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Recent GST Updates – July 2022: CBIC issued Notification No. 09/2022–Central Tax to Notification No. 14/2022–Central Tax on 05th July 2022 and these notification were issued to Implement Recommendations of 47th GST Council Meeting.
| NOTIFICATIONs | Detailed | Short |
| NOTIFICATION No. 09/2022–Central Tax |
Balance available in E-Cash ledger can be transferred from one tax type ledger to another tax type ledger like from IGST to CGST/SGST or vice-versa | Transfer of E-Cash balance on same GSTIN |
| NOTIFICATION No. 09/2022–Central Tax |
IGST or CGST balance available in E-Cash ledger can be transferred to another GSTIN on same PAN | Transfer of E-Cash balance on another GSTIN on same PAN |
| NOTIFICATION No. 09/2022–Central Tax |
Power inserted to put the restriction on utilisation of balance available in E Credit Ledger | Restriction on utilisation of E Credit Balance |
| NOTIFICATION No. 09/2022–Central Tax |
In case of wrongly availment of ITC, Interest will be applicable only after utilisation of ITC. Maximum rate of interest is 24% (Manner of computation of interest is notified u/r 88B) |
No ITC Utilisation – No Interest liability (w.e.f. 01.07.2017) |
| NOTIFICATION No. 10/2022–Central Tax |
GSTR 9 is not required to be filed for FY 2021-22 where Aggregate Turnover is <= 2 Crore for FY 2021-22 | GSTR- 9 Optional where A.T.O <=2 Crores |
| NOTIFICATION No. 11/2022–Central Tax |
CMP-08 last date for Q1 of FY 2022-23 is 31.07.2022 | CMP-08 due date prescribed |
| NOTIFICATION No. 12/2022–Central Tax |
Waiver of late fees upto the period of 28.07.2022 for GSTR-4 of FY 2021-22 | GSTR-4 – late fees waived off |
| NOTIFICATION No. 13/2022–Central Tax |
Demand Order for FY 2017-18 can be issued upto 30.09.2023 (Almost extend the period of 6 months). As per law, Demand Order can be issued within 3 Years from filing of annual return. |
Last date of Demand Order for FY 2017-18 – 30.09.2023 ( w.e.f. 01.03.2020) |
| NOTIFICATION No. 13/2022–Central Tax |
For recovery of erroneous refund, period from 01.03.2020 to 28.02.2022 shall not be counted to compute 3 years from filing of Annual Return | Extension of period for issuance of demand order (w.e.f. 01.03.2020) |
| NOTIFICATION No. 13/2022–Central Tax |
To claim the refund, period from 01.03.2020 to 28.02.2022 shall not be counted to compute 2 years from relevant date | Extension of period to claim the refund (w.e.f. 01.03.2020) |
| NOTIFICATION No. 14/2022–Central Tax |
Value of duty & credit scrips shall not be considered as exempt supply for purpose of reversal of ITC u/r 42/43 | Updation of Rule 42/43 |
| NOTIFICATION No. 14/2022–Central Tax |
Where e-invoice is not issued – declaration to be made on invoice:
“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 under sub-rule (4) of rule 48, we are |
Declaration to be given on every invoice other than e-invoice regarding e-invoice not applicable due to A.T.O |
| NOTIFICATION No. 14/2022–Central Tax |
Now, the GST liability can be deposited via UPI or IMPS too | UPI & IMPS allowed |
| NOTIFICATION No. 14/2022–Central Tax |
All GSTR 9 & 9C relief which were available for FY 2020-21 are carried forward to FY 2021-22 except HSN wise details mandatorily required to report in GSTR 9 | GSTR 9 & 9C Relief carried forward to FY 2021-22 |
| NOTIFICATION No. 14/2022–Central Tax |
Updation of Refund Norms & GSTR 3B FORM | Refund & GSTR 3B |
The above is personal view of author. The Author is not responsible for any loss caused to any person by relying on the above.
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