Arjuna (Fictional Character): Krishna, GST Council held its 47th GST Council Meeting at Chandigarh on 28th and 29th June 2022. What is its impact?
Krishna (Fictional Character): Arjuna, in press release various recommendations were mentioned, afterwards on 5th July 6 notifications were issued and on 6th July 7 circulars were issued.
Arjuna (Fictional Character): Krishna, what are the notifications issued on 5th July 2022 by CBIC relating to changes in GST law and other procedures?
Krishna (Fictional Character): Arjuna, The CBIC has issued following notifications:
1. An exemption is provided for filing annual return in FORM GSTR-9 for FY 2021-22 to registered persons having aggregate turnover up to Rs 2 crore.
2. The late fee is waived for delay in filing FORM GSTR-4 for FY 2021-22 till July 28,2022. The existing waiver is for the period from May 1 to June 30.
3. The due date of filing of FORM GST CMP-08 for the first quarter of FY 2022-23 has been extended from 18th July 2022 to 31st July 2022.
4. The time limit has been extended up to 30th September 2023 for issuance of order u/s 73(9) for recovery of tax not paid or short paid or of input tax credit wrongly availed or utilized for FY 2017-18.
5. The time period from 01.03.2020 to 28.02.2022 is to be excluded from calculation of the limitation period for filing refund claim u/s 54 and 55 of CGST Act and for recovery of erroneous refund for issuance of order u/s 73(9).
6. If GST returns are not filed for three consecutive tax periods then the officer may suspend the registration, it will be deemed to be revoked after furnishing of all the pending returns.
7. A declaration is required to be given in the invoice when E-invoice is not required to be issued and shall state that “I/We hereby declare that though our aggregate turnover in any preceding financial year from 2017-18 onwards is more than the aggregate turnover notified u/r 48(4), we are not required to prepare an invoice in terms of the provisions of the said sub-rule.”
8. UPI and IMPS from any bank is introduced for deposit of tax, interest, penalty or fees.
9. A registered person may transfer any amount of tax, interest, penalty, fees or any other amount available in the electronic cash ledger to the electronic cash ledger for CGST or IGST of a distinct person in FORM GST PMT-09 only if the said registered person does not have any unpaid liability in his electronic liability register.
10. When the return is furnished after the due date except when furnished after commencement of any proceedings u/s 73 or 74, the interest shall be calculated on the portion of tax which is paid by debiting the electronic cash ledger for the period of delay in filing the said return beyond the due date at rate notified u/s 50(1).
11. While calculating refund of inverted duty structure now ITC of input services will also be considered. The formula is “{tax payable on inverted rated supply of goods and services x (Net ITC÷ ITC availed on inputs and input services)}.”
Arjuna (Fictional Character): Krishna, what one should learn from this?
Krishna (Fictional Character): Arjuna, GST council even after the 5 years of GST implementation continuously taking various measures for streamlining compliances in GST. The detailed notification for the same can be accessed from the CBIC website.
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