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Saturday 3 June 2023

Factors Affecting Credit Score

June 03, 2023 0
Factors Affecting Credit Score

Credit Composition

Having a diverse portfolio of credit accounts, which might include car loan, credit card, housing loan or other credit products can lead to a positive impact on Credit Score as it is indictive of how well you are managing a wide range of credit products. 

Tuesday 11 May 2021

GST E-Invoices Release Notes

May 11, 2021 0
GST E-Invoices Release Notes

 

Release Notes

Release Notes

Version 1.04:

eivital APIs (Date : 06/04/2021) blinking New

  1. New version for authentication has been released. The request payload has been slightly changed. Please click here to get the API details. The current authentication API version 1.03 will be withdrawn from 20/04/2021 on Sandbox.
  2. Two new attributes for Date of Registration (DtReg) and Date of De-Registration (DtDReg) have been added to the response JSON of ‘Get GSTIN Details’ and ‘Sync GSTIN Details from CP’ APIs. Click here for ‘Get GSTIN Details’ API details and here for ‘Sync GSTIN Details from CP’ API details
Version 1.03:

eicore & eiewb APIs (Date : 06/04/2021) blinking New

  1. IRNs can be generated only if the Supplier and Recipient GSTNs are 'Active' or 'Suspended'. IRN cannot be generated if the status of GSTINs is ‘Provisional’ or ‘Inactive’ or ‘Cancelled’. blinking Updated
  2. If the status of the Supplier GSTIN or Recipient GSTIN is ‘Cancelled’, the document date should be between date of registration (‘DtReg’) and Date of De-Registration (‘DtDReg’) for generation of IRN
  3. If the Recipient GSTN is of type SEZ Unit or SEZ Developer, Supply type (‘SupTyp‘) should be either ‘SEZWP’ or ‘SEZWOP’. Other supply types are not allowed
  4. Minimum 6 digits HSN codes for tax payers having turnover more than Rs. 5 crore.
  5. If IGST on Intra (‘IgstOnIntra‘) value is set to ‘Y’, then Reverse Charge applicable (‘RegRev’) value should be ‘Y’
  6. While generating E Way Bill, Vehicle Type (‘VehType’) can be set to ‘O’ (Over Dimension Vehicle) if the Transportation mode (‘TransMode’) is set as ‘4’ (Ship)

The Above changes in Sandbox are likely to be moved to production during second week of May 2021.

Date : 30/12/2020

As per the notification dated 22 December 2020, No. 94 /2020. the validity period of e-waybill is changed from 100 KM per day to 200 KM per day.

Date : 21/11/2020

Updated Date : 27/11/2020

Additional information is being provided in "InfoDtls" in the response JSON. The values for this attribute have been improved further to provide more meaningful information.

  1. The following improvements will not affect the ongoing IRN generations. These improvements are made to handle the exceptional cases of invoices which needs the IRN generation.
  2. These improved versions of APIs will be released on the production on 7-Dec 2020. You are requested to test these APIs on the sandbox.
  3. The Direct E-Waybill generation through Web/Offline/API will be blocked for the taxpayers who are generating IRN as per the notification. However, they will be allowed to generate the e-waybill directly which are not covered under IRN generation like Import/Job Work/Exhibition/Own Use etc
  4. There are some changes in validations for direct e-waybill generation using e-waybill APIs. Please click here https://docs.ewaybillgst.gov.in/apidocs for more details.
  5. E-way bill print will have the IRN , Acknowledgement no. and date
  6. Detailed E-waybill print will also have the IRN , Acknowledgement no. and date , but it will not have the Item details. Officers will be intimated to see the IRN copy for the item details.
  7. A new API GetIRNByDocDetails is made available in the Sandbox. This will help in fetching the details of IRN based on Document type, document date and document number.
  8. A Health API is made available in the Sandbox.
  9. JSON Schema of the ‘Generate IRN’ and ‘Generate EWB by IRN’ APIs have been improved by adding the “Patterns” for some of the attributes.
  10. Descriptions for some of Error Codes have been improved & also new Error Codes have been defined in the APIs.
  11. The following changes have been made in ‘Generate IRN’ API
    • IRN requests with Document Date from 01/10/2020 only will be accepted and processed for IRN generation. IRN requests belonging to previous dates will be rejected.
    • The Item serial number i.e attribute "SlNo" can be numeric only.
    • "Reverse Charges" can be set as "Y" in case of B2B and SEZ invoices also.
    • Recipient GSTIN should be registered and active, on the date of preparation of the document by the supplier.
    • If the PIN Code does not exist in the master database of the e-invoicing system but however if the first 3 digits of the PIN code matches with the respective State as per the pattern of PIN code-to-State mapping pattern defined by postal department, then IRN gets generated .
    • In case of Reverse charge and Export transactions (EXPWP), Total value of Item should match either with tax values or without tax values. That is, the total value of item can include or exclude the tax values as per the business requirements.
    • The distance of transportation is validated against the auto-calculated PIN-PIN distance stored in the system. The allowed distance for transportation should be between +/- 10 % of auto-calculated PIN-PIN distance. If the auto-calculated distance is less than 100 KMs, then the allowed distance for transportation should be between 1 and +10 % of auto-calculated PIN-PIN distance.
  12. IRN details can be fetched using 'Get IRN' API within 3 days from the date of generation of IRN.
  13. The following improvements in 'Generate EWB by IRN' API
    • If the PIN Code does not exist in the master database of the e-invoicing system and the first 3 digits of the PIN code matches with the respective State as per the pattern of PIN code-to-State mapping pattern defined by postal department, then IRN gets generated.
    • The distance of transportation is validated against the auto-calculated PIN-PIN distance stored in the system. The allowed distance for transportation should be between +/- 10 % of auto-calculated PIN-PIN distance. If the auto-calculated distance is less than 100 KMs, then The allowed distance for transportation should be between 1 and +10 % of auto-calculated PIN-PIN distance.
    • If the distance of transportation is passed as 0 (zero), then the system will consider it as request made by the tax payer, to consider the auto-calculated PIN-PIN distance for the generation of e-way bill and generate the e-way bill along with IRN. The actual distance is passed in "Info. Message" column for reference.
    • If the dispatching address and/or shipping address have not been passed during generation of IRN, then the respective addresses can be passed here.

Date: 21/10/2020

New API for Get e-Waybill Details for a given IRN 'Get e-Waybill Details by IRN' is made available in the Sandbox, Please refer to the API documentation here.

Date: 09/09/2020

New API for updating the GSTIN details from the GST Common portal 'Sync GSTIN Details from CP' is made available in the Sandbox, Please refer to the API documentation here.

Date: 26/08/2020

The following improvements have been made in the validations of IRN generation:

  1. ‘Version’ attribute in the Schema should be passed as ‘1.1’.
  2. The attributes in the JSON schema have been defined with column length, format and data types. Where-ever the data format is not defined for the attribute having data type as string, then for these attributes, the alphanumeric and special characters are allowed except the special characters “ (double quote) and \ (back slash).
  3. In case of GSTIN of supplier or recipient belonging to state of ‘OTHER TERRITORY’ (with state code as 97), then PIN code can be 999999.
  4. If the PIN Code does not exist in the master in the e-invoicing system, then that PIN code is not validated, however, the ‘info. Message’ is returned in the response payload indicating accordingly, so that user can check the PIN code.
  5. Tax rates are being validated. Only the allowed tax rates will be accepted for all types of document including Credit Note and Debit Note.
  6. In case of CREDIT NOTE AND DEBIT NOTE, the ‘IGST/CGST/SGST/CESS value of item’ is not validated with corresponding tax rates and taxable values.

Date: 08/09/2020

  1. Help section of e Invoice portal has been updated with new documents.
  2. 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: The passed value should be between minimum and maximum values as explained here. Minimum value is considered as the rupee part of the calculated value minus one rupee and maximum value is taken as the rounded up to next rupee value of the calculated value plus one 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
  3. The ERPs shortlisted by GSTN have been enabled to register and test the APIs on the sandbox system. They will work like GSP in using the e-invoicing system.
  4. The E-Commerce Operator (ECO) have been enabled to register and test the APIs on the sandbox system. The brief note on operations of the e-commerce operator has been published on the https://einvoice1.gst.gov.in portal.
  5. The tax payers have been enabled to self-register for the e-invoice system, if they have crossed the aggregate turnover of the business with Rs 500.00 Crores during any of the previous 3 financial years of GST regime.
  6. ‘Generate EWB by IRN’ has been improved to enable the generation of EWB in case of export by passing the address of the port from where it is getting exported later.
  7. Mobile app for verification of QR code and signed e Invoice file has been released.

Date: 27/08/2020

  1. The following improvements have been made in the validations of IRN generation:
    • Document Number accepts alphabets in small cases.
    • Check “The Document Date can be yesterday or today’s date” has been withdrawn.
    • In case, Recipient is SEZ unit or SEZ developer, the ‘Bill to’ State code should match with the state code of the Recipient.
    • In case of export transactions for goods, if e-way bill is required along with IRN, then the ‘Ship-To’ address should be of the address of the place/port in India from where the goods are being exported. Otherwise E-way bill can be generated later based on IRN, by passing the ‘Ship-To’ address as the address of the place/port of India from where the goods are being exported.
    • Check “Gross Amount of Item = Quantity X Selling Unit Price” has been withdrawn temporarily.
    • The round-off value for ' Round_off_amount' attribute to adjust final 'Total_Invoice_Value_INR' attribute can be between -99.99 and +99.99
    • The distance of transportation is validated against the auto-calculated PIN-PIN distance stored in the system. The allowed distance for transportation should be between +/- 10 % of auto-calculated PIN-PIN distance.
    • If the distance of transportation is passed as 0 (zero), then the system will consider it as request made by the tax payer, to consider the auto-calculated PIN-PIN distance for the generation of e-way bill and generate the e-way bill along with IRN.
    • The actual distance has to be passed in case the source and destination PIN codes are same and the allowed range of value is from 1 to 100.
    • In case of export of goods, if e-way bill has to be generated, then the address of port should have been passed as shipping address during generation of IRN.
    • Tolerance limit for ‘Passed value / amount’ has been improved by setting the value between actual calculated value / amount and calculated value / amount rounded up to next rupee.
  2. Auto calculated PIN-PIN distance is passed in the attribute ‘Remarks’ in the response payload, if the request has been made to get the auto calculated PIN-PIN distance for e-way bill generation.
  3. ‘Cancel IRN’ API can be used to cancel the IRN within 24 hours of generation of IRN.

Date: 05/08/2020

  1. Updated the JSON Schema for the generation of IRN as per the schema notified by the Government on 30th July 2020.
  2. The new schema and sample JSON for generation of IRN can be obtained from
    https://einv-apisandbox.nic.in/version1.03/generate-irn.html
  3. Based on the updated schema, feedback and assessment on sandbox environment, certain validations in 'Generate IRN' API are modified, the updated validations are available at https://einv-apisandbox.nic.in/version1.03/generate-irn.html#validations
  4. No changes in other APIs.
  5. New API for Cancellation of E Way Bill is added.
  6. Master lists and Error list are updated.
  7. For the end points of the version 1.03 APIs, please login into the portal and visit "API End Points" in the menu
Version 1.02:

Date: 25/06/2020

In 'Generate e-Waybill by IRN' API response JSON, the attribute 'EwayBillNo' is changed to 'EwbNo', attribute 'EwayBillDate' changed to 'EwbDt', “ValidUpto” changed to “EwbValidTill”.

Date: 02/06/2020

In 'Generate e-Waybill by IRN' API, the attribute 'TrnDocNo' is changed to 'TransDocNo', attribute 'TrnDocDt' changed to 'TransDocDt' and data type of 'Distance' is changed to String.

Sandbox Release Date - 14/05/2020.

e Invoice API version 1.02 is available for testing on the Sandbox. Notable changes in this version are,

  1. Generation of E Way Bill as part of IRN generation API enabled
  2. API for generation of E Way Bill using the IRN is operational
  3. Validations applied for Generation of IRN, Generation of E Way Bill and Cancellations are updated in the respective API documentations
    (https://einv-apisandbox.nic.in/version1.02/generate-irn.html#validations ,
    https://einv-apisandbox.nic.in/version1.02/ewaybill-generation-irn.html#validations ,
    https://einv-apisandbox.nic.in/version1.02/cancel-irn.html#validations)
  4. Validations mentioned above have been implemented at the server side. Payloads have to conform with these validations for successful operations.
  5. In the API URL please replace v1.01 with v1.02 .
  6. Version 1.01 will continue as it is for some time and will be phased out.

Version 1.01:

Sandbox Release Date - 05/03/2020.

  1. API version number is part of the URL. Please Login into the portal to get the endpoints of new version.
  2. Generate IRN request payload will be as per the latest schema published by GSTN.
  3. The response for ‘Generate IRN’ API will have additional attributes "EwbNo","EwbDt", "EwbValidTill"
  4. The response JSON structure will be as follows
     
    { 
        "Status": "x",
        "Data": <Encrypted Data>,
        "ErrorDetails":"<Errors JSON>",
        "InfoDtls": "<alert message>"
    }
                    
    
    "Status" will be ‘0’ for failure, ‘1’ for success, If success, “Data” will have values, if failure, “ErrorDetails” will have values. Any additional information, will be provided through “InfoDtls” as follows.
    • a. If the Generate IRN is called with same document details more than once, the “InfoDtls” will have an object as follows.
      "InfoDtls": [{
      "InfCd": "DUPIRN",
      "Desc": {
      "AckNo": 12100028671,
      "AckDt": "2020-02-29 14:51:00",
      "Irn": "bc368ad93c9fa76a40167f2e16190dc56c93e6c0caf0d0a65c0a8317c9b19f4a"
      }
      }]
      
    • b. If the Generate IRN request has details related to E Way Bill generation and if the E Way Bill could not be generated, the “InfoDtls” will have an object as follows.
      "InfoDtls": [{
      "InfCd": "EWBERR",
      "Desc": [{
      "ErrorCode": "110",
      "ErrorMessage": "Invalid Client-ID/Client-Secret"
      }]
      }]
      
    • c. If any other information to be shared in response, the “InfoDtls” attribute will have the following object.
      "InfoDtls": [{
      "InfCd": "ADDNLNFO",
      "Desc": “<Any information to be shared>”
      }]
      
  5. New validations are being applied on the IRN generation. Consuming applications are supposed to prepare the payload as per the validations, server side validations are being implemented in phased manner.
  6. Mapping of technical and JSON attribute names for IRN is provided.
  7. API for generation of E Way Bill for a given IRN is being provided (will be operational by 01/04/2020).
  8. Generation of E Way Bill as part of IRN registration will be operational by 01/04/2020.
  9. GetGSTINDetails API is enabled.
  10. “ErrorDetails” and the “InfoDtls” will be in plain text and not as Base64 encoded format as mentioned in earlier documentation.
Version 1.00:

As the version 1.00 need not co-exist with the latest version, documentation and APIs for old version are discarded in the sandbox.

Tuesday 29 December 2020

How to retrieve GST username or password

December 29, 2020 0
How to retrieve GST username or password

Since you have a GST registration now, you must remember your Username and Password to access the GST Portal. You are strongly advised not to share your GST Portal credentials (Username and Password) with anyone.

Friday 2 October 2020

30 FAQs on TCS on sale of goods

October 02, 2020 0
30 FAQs on TCS on sale of goods

 With  effect  from  01-10-2020, the  Finance  Act,  2020 inserted  Sub-Section (1H)  in Section 206C. This provision requires a seller to collect tax at source  from the amount received as  consideration for  the  sale  of  goods  if it  exceeds  Rs. 50 lakhs  in  any previous year.  To clarify  certain  doubts about  the applicability of the provision and the computation of the threshold, the CBDT has issued Circular No. 17/2020, dated 29-09-2020

TCS Payment, Return Filing and Issue of TCS Certificate

October 02, 2020 0
TCS Payment, Return Filing and Issue of TCS Certificate

TCS Payment, Return Filing and Issue of TCS Certificate

1.Quarter Ended
2.Due date for furnishings of return under Form 27EQ
3.Due date for Issue of TCS certificate under Form-27D
 

1.30th June
2.15th July of the FY
3.30th July


1.30th September
2.15th October of the FY
3.30th October


1.31st December
2.15th January of the FY
3.30th January


1.31st March
2.15th May of the immediately following the FY
3.30th May

Note: TCS is to be paid on monthly basis before 7th of the next month

TCS on Sale of Goods Sec 206C (1H) inserted by Finance Act 2020

October 02, 2020 0
TCS on Sale of Goods Sec 206C (1H) inserted by Finance Act 2020

Clarification on doubts arising on new TCS provisions

October 02, 2020 0
Clarification on doubts arising on new TCS provisions

There are reports in certain sections of media wherein certain doubts have been raised regarding the applicability of the provisions relating to Tax Collection at Source (TCS) on certain goods introduced vide Finance Act, 2020. This press note is being issued to clarify those doubts about the applicability of these provisions.