10 Important New Amendments in GST w.e.f 1st October 2022

Arjuna (Fictional Character): Krishna, what are the new amendments in GST?

Krishna (Fictional Character):  Among all this buzz the GST law will undergo a lot of amendments from 1st October, 2022. Various new important amendments are made in relation to availment of ITC, Filing of Returns, and levy of Interest and Others.

Arjuna(Fictional Character): Krishna, what are the new amendments in GST for availment of ITC?

Krishna(Fictional Character): Arjuna, the following amendments are made for availment of ITC:

1) ITC reflected in the restricted category of GSTR 2-B would not be available for availment.

2) Further according to the new amendment if tax has not been paid by the supplier, the recipient would be liable to reverse the ITC along with interest, however the recipient would be able to re-avail the credit if payment is made supplier on a later date.

3) The due date for availment of ITC is also now extended to 30th November.

Arjuna(Fictional Character): Krishna, what are the new amendments made for filing returns in GST?

Krishna(Fictional Character): Arjuna the new amendments in GST for filing of returns is as follows:

4) The due date of making rectification in GSTR-1, GSTR-3B and GSTR-8 and issuing credit notes are now all extended to 30th November.

5) GSTR-3B to be filed only when GSTR-1 of the said period has been filed

6) Refund withheld due to non filing of return or non payment of liability now extended to all kind of refunds.

7) The due date of filing GSTR-5 for registered non-resident taxable person would now be 13th rather than 20th of the next month.

Arjuna(Fictional Character): Krishna, what are the other amendments that will take effect from 1st October ?

Krishna(Fictional Character): Arjuna, the following amendments are made in GST in relation to interest levy and other important things:

8)The levy of interest on ITC wrongly availed will now be levied only on ITC wrongly availed and utilized i.e merely credit of ITC in Electronic Credit Ledger won’t attract interest but its utilization will. Also the interest rate is now revised to 18% from 24%.

9)Further w.e.f 1st October every registered person with a turnover of over Rs.10 Crore in current or previous financial year would be liable to issue E-invoice for all their B2B supply.

10)Additionally the new amendment enables the transfer of balance in cash ledger within various branches of an entity having separate GSTIN but the same PAN.

Arjuna(Fictional Character): Krishna, what lesson we should take from this?

Krishna(Fictional Character): Arjuna, It is Navratri Festive Season, where people worship Goddess Durga and on Dashera victory over evil is celebrated. Similarly this 10 new amendments will bring more strength to GST and victory over bogus ITC and irregularities will be achieved. All in all the taxpayers should make themselves aware of this new amendments and make sure all the regulations are complied in effective manner. Lastly lets pray to Goddess Durga to bless everyone with strength and prosperity.