Facility of Correcting SB005 Error for IGST Refunds Extends by CBIB

CBIC (Central Board of Indirect Taxes & Customs) has released Circular No.22/2020 on April 21st 2020. Exporters will be informed by these circular regarding decisions taken by authority. Facility of SB005 error correction for shipping bills has been extended by 31 Dec 2019 for IGST Refund.

According to information this is a fully automated mechanism of disbursal of complete IGST Refund. It was blocked because of the error SB005. This error was occurred by mismatches in GST return data and data of customers that was presented with shipping bills.

Here you need to know that investors use two type of invoices one is commercial invoice and second is tax invoice. GST is used in tax invoice and commercial invoice is used by exports. The reason of Error SB005 was matching of invoice numbers.

CBIC already informed all the members of trade, exporters, shipping lines and custom brokers to understand this error. It is also decided to reduce the chance of occurrence of this type of errors in future.

Extended Due Dates for New ITR Forms to be Announced Soon by Tax Dept

Tax Departments are working to announce new format of Income Tax Return filing forms so that all taxpayers can take benefit of all changes done by government due to COVID-19 lockdown situation in India. CBDT amends the ITR forms in line with provisional benefits of tax. The government has decided to give these benefits to tax payers of India due to COVID-19.

These ITR forms will let all taxpayers of India to get the benefits of all financial transactions from April 1st 2020 to June 30 2020. We are expecting the possibility of extend of due date for ITR Return filing for current financial year. Current due date of ITR filing is July 31st, 2020.

Tax departments introduce subsequent changes in return filing once the CBDT introduce the amended forms. New ITR forms can be implemented with utilities by the end of May 2020.

Many provisional changes have been made by the government related to tax, tax filing deadlines and making of investments deadlines. Many reliefs have been declared by the government for taxpayers to handle the situation due to lockdown. This lockdown is expected to remove by May 3, 2020 but not sure.

Benefits of Filing GST Return Using GEN GST Software

There are many companies who provide GST filing software’s online. GEN Soft Solutions Online is one of the best GST Software providers in Hyderabad, India. GEN GST software is build with multiple features that allows users to fill their GST return without any error. Below are the features of GEN GST Filing Software you must know.

  1. Cloud Platform: GST 2.0 Version is the latest GST Filing software by GEN Soft Solutions Online. This software is based on cloud platform and can be accessed off line and on line from anywhere in the world.
  2. Run on Any platform: GEN GST Software 2.0 is not depended on any specific platform. It can be run on any platform without further modifications. Platforms like Mobile/Tablet, PC and MAC
  3. OS Independent: This software is not dependent on any specific OS. IT can be run using any operating system without any modification. Version 2.0 GEN GST Software supports following operating system. Android, iOS, Windows and Android
  4. Retun Forums: This software has a feature that shows return forum filed directly using the software.
  5. Data Import:  Gen GST software can import various data from excel, GST portal and renowned accounting software’s easily.

To know more about GEN GST Filing Software you can visit this page.

Company Law Official Updates by MCA

Here you can get the latest company law updates by MCA. All updates such as notifications, updates, amendments and relevant sections with accuracy. Keep yourself updated with all latest changes in company law firm. You can notify further to your tax professionals with the latest changes in company law under MCA.

What is Company Law?

Company law is actually a collection of laws that govern the working of the various companies. A company is an artificial person in the eyes of law and that is formed by various groups of different individuals for business purpose. All the producers regarding the funding, working, incorporation and death of company are consisted by it.

Updates under MCA for Lawyers and Companies

  1. Updates on Regular and special decisions taken by companies under Act 2013 companies Act and rules committing due to covid19 in India.
  2. Recommendation for DIN holders who haven’t filed DIR-3KYC/DIR-3KYC, can file from April 1st 2020 to Sept 30, 2020.
  3. Clarification on PM Cares Fund as eligible CSR activity.
  4. Extension in the due date for public comments on draft companies amendment.


What is GST?

GST is an Indirect Tax for the entire country on the supply of goods and services, which has been replaced for many Indirect Taxes in India like VAT, CST, and many other taxes charged by the state government. It took 17 years to evolve this law, and in 2017 the GST Bill was passed in the Lok Sabha and Rajya Sabha. The Goods & Services Tax Law is a comprehensive, multi-stage, destination-based tax.

There are three types of GST: CGST, SGST/UTGST, IGST.

● Central Goods and Services Tax (CGST) and State Goods and Services Tax (SGST) is imposed on the supply made by a registered person within the state.

● UTGST is imposed along with CGST on a supply made by a registered person within a union territory.

● IGST will be levied on the import or interstate supply of goods or services or both.

How To Calculate GST?

You can easily calculate the GST levied on you by the software provided by the ABV Pvt. Limited. A GST software calculates Integrated GST as the sum total of CGST and SGST or UTGST.

The formula used to calculate a GST is:

GST Amount = Actual Cost of an Item of the product X % GST Rate Imposed for the Goods or Services.

To calculate GST and account for it in an invoice:

Invoice Value = Taxable Value (+) GST Amount

Taxable Value GST will be levied on the value of supply so, the correct value of supply is required.



A GST software is a complete GST solution that is designed and developed by ABV Pvt Ltd. The software is available on Desktop and Online also. The desktop and online variants of GST software are based on the highly secured computer programming language. GST software designed by soft solutions online gives the best user-interface presenting each and every feature displayed on-board. GST ready software (Billing, Returns Filing & e waybill, and many more) designed by our company is Operating System (OS) independent (Online). So, regardless of OS running on the system, the software is all set to work and operate on the desktop right away from the installation. You can access our software anytime and anywhere, giving on-the-spot assistance to the small businesses in India for GST billing, e-filing & E way bill purpose.


Gen Soft Solutions Online gives the best Income Tax, TDS, Audit, CMA Taxation software. We are India’s Best Taxation Software to file your Income Tax Returns, TDS returns, and Audit Reports easily. The modules like Income tax return e-filing, GST, GST compliance software, etc. modules are inbuilt into the software. We have designed an Income tax software, which is a complete package of Income-tax computation software, ITR software, and income tax e-filing software. You can take advantage of ITR software for easy preparation and generation of ITR forms in paper returns. You can also get an e-return by just filling the values from the computation sheet and balance sheet to ITR forms.


Gen Soft Solutions Online also designs Payroll Softwares for efficiently managing and smooth-running of the process of making payments to employees. The software is designed by our company is used by other Companies for the automatic calculations of payments, withholding taxes, and depositing monthly payments into the designated bank account of employees. Our Payroll software has an inbuilt automatic calculation of deductions for with holdings (taxes, insurance retirement contributions). You can also use our Payroll for the processing of direct paycheck deposits, generating tax forms, and deducting wage garnishments.

Best Company Law E-filing Software by Gen Soft Solution Online

● It is an easy-to-use software that ensures 100% accuracy and compliance.

● You can upload data in a single click. It will file 100% compliant returns.

● The software is easy data ingestion and handling.

● The software is having the Inbuilt validations for error-free filing.

● It will Import data directly from Excel, Tally, Busy

● It works with all versions of Tally & Busy, and no manual data entry required One-click import-export.

● It is a complete Solution For All GST compliance.

This GST Software is for everyone.

For the CAs & Experts, for them, it manages all clients efficiently in one place. The software avoids errors & also saves time.

 Businesses, it does the error-free invoicing and even the return filing in minutes.

For the Tally/Busy Users, our software import data from accounting software or excel with 1-click.

For the E-commerce Sellers, it directly imports invoices from amazon/Flipkart to file returns.


In today’s digital world, security is one of the foremost critical assurances. Secure software will protect confidential business information and avoid any compromise that may pose a threat to your business. We have witnessed how the Wannacry virus has recently hit computer systems across the world, and hackers have asked users for payment in bitcoins against retrieval of knowledge. Hence, we ensure that our GST filling software is robust not only in return filing but also from a data security point of view as well.

Multi-Platform Adaptability

Under the new regime, every business has got to be compliant; there’s little choice of an alternate. The concept of invoice matching has been introduced, which can make sure that every taxable person within the value chain files his/her GST returns on time. This will directly affect the compliance rating of companies. Our GST filling software is enabled on multiple platforms, and it is accessible from desktop, tablets, or mobile phones at any point in time, which increases the ease of online return filing.


Many large companies are already using some version of an Enterprise Resource Planning (ERP) Software to manage their business operations and record or report processes. Even small and medium businesses, for that matter, have accounting tools for book-keeping. In such an environment, fixing new master data during a new application (GST Software) isn’t a feasible option. Our GST filling software is flexible enough to integrate with existing systems and provide a seamless experience. Multiple standalone systems operating in silos will only inflate the operating expense of companies.


Under the GST regime, an average taxpayer registered in one state will have to file twenty-five returns during a financial period. If we glance into the dynamics of today’s businesses, most brands are pan-India or have a worldwide client base. Taking the example of a single online seller who operates all over the country, we see that he may have to file 25 into 29 (29 states)= 725 returns in a single year. That is a mean of just about two returns a day! Our GST filing software evaluates the intelligence to communicate the user of all possible events coming. This will make sure that no deadline is missed, and your business remains up and running!

User Interface and Reporting

Having discussed all the features above, one key element which is universally appreciated is a beautiful user interface. For any typical business person, this ‘beauty ‘means informative dashboards and Informative Reports (MIS). This will enable quick deciding and transparent operations. Real-time information may assist you in avoiding over/under stocking and should save on capital. Also, for many businesses, and evaluation criterion for new software is the number of clicks to perform a particular task. Our GST filling software accommodates such requirements as well and operates on a minimum user interface principle.