New options on GST Portal From January 2024

1. Now GST payments can also be made through UPI

To facilitate the taxpayer registered under GST with more methods of payment, two new facilities of payment have now been provided under e-payment in addition to net-banking. The two new methods are Cards and Unified Payments Interface (UPI). Cards facility includes Credit Card (CC) and Debit Card (DC) namely Mastercard, Visa, RuPay, Diners(CC only) issued by any Indian bank.

Payment through CC/DC/UPI can be made through Kotak Mahindra Bank irrespective of CC/DC issued by any Indian bank. Other banks are in the process of integration. At present the facility is available in 10 states and remaining states are expected to join soon.

2. LUT filing option is activated on portal for FY 24-25.

Last date to file 31.3.2024

FAQ on LUT:

1.Who has to furnish a Letter of Undertaking?

Any registered person availing the option to supply goods or services for export /SEZs without payment of integrated tax has to furnish, prior to export/SEZs supply, a Letter of Undertaking (LUT), if he has not been prosecuted for tax evasion for an amount of Rs 2.5 Crore or above under the CGST Act/IGST Act/Existing law. Example of transactions for which LUT can be used are:

Zero rated supply to SEZ without payment of IGST.

Export of goods to a country outside India without payment of IGST.

Providing services to a client in a country outside India without payment of IGST.

2. How can I file LUT?

All registered taxpayers who have zero-rated supply of goods or services have to furnish LUT in Form GST RFD-11 on the GST Portal before affecting such supply. Access the GST portal and login using valid credentials. Navigate to Services > User Services > Furnish Letter of Undertaking (LUT) command to file LUT.

3. What is to be filled in LUT?

GSTIN and Name (Legal Name) of the Taxpayer would get prefilled based on login. Taxpayer needs to select the financial year for which LUT is being filed, enter the name, address and occupation details of two independent and reliable witnesses. Taxpayer also needs to select all the points of self-declaration before filing the LUT.

4. What if I have already furnished a LUT and also got approval for it?

If a taxpayer has any LUT which was furnished manually and got approved by the Tax Authority for current Financial Year, then he can upload that LUT and file this online application for furnishing LUT to seek the online approval for that previous LUT.

3. The following Functionalities are made available on the portal for the GTA Taxpayers.

Read here: https://capratibhas.wixsite.com/ca-pratibha-varia/post/gta-new-gst-compliances-in-2024

4. Change in GSTR1 - New Table No 14 and 15 Introduced in GSTR1 and IFF

Read here: https://capratibhas.wixsite.com/ca-pratibha-varia/post/advisory-on-gstr-1-iff-introduction-of-new-14-and-15-tablesnotification-no-26-2022-central-tax

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