The CBIC has issued certain notifications on 5th July, 2022 to give effect to the recommendation as discussed by the GST Council in its 47th GST Council meeting held on 28th and 29th June, 2022. However, the notifications to give effect the decisions taken in the meeting in respect to the GST exemptions, changes in GST rates and correction of inverted duty structure are yet to be issued.
This also includes bringing into effect certain provisions of the Finance Act, 2022 along with amendments in the CGST Rules, 2017.
The Notifications are as under:
1. Extended waiver of late fees for delay in filing GST returns under the Composition scheme
The CBIC vide Notification No. 12/2022- Central Tax dated 05.07.2022, has extended the waiver of late fees for delay in filing Form GSTR-4 (i.e. Quarterly return for registered person opting for composition levy) for Financial Year 2021-22 till 28.07.2022.
Earlier, the CBIC vide Notification No. 07/2022- Central Tax dated 26.05.2022 has amended Notification No. 73/2017- Central Tax dated 29.12.2017 to waive late fees for filing Form GSTR-4 for Financial Year 2021-22 from May 01, 2022 to June 30, 2022.
The Notification can be accessed at https://taxo.online/wp-content/uploads/2022/07/12_2022_CT_Eng.pdf
2. Due date for filing FORM GST CMP-08 extended for 1st quarter of F.Y. 2022-23.
The CBIC vide Notification No. 11/2022-Central Tax dated 05.07.2022 amended Notification No. 21/2019 – Central Tax dated 23.04.2019 (as amended) to extend the due date for filing Form GST CMP-08 i.e. statement for payment of self-assessed tax, for the first quarter of Financial Year 2022-23 (i.e. quarter ending 30th June, 2022) from 18th July, 2022 to 31st July, 2022.
The Notification can be accessed at https://taxo.online/wp-content/uploads/2022/07/11_2022_CT_Eng.pdf
3. Taxpayers having AATO upto Rs. 2 crores exempted from filing GST Annual return in FORM GSTR-9/9A for the F.Y. 2021-22.
The CBIC vide Notification No. 10/2022- Central Tax dated 05.07.2022, have exempted taxpayers having Annual Aggregate Turnover (AATO) upto Rs. 2 crores from filing annual return in Form GSTR-9/9A for the financial year 2021-22.
Earlier, CBIC has made optional to file Form GSTR-9/9A for the taxpayers having AATO upto Rs. 2 crores for the financial years 2017-18, 2018-19, 2019-20 & 2020-21.
The Notification can be accessed at https://taxo.online/wp-content/uploads/2022/07/10_2022_CT_Eng.pdf
4. Extension of limitation period to issue the order under section 73(10) of the CGST Act for the F.Y. 2017-18 w.e.f. 1st March, 2020.
The CBIC vide Notification No. 13/2022-Central Tax dated 05.07.2022, has extended the time limit specified under Section 73(10) of the CGST Act for issuance of order under Section 73(9) of the CGST Act, for recovery of tax not paid or short paid or of input tax credit wrongly availed or utilized, in respect of a tax period for the financial year 2017-18, up to 30th September, 2023.
The Notification can be accessed at https://taxo.online/wp-content/uploads/2022/07/13_2022_CT_Eng.pdf
5. Exclusion of the period from 1st March, 2020 to 28th February, 2022 for calculation of limitation period for refund claim and recovery of erroneous refund w.e.f. 1st March, 2020.
The CBIC vide Notification No.13/2022-Central Tax dated 05.07.2022 excluded the period from 1st March, 2020 to 28th February, 2022 for calculation of limitation period for
- computation of period of limitation under Section 73(10) of the CGST Act for issuance of order under Section 73(9) of the CGST Act, for recovery of erroneous refund and
- computation of period of limitation for filing refund application under Section 54 or 55 of the CGST Act.
The Notification can be accessed at https://taxo.online/wp-content/uploads/2022/07/13_2022_CT_Eng.pdf
6. Effective from 5th July, 2022 for amendments made in Section 49(10) and Section 50(3) of the CGST Act, 2022 amended vide Finance Act, 2022.
The CBIC vide Notification No. 9/2022- Central Tax dated 05.07.2022, notified date 5th July, 2022 as the date for giving effect to the amendment made in Section 49(10) and Section 50(3) of the CGST Act amended vide Finance Act, 2022.
The Notification can be accessed at https://taxo.online/wp-content/uploads/2022/07/09_2022_CT_Eng.pdf
[Section 49(10) of the CGST Act is amended to allow transfer of amount available in electronic cash ledger from one GSTIN to another GSTIN of the same PAN. However, such amount cannot be transferred if there is any un paid liability in the electronic liability register of the transferor.
Section 50(3) of the CGST Act is amended retrospectively w.e.f. July 01, 2017 so as to provide that the interest shall be leviable only when the input tax credit has been wrongly availed and utilized by the registered person. Thus, no interest shall be leviable, if ITC has been wrongly availed but not utilised.]
7. Government notifies procedural changes by amending CGST Rules, 2017
The CBIC vide Notification No. 14/2022- Central Tax dated 05.07.2022 amended Central Goods and Services Tax Rules, 2017, these rules may be called as Central Goods and Service Tax (Amendment) Rules, 2022.
The Notification can be accessed at https://taxo.online/wp-content/uploads/2022/07/14_2022_CT_Eng.pdf
