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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Sl. No |
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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