Benami Transactions (Prohibition)Act, 1988 to be made.

15. Where a company is a declared wilful defaulter by any bank or financial Institution or other lender, details to be given.

16. Disclosure of any transactions with companies struck off

17. Where any charges or satisfaction yet to be registered with Registrar of Companies beyond the statutory period, details and reasons thereof shall be disclosed.

18. Following Ratios to be disclosed:

(a) Current Ratio,(b)Debt-Equity Ratio,(c)Debt Service Coverage Ratio, (d) Return on Equity Ratio,(e) Inventory turnover ratio,(f)Trade Receivables turnover ratio, (g) Trade payables turnover ratio, (h) Net capital turnover ratio, (i) Net profit ratio, (j)Return on Capital employed, (k) Return on investment
(xv) Disclosure of Utilisation of Borrowed funds and share premium to be given
Explanation is required if there’s change of more than 25% as compare to preceding financial year.

19. Further disclosures shall be made where the company has received funds from any persons or entities including foreign entities to further lend or invest or provide any guarantee, security to third parties.

20. Where a scheme of arrangement has been approved, disclosure shall be made of the effect of the same on the books of accounts and any deviation from the accounting standards for the same.

1. Mandatory use of Accounting Software having Audit Trail*

From FY commencing on 01.04.2021, every Company shall use Accounting Software having feature to record audit trail of each transaction, creating the edit log of changes made & ensuring that the audit trail cannot be disabled.

Link:http://mca.gov.in/Ministry/pdf/AccountsAmendmentRules_24032021.pdf

*2. Other Matters to be Included in Auditors Report*

a. Reporting regarding advances, loans & Investment other than disclosed in notes to accounts.
b. Receiving of funds for further lending or investing other than disclosed in notes to accounts.
c. Dividend declared or paid is in compliance of section 123 of CA, 2013.
d. Comment of use of Accounting Software having Audit Trail & other rules therein.

Link:http://mca.gov.in/Ministry/pdf/AuditAuditorsAmendmentRules_24032021.pdf

*Amendments in Schedule III from 1st day of April, 2021*

As per the amendments many new disclosure has been mandatory as detailed below:

a. Disclosure of Shareholding of Promoters
b. Trade Payables ageing schedule with age 1 year, 1-2 year, 2-3 year & More than 3 years
c. Reconciliation of the gross and net carrying amounts of each class of assets
d. Trade Receivables ageing schedule with age 1 year, 1-2 year, 2-3 year & More than 3 years
e. Detailed disclosure regarding title deeds of Immovable Property not held in name of the Company.
f. Disclosure regarding revaluation & CWIP ageing.
g. Loans or Advances granted to promoters, directors, KMPs and the related parties
h. Details of Benami Property held
i. Reconciliation and reasons of material discrepancies, in quarterly statements submitted to bank and books of accounts.
j. Disclosure where a company is a declared wilful defaulter by any bank or financial Institution
k. Relationship with Struck off Companies
l. Pending registration of charges or satisfaction with Registrar of Companies
m. Compliance with number of layers of companies
n. Disclosure of 11 Ratios
o. Compliance with approved Scheme(s) of Arrangements
p. Utilisation of Borrowed funds and share premium
q. Details of transaction not recorded in the books that has been surrendered or disclosed as income in the tax assessments
r. Disclosure regarding Corporate Social Responsibility
s. Details of Crypto Currency or Virtual Currency

Link:http://mca.gov.in/Ministry/pdf/ScheduleIIIAmendmentNotification_24032021.pdf

mca.gov.in

*extended due dates for filing Annual Return (GSTR-9) and Reconciliation Statement (GSTR-9C) for FY20 from 28 February 2021 to 31 March, 2021*

"In view of the difficulties expressed by the taxpayers in meeting this time limit, Government has decided to further extend the due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 to 31.03.2021 with the approval of Election Commission of India," the government said in a statement.

The due dates for the financial year 2019-20 was earlier extended from 31.12.2020 to 28.02.2021, noted the Ministry of Finance.

"This press note is being issued to keep taxpayers informed so that they may plan their return filing accordingly. Suitable notification to give effect to this decision is being issued," FinMin added in the statement.

GSTR-9 is an annual return to be filed yearly by taxpayers registered under the goods and services tax (GST). It consists of details regarding the outward and inward supplies made or received under various tax heads.

GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement.

Income Tax Date Extended

*दिपावली शुभेच्छा*

सस्नेह नमस्कार,

दिपावलीच्या आनंदमयी, उत्साही, मंगलमय पर्वानिमित्त आपणास व आपल्या परिवारास मनःपूर्वक हार्दिक शुभेच्छा..!

ही दिवाळी आपणास *आनंदी, भरभराटीचे, प्रगतीचे, आरोग्यदायी, सुखमय, शांतीमय, ऐश्वर्यमय* जावो ह्याच मनोकामना...! 🙏🏻💥 💫💥 *दिपावलीच्या*💥💫
💐 हार्दिक शुभेच्छा*💐🎊🎊🎉🎉🪔🪔

Kiran Satdive & Family

*CGST Act 2017 ,Rule 59*

Rule 59(2): The details of outward supplies of goods or services or both furnished in FORM GSTR-1 shall include the –
(a) invoice wise details of all -
(i) inter-State and intra-State supplies made to the registered persons; and
(ii) inter-State supplies with invoice value more than two and a half lakh rupees made to the unregistered persons;
(b) consolidated details of all -
(i) intra-State supplies made to unregistered persons for each rate of tax; and
(ii) State wise inter-State supplies with invoice value upto two and a half lakh rupees made to unregistered persons for each rate of tax;
(c) debit and credit notes, if any, issued during the month for invoices issued previously.

Withdrawal of EVC facility extended to companies for filing GSTR1 and GSTR3B

The facility to file GSTR 3B and GSTR-1 with the EVC in lieu of DSC extended to the registered person, who are also registered under the Companies Act, 2013, shall be withdrawn w.e.f. 1st Nov. 2020. However, facility to file NIL returns through OTP verification, shall be continued for all types of registered persons in view of notification 58/2020- dated 1st July 2020

All date extended

CGST Act 2017,Rule 36 Sub Rule 4 - 10℅ Cap

CGST Act 2017- Rule 37

*CGST ACT -Section 9. Levy and collection*

[1] Subject to the provisions of sub-section [2], there shall be levied a tax called the central goods and services tax on all intra-State supplies of goods or services or both, except on the supply of alcoholic liquor for human consumption, on the value determined under Section 15 and at such rates, not exceeding twenty per cent., as may be notified by the Government on the recommendations of the Council and collected in such manner as may be prescribed and shall be paid by the taxable person.

[2] The central tax on the supply of petroleum crude, high speed diesel, motor spirit [commonly known as petrol], natural gas and aviation turbine fuel shall be levied with effect from such date as may be notified by the Government on the recommendations of the Council.

[3] The Government may, on the recommendations of the Council, by notification, specify categories of supply of goods or services or both, the tax on which shall be paid on reverse charge basis by the recipient of such goods or services or both and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to the supply of such goods or services or both.

[4] The Government may, on the recommendations of the Council, by notification, specify a class of registered persons who shall, in respect of supply of specified categories of goods or services or both received from an unregistered supplier, pay the tax on reverse charge basis as the recipient of such supply of goods or services or both, and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to such supply of goods or services or both.

[5] The Government may, on the recommendations of the Council, by notification, specify categories of services the tax on intra-State supplies of which shall be paid by the electronic commerce operator if such services are supplied through it, and all the provisions of this Act shall apply to such electronic commerce operator as if he is the supplier liable for paying the tax in relation to the supply of such services:

Provided that where an electronic commerce operator does not have a physical presence in the taxable territory, any person representing such electronic commerce operator for any purpose in the taxable territory shall be liable to pay tax:

Provided further that where an electronic commerce operator does not have a physical presence in the taxable territory and also he does not have a representative in the said territory, such electronic commerce operator shall appoint a person in the taxable territory for the purpose of paying tax and such person shall be liable to pay tax.

*GSTN enables matching offline tool to compare ITC auto-drafted in form GSTR-2B with Purchase Register*

Using Matching Offline Tool to compare ITC auto drafted in Form GSTR-2B with Purchase Register
An offline tool has been made available to the taxpayers to match Input Tax Credit (ITC), as auto populated in their Form GSTR-2B, with their purchase register. This tool will help the taxpayer to compare their ITC as per their Purchase Register, with the ITC as shown available in their auto drafted Form GSTR-2B and thus help them to claim correct ITC, while filing Form GSTR-3B.

To use the Matching Offline Tool, taxpayer need to :
download and install the Offline tool on their system
download the Form GSTR-2B JSON file from the GST portal
prepare purchase register in the template provided with offline tool
Total number of documents to match should be preferably be less than 3000 in number.

Steps to use the utility:
Download the utility from GST common portal by navigating to Downloads>Offline Tools> Matching Offline Tool

Open the tool. Following boxes are displayed on Offline tool dashboard page:
GSTR-2B
Import Purchase Register (PR)
Matching Result

Import GSTR-2B JSON file, downloaded from GST portal into the tool, by tab ‘Open downloaded JSON file’ and use it to view the same.

Import the purchase register data, maintained in the template provided with offline tool, using Excel or CSV format, from Import Purchase Register (PR) tile.

Click on ‘Match’ button to match the above two details (c & d). The utility will match the table wise details based on the criteria for matching selected.
Note:
The ‘Match’ button will be enabled only if purchase register has been successfully imported into the tool
The matching is done on the basis of GSTIN, Document type, Document number, Document date, taxable value, total tax amount and tax amounts head wise

Post matching, user will be navigated to the ‘Matching Result’ page and matching result will be summarized as Exact match, Partial match, Probable match or Unmatched.

Once matching is complete, taxpayer can:
Refine matching result
View summary of the matching result
Export the matching details to CSV file
Download the matching result details in excel format from offline utility.

Important points:
Profile of more than one GSTIN can be added in the offline tool for matching or to view GSTR-2B. Profile can be modified later on, if required.
Normal/SEZ developer/SEZ unit/casual taxpayer can use this tool. They must have valid login credentials and valid GSTIN for the period, for which they intend to view and match details of Form GSTR-2B.

*Consolidated debit/credit note enabled on GST Portal*

Consequent to amendment to section 34 of CGST Act,2017 through CGST (Amendment) Act, 2018 which was made effective from February 1, 2019 , one credit note can be issued against one or more relevant tax invoices. Before this amendment, credit note/debit note could be issued only against one tax invoice, and giving reference to such a tax invoice was mandatory while reporting the debit/credit note in the GSTR1 on the GST Portal.


Though the above amendment was effective from 1st February 2019, the GSTN has given this facility to report a credit/debit on the GSTN portal now only. So, while reporting debit/credit note in GSTR1 no reference is required to be given of the original tax invoice/invoices. For example, if X ltd raised 25 invoices on Y ltd from April to September 2020 but now X ltd has to give credit note in the month of November 2020 due to price difference then X ltd can raise one credit note against all the supplies made vide 25 tax invoices. GSTN will not ask for a reference to the original invoices. The same would be the case for debit note.


Though delayed still a welcome change for the taxpayers.

However, it may be noted that where the credit note is on account of discounts covered discount the reference to original invoices must be maintained by the taxpayers as a record as this is a legal requirement under section 15. To reiterate, the text of Section 15(3) (b) is reproduced here-

" after the supply has been effected, if -

such discount is established in terms of an agreement entered into at or before the time of such supply and specifically linked to relevant invoices; and......."

Otherwise, also taxpayers are advised to keep complete backup calculations of debit/credit notes with reference to invoices for future audits and verification purposes.

The government has recently made some changes in the GST return filing system. The return forms proposed earlier called the RET forms with ANX (annexures) have been shelved. The existing GST returns in forms GSTR-1, GSTR- 2A and GSTR-3B are getting a complete makeover. GSTR-1 relates to returns filed by suppliers for all outward supplies. GSTR-2A relates to purchases of a business. While GSTR-3B is a return for payment of GST taxes. Let’s understand some key tasks that taxpayers must attend to during the month of September and also look at the new forms for taxpayers.

New Return form GSTR-2B

A new statement called GSTR-2B, which is applicable for all normal taxpayers has been launched. The information in GSTR-2B is being auto-populated from GSTR-1. Further, GSTR-1 details will be auto populated into GSTR-3B, to pay GST dues. GSTR-2B and auto-linking of GSTR-1 with GSTR-3B are being implemented from July and August 2020 return period onward.

Shifting from GSTR-2A to GSTR-2B - The benefits and road ahead

There is a shift in the need to reconcile purchase registers from GSTR-2A to GSTR-2B from July 2020 return period onwards. In this statement, taxpayers can view the summary of eligible and ineligible ITC with a further invoice-wise break up of purchases as well as imports. For instance, ITC for August 2020 return period will be taken based on the documents reported by their respective suppliers between 12th August and 11th September 2020.

On comparing GSTR-2B with the existing GSTR-2A, details reported in GSTR-2B for a month will remain constant once reported by the respective suppliers. On the other hand, GSTR-2A is a dynamic statement. If a user checks his GSTR-2A for August 2020 on 19th September 2020, the details of supplies in it may not be the same as 12th September 2020.

The move can aid registered buyers in avoiding ITC reconciliation hassles and inconsistencies in GSTR-2A. It is because GSTR-2A changes every time their suppliers make changes to the invoices reported. The taxpayers and government can also easily compare and be sure of the total ITC that the taxpayer must avail for a month, reducing the scope for litigation. The department will be verifying the ITC claims in GSTR-3B on a future date, it need not lean upon taxpayers’ contention that the dynamic GSTR-2A as on a particular date was referred for ITC claims in GSTR-3B. There is also a need to automate the ITC claims in GSTR-3B via introducing a facility to accept and reject the eligible ITC found in GSTR-2B. An additional window to choose and track the 10% provisional ITC claims will be an icing on the cake.

Deadline to reconcile GST data of FY 2019-20 for September

Also, note that the deadline to reconcile FY 2019-20 GST data is here, i.e. September 2020. To recap, the September return period of a year following a financial year is significant as per the GST law. The government provides time to rectify mistakes made in regular returns during a relevant financial year in the September returns of the next financial year which is filed subsequently. Return for September of a year is the last return period during which taxpayers can rectify any omitted or incorrect details in the returns filed during the previous financial year. These corrections are crucial for an accurate closure of that financial year. They will also form an important checkpoint during the GST audit.

To make sure ITC is accurately claimed for a financial year, registered taxpayers need to reconcile GSTR-1 with GSTR-3B from 1st April 2019 to 30th September 2020, for invoices raised in FY 2019-20 and associated debit-credit notes. After that, they can report missed invoices or make amendments in GSTR-1 of September 2020 to be filed on or by 11th October. Similarly, they must reconcile Input Tax Credit (ITC) for FY 2019-20 claimed in GSTR-3B with GSTR-2A and purchase records for the same period given above. Accordingly, they can claim any missed out ITC or reverse the excess claims before filing GSTR-3B on or by 20th October (22nd or 24th for small taxpayers).

Complexities in Annual Reconciliation this year

For FY 2019-20, taxpayers may face complexities in ITC reconciliation due to the inclusion of CGST Rule 36(4). Let’s understand this rule a bit more. Between 1st April 2019 to 8th October 2019, taxpayers were allowed to claim ITC in their GSTR-3B on a provisional basis without restricting the upper limit. From 9th October 2019 to 31st December 2019, a 20% restriction was imposed on provisional credits every month based on eligible ITC in GSTR-2A. It was reduced to 10% from 1st January 2020 onwards. As a relief from the pandemic, the restriction was suspended between February 2020 to August 2020. However, taxpayers must claim ITC as per GSTR-2A cumulatively from February to August from September 2020 onwards. There can be overlap or spillover in the ITC claims due to these developments over the past year, leading to complications while reconciling for September 2020 returns. To top it, the tax professionals must parallelly guide their clients for all the changes introduced via GSTR-2B.

More compliances in September 2020

Apart from the above ITC reconciliation, taxpayers must also complete filing of GSTR-9 and 9C for FY 2018-19 by 30th September 2020 to avoid a late fee. Tax professionals may find it difficult to meet various deadlines lined up in September 2020 for small taxpayers. As a relief measure, small taxpayers can file their GSTR-3B from May to August 2020 within specified dates of September 2020 without late fee. Hence, the number of returns to be filed may be tasking for professionals.

Hence, from all the compliance listed above, it can be understood that September 2020 is likely to be a busy month, especially for tax professionals. Further, the yearly ITC reconciliation for FY 2019-20 done during September-October 2020 requires additional attention to Rule 36(4) as well as shifting to GSTR-2B from GSTR-2A from July 2020 onwards.

Implications of not completing GST Reconciliation timely

Suppose the taxpayer has missed completing yearly reconciliation before filing September 2020 returns. In that case, he will face discrepancies while preparing the annual returns for FY 2019-20. Unfortunately, by then, the window to claim any eligible ITC and make necessary amendments to invoices would have been missed, leading to excess tax outflow.

GSTN notifies on enabling of e-invoice portal
14 September 2020
Update regarding enabling on e-invoice portal (https://einvoice1.gst.gov.in/)
This is with reference to the requirement of certain taxpayers to prepare invoice in terms of Rule 48(4) of CGST Rules (e-invoicing).

As a facilitation measure, all the taxpayers who were having aggregate turnover of Rs. 500 Cr. (from 2017-18 onwards) were enabled on e-invoice portal https://einvoice1.gst.gov.in/. The listing is based on GSTR-3B data, as available in GST System.

One can search the status of enablement of a GSTIN on e-invoice portal: https://einvoice1.gst.gov.in/ > Search > e-invoice status of taxpayer

In case any registered person, is required to prepare invoice in terms of Rule 48(4) but not enabled on the portal, they may request for enablement on portal: ‘Registration -> e-Invoice Enablement’.

In case any registered person, who doesn’t have the requirement to prepare invoice in terms of Rule 48(4) but still enabled on the e-invoice portal, the same may be brought to the notice at [email protected] so that necessary action can be taken.

For more information and help on e-invoicing, please visit: https://einvoice1.gst.gov.in/ > Help

Updates on validation - Release Date: 11.09.2020
1. The following Improvements have been done in Validations in IRN Generation API.

• In case of Credit Note and Debit Note, tax rate can be passed with any value.

• Passed IGST Value of Item will not be validated even actual tax rate is passed in case of EXPWOP and SEZWOP, if the passed value of IGST for that is ZERO.

• Tolerance limit for 'Passed value / amount' for all calculations will be between (+/-) One Rupee to the calculated value / amount along with rounded down to previous rupee and rounded up to next rupee.

• Example 1: if calculated value for IGST of item A is 2345.34 then tolerance limit for passed value of that item is between 2344.00 and 2347.00.

• Example 2: if calculated value of IGST of all items is 10241.00 then tolerance limit for passed value of IGST of all items is between 10240.00and 10242.00

2. The taxpayers can now register and integrate the APIs through the ERP on the production system

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