"Great things never come from comfort zone"           "Wealthy people invest first and spend what’s left and broke people spend first and invest what’s left"           "Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future"           "The secret to getting ahead is getting started.................Start using your Savings to Earn Money"           "The best gift, and investment, you can give your child is your time"           "Investing in your child’s education is never a wasted effort"           "Making money and handling money are both different things"

Latest-GST-News-and-Notifications-dated-31-March-2023

 

Latest GST News and Notifications dated 31 March 2023

916 views
0

Latest GST updates vide Notifications Issued on 31st March 2023-

Amnesty to GSTR-4 non-filers

Relief has been given to taxpayers who has not filed GSTR-4 for the periods from July-2017 to till Financial Year 2021-22 has been waived off completely in case of NIL returns and reduced to Rs 500/-(Rs.250 each under CGST and SGST) in other cases provided the said returns are filed between 01.04.2023 to 30.06.2023.

Extension of time to apply for revocation of cancellation of GST registration due to non-filing of returns under Sec 29(2)(b)/(c) and missed filing

If GST registration is cancelled on or before 31st December 2022 due to non-filing of returns under Sec 29(2)(b)/(c) and missed filing revocation by the due date under the law.-

  1. They can file application for revocation of cancellation of their registrations up to 30.06.2023;
  2. The application for revocation shall be filed only after furnishing the returns due up to the effective date of cancellation of registration and after payment of any amount due as tax, in terms of such returns, along with any amount payable towards interest, penalty and late fee in respect of the such returns;
  3. No further extension of time period for filing application for revocation of cancellation of registration shall be available in such cases.

Amendment in CGST Rules

CGST Rule 8(4A) & Rule 8(4B) pertaining to procedure is revised to segregate cases of just Aadhaar authentication and cases of biometric-based authentication. The time limit to undergo Aadhaar authentication for GST registration is the date of such authentication or 15 days from the date of application in part B of REG-01, whichever is earlier.

People identified based on data analysis and risk parameters must undergo biometric-based Aadhaar authentication with photographs with submission of documents either on the GST portal or at facilitation centres.

Seeks to amend Notification No. 27/2022 dated 26th Dec 2022

The provision to CGST Rule 8(4A) will apply to only GST registration applicants in Gujarat. The proviso states that people identified based on data analysis and risk parameters must undergo biometric-based Aadhaar authentication with photographs with submission of documents.

Amnesty scheme for withdrawal of Best Judgement Assessment orders issued under Section 62 of non-filers of returns

Best judgement assessment shall be withdrawn where if the non-filer of returns has submitted returns on or before 30th June 2023 with applicable interest and late fee irrespective of appeal against the assessment order issued on or before 28th February 2023.

If a best judgement  assessment order is passed under section 61(2) on a dealer for not filing of return even after issue of notice but such dealer file his return within 30 days from the date of service of  best judgement order, then such  assessment order is withdrawn automatically .

Rationalisation of late fee for GSTR-9 and Amnesty to GSTR-9 non-filers

The Central Government, on the recommendations of the Council, hereby waives the amount of late fee referred to in section 47 of the said Act in respect of the return to be furnished under section 44 of the said Act for the financial year 2022-23 onwards, which is in excess of amount as specified in Column (3) of the Table below, for the classes of registered persons mentioned in the corresponding entry in Column (2) of the Table below, who fails to furnish the return by the due date, namely-

  1. Registered persons having an aggregate turnover of up to five crore rupees in the relevant financial year Rs. 50/- per day (i.e. Rs. 25/- CGST and Rs. 25/- SGST) per day, subject to a maximum of 0.04% (i.e. 0.02% CGST and 0.02% SGST) of turnover in the State or Union territory.
  2. Registered persons having an aggregate turnover of more than five crores rupees and up to twenty crore rupees in the relevant financial yearRs. 100/- per day (i.e., Rs 50/- CGST and Rs 50/- SGST) subject to a maximum of 0.04% (i.e., 0.02% CGST and 0.02% SGST) of turnover in the State or Union territory.
  3. The authority has waived off late fee in excess of Rs. 20,000 (Rs. 10,000/- under CGST and Rs. 10,000/- under SGST) for delayed filing of GSTR-9 for years 2017-18 up to 2021-22 if filed between 1st April 2023 to 30th June 2023.

Amnesty to GSTR-10 non-filers

The Central Government, on the recommendations of the Council, hereby waives the amount of late fee referred to in section 47 of the Act, which is in excess of five hundred rupees i.e. Rs. 1000.00 (Rs. 500/- SGST Rs. 500.00 CGST) for the registered persons who fail to furnish the final return in FORM GSTR-10 by the due date but furnish the said return between the period from the 1st day of April, 2023 to the 30th day of June, 2023.

Extension of limitation under Section 168A of Central Goods and Services Tax Act, 2017

The Government, on the recommendations of the Council, hereby, extends the time limit specified under sub section (10) of section 73 for issuance of order under sub-section (9) of section 73 of the said Act, for recovery of tax not paid or short paid or of ITC wrongly availed or utilized, relating to the period as specified below, namely:-

  • For Financial Year 2017-18, up to the 31st day of December, 2023.
  • For Financial Year 2018-19, up to the 31st day of March, 2024.
  • For Financial Year 2019-20, up to the 30th day of June, 2024.



Comments


Leave a Reply

Name *
Comments *
   

© 2024 - EnSkyAR Financial Services