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NOTIFICATIONS AND CIRCULARS ISSUED PURSUANT TO THE 47th GST COUNCIL MEETING

GST Notifications issued on 5th July 2022 and its corresponding Circulars – in a nutshell

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Notification No & Date Corresponding Circular No & Date Issue in brief
1 Notification No. 09/2022-Central Tax dt 5th July 2022 Sections 110 (transfer of cash balance between distinct persons) & 111 (interest on ITC wrongly availed and utilized) of the Finance Act notified.
2 Notification No. 10/2022–Central Tax dt 5th July 2022 Exempts taxpayers whose aggregate turnover is upto Rs.2 Crores from filing of annual return in form GSTR-9 for the financial year 2021-22.
3 Notification No. 11/2022–Central Tax dt 5th July 2022 Extension in due date for furnishing CMP-08 by composition taxpayers for April-June 2022 – till 31-07-2022
4 Notification No. 12/2022–Central Tax dt 5th July 2022 Waiver of late fee for delay in filing GSTR-4 for FY 2021-22 – if return filed on or before 28th July 2022.
5 Notification No. 13/2022–Central Tax dt 5th July 2022 Extension of dates for following specified compliances by tax department and taxpayer:

Time limit for issuance of order under Sec 73(10) for FY 2017-18 extended upto 30th Sept 2023

– For computation of time to issue order under 73(10) for erroneous refund, the period between 1-3-2020 to 28-02-2022 to be excluded.

– For computation of relevant date to claim refund under Sec 54 & 55, the period between 1-3-2020 to 28-02-2022 to be excluded.

6 Notification No. 14/2022–Central Tax dt 5th July 2022 1) Circular No 176/08/2022 dt 6th July 2022 – Re-credit of erroneous refund amount paid in cash into the credit ledger using PMT-03A

2) Circular No 175/07/2022 dt 6th July 2022 – Procedure for refund of unutilized ITC on account of export of electricity

3) Circular No 176/08/2022 dt 6th July 2022 – withdraws the earlier Circular prescribing the procedure for refund by Duty Free Shops.

Amendment of CGST Rules:

Rule 21A – 2nd proviso to sub-rule (4) inserted – Suspension of registration to be automatically revoked on filing of returns

Rule 43 – Explanation I amended – Sale of Duty Credit Scrips not to be treated as exempt supply for the purposes of proportionate reversal of common ITC

Rule 46 – clause (s) inserted – Persons exempted from generating e-invoice to give a declaration of the same on the invoice.

Rule 86 – sub-rule (4) inserted – provision for re-credit of erroneous refund paid in cash into the credit ledger.

Rule 87 – Amended to allow UPI & IMPS modes of payment to cash ledger – sub-rule (14) inserted to permit transfer of cash balance between cash ledgers of distinct persons.

Rule 88B inserted with retrospective effect from 01.07.2017, prescribing the manner of calculation of interest under Section 50 on ITC wrongly availed & utilized.

Amendments to Rule 89 – value of export goods for refund to be the FOB value or invoice value, whichever is lesser; formula for inverted duty structure changed; provisions made for refund of unutilized ITC on account of export of electricity

Rule 95A – Refund by Duty Free Shops – omitted

Rule 96 amended – refund of IGST paid on exports in respect of risky exporters to be transferred from Customs to GST.

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