EXECUTIVE SUMMARY
Notifications: Goods and Service Tax
1) No. 10/2022 – Central Tax dated 05.07.2022 Exemption of registered person whose annual turnover in the financial year 2021-22 is up to two crore rupees from filing annual return for the said financial year.
2) No. 11/2022 – Central Tax dated 05.07.2022 In respect of Composition dealers – Amendment to notification number No. 21/2019-Central Tax, dated the 23rd April, 2019 by insertion of the following proviso in the second paragraph, after the fourth proviso: “Provided also that the said persons shall furnish a statement, containing the details of payment of self-assessed tax in FORM GST CMP-08 of the Central Goods and Services Tax Rules, 2017 for the quarter ending 30th June, 2022 till the 31st day of July, 2022.” 3) No. 12/2022 – Central Tax dated 05.07.2022 In respect of Composition dealers – Substitution of the date from 30th June 2022 to 28th July 2022 in Notification No. 07/2022 – Central Tax which was seeking to amend principle Notification No. No. 73/2017–Central Tax, dated the 29th December, 2017 seeking to waive off late fee for delay in furnishing Form GSTR-4 for the Financial Year 2021-22. 4) No. 13/2022 – Central Tax dated 05.07.2022 The timeline for issuing orders under the Section 73 – ‘Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any willful-misstatement or suppression of facts’ till 30th day of September, 2023 Exclusion of the period from 1st March 2020 to 28th February 2022 for computation of period of limitation under sub-section (10) of section 73 of the said Act for issuance of order under subsection (9) of section 73 of the said Act, for recovery of erroneous refund. Exclusion of the period from 1st March 2020 to 28th February 2022 for computation of period of limitation for filing refund application under section 54 or section 55 of the said Act” 5) No. 14/2022 – Central Tax dated 05.07.2022 Multiple recommendations of 47th GST Council Meeting is bought into force
A GST Registration suspended due to non-filing of GST Returns would be restored upon furnishing all pending returns. However, this is applicable only if the officer has nor cancelled the registration. Therefore, if any such situation arises, it is advised to immediately file the respective returns to avoid cancellation. ii. The value of supply of Duty Credit Scripts are excluded from ‘exempt supply’ under Rule 42 and 43. Therefore no ITC reversal would be required in respect of any Duty Scrip Sale made. iii. In case of Suppliers having aggregate turnover exceeding the prescribed limit under the e-invoicing provisions but are not required to comply with EInvoicing are mandated to add a specific declaration to their Tax Invoice. iv. New form is prescribed for re-crediting ITC in cases where the erroneous refund is paid back by the taxpayer v. The deposit of cash can now be made through UPI and IMPS vi. Taxpayers can now transfer the balance in Electronic Cash Ledger in one GSTIN to another GSTIN under same PAN, instead of opting for refund. vii. “With effect from 1st July 2017, the following changes are being made: 1. In case of delayed filing of GSTR-3B (filed voluntarily), interest would be payable only on the portion of liability adjusted against cash. 2. In case of delayed filing of GSTR-3B (filed pursuant to proceedings), interest would be payable on the whole of amount due to be paid. 3. Interest is payable for excess availment and utilisation of ITC. Where the wrongly availed ITC is deemed to be utilised if the balance in Electronic Credit Ledger balance falls below the ITC wrongly availed at any point of time. The manner of determining the date of utilisation has been set out.” viii. Changes are made to Rule 89 to specify the documents to be submitted by exporters of Electricity to claim refund. ix. “The value of goods exported out of India for the purpose of refund equation in Rule 89(4) shall be lesser of: (i) the Free on Board (FOB) value declared in the Shipping Bill or Bill of Export form, as the case may be, as per the Shipping Bill and Bill of Export (Forms) Regulations, 2017; or (ii) the value declared in tax invoice or bill of supply. This was earlier prescribed under the Circular issued in respect of Refund.” x. “Additional condition of matching the shipping bills with GSTR-1 has been incorporated for considering the shipping bills as an application for refund.
Additional restriction is brought to withhold the refund, if based on data analysis and risk parameters the verification of credentials of the exporter, including the availment of ITC by the exporter, is considered essential before grant of refund, in order to safeguard the interest of revenue”. xi. In sub-rule (5), for the words “tax payable on such inverted rated supply of goods and services”, the brackets, words and letters “{tax payable on such inverted rated supply of goods and services x (Net ITC’ ITC availed on inputs and input services)}.”shall be substituted. xii. In respect of Outlets at airports – rule 95A shall be deemed to have been omitted with effect from the 1st July, 2019. xiii. “Changes to FORM 3B Additional columns are added to disclose supplies liable to reverse charge under 9(5) by E-com operator (either as supplier or as e-com operator)”. xiv. The Table 4 of GSTR-3B has been revised to being consistency. xv. Relaxations provided to earlier years in respect of Consolidated disclosure of Nil Rated/Exempted supplies, Consolidated disclosure of RCM supplies from URD and RD etc. is extended to FY 2021-22. Customs, FTP and SEZ 1) Notification No. 38/2022- Customs dated 04.07.2022: The exemption provided to BCD and AIDC on raw cotton provided till 30.09.2022 has been extended till 21.10.2022 2) Notification No. 58/2022 – Customs (N.T) dated 07.07.2022: The Exchange rate of INR in respect of foreign currency in respect of goods imported and exported has been revised w.e.f. 08.07.2022. 3) Notification No. 17/2015-2020 dated 04.07.2022: Relaxation provided to import of Potatoes under ITC(HS) Code 0701 9000 allowed from Bhutan without Import Licence has been extended from 30.06.2022 to 30.06.2023. 4) Notification No. 18/2015-2020 dated 06.07.2022: Export Policy of Wheat Flour (Atta) under ITC (HS) Code 1101 has been amended with the objective of maintaining quality of wheat flours exported from India. Export of Wheat Flour (Atta) shall be subjected to recommendation of Inter-Ministerial Committee (IMC) on export of wheat from 12.06.2022. Necessary modalities relating to quality of wheat flour are to be notified separately. The provisions as under Para 1.05 of the Foreign Trade Policy, 2015-2020 regarding transitional arrangement shall not be applicable. 5) Notification No. 19/2015-2020 dated 07.07.2022: The requirement of advance registration of minimum 15 days of the expected date of arrival of import consignment under Steel Importing Monitoring System (SIMS) has been abolished. 6) Notification No. 20/2015-2020 dated 07.07.2022: ITC(HS) 2022 Schedule-1 Import Policy is amended in sync with Finance Act, 2022 with immediate effect.
To Read the Full Summary Download the Document below