![]() ![]() Amendments related to ITC conditions in Finance Act 2022 is notified.Ģ. Circular 182 is issued to provide the verification procedure for allowing transitional credit claims made by taxpayers during the period 1st October 2022 up to 30th November 2022.ġ. Circular 181 was issued to clarify that refund related amendments will apply prospectively.Ģ. ![]() For complete GST highlights, read our Budget 2023 highlightsĪn automated drop proceedings facility is available on the GST portal to revoke cancelled GSTINs where taxpayers file pending GST returns.ĬGST Notification 01/2023 was issued on 4th January 2023 to assign more powers vested with a Superintendent of central tax to the Additional Assistant Directors in DGGI, DGGST and DG Audit.Ĥ8th GST Council meeting will take place on 17th December 2022, Saturday, with many items on the Agenda.ġ. The decriminalisation of offences and extension of the composition scheme to e-tailers are a few key highlights from the Budget 2023. (3) The extension of limitation period under Section 168A to issue orders under Section 79 (recovery proceedings) is extended for past years. (2) Risk based biometric aadhaar authentication for Gujarat is notified through CGST notification 05/2023 with effect from 26th December 2022. (1) Amnesty schemes valid up to 30th June 2023 are introduced for late filers of GSTR-4, GSTR-9, GSTR-10, defaulters attracting Section 62 of the CGST Act (Best Judgement assessment) and for applying revocation of cancelled GST registration in REG-21. Further, the department is yet to announce the new implementation date.Īs per the GST Network's advisories dated 12th April 2023 and 13th April 2023, taxpayers with annual turnover equal to or more than Rs.100 crore must report tax invoices and credit-debit notes to IRP within 7 days of invoice date from 1st May 2023.ĬGST notifications 02/2023 to 08/2023 issued on 31st March 2023 brings GST Council recommendations into effect as follows. The GST department has deferred the time limit of 7 days to report the old e-invoices on the e-invoice IRP portals by three months. Hence, taxpayers with ₹5 Cr+ turnover in any financial year from 2017-18 shall issue e-invoices w.e.f 1st August 2023. The move aims to streamline communication between GST officers and taxpayers, saving much time and effort for the parties involved.ĬBIC notified the 6th phase of e-invoicing. The department has launched the automated return scrutiny module in May 2023 from FY 2019-20 onwards. GSTR-9 and GSTR-9C filing facility for FY 2022-23 has gone live on the government portal. The NIC has made it mandatory for taxpayers with turnover more than Rs.100 Crore to login using the Two-factor Authentication from 15th July 2023 for both the e-invoicing and e-way bill system.ĬBIC has issued a fresh instruction on online scrutiny for FY 2019-20 onwards, in continuation with previously issued SOP for FY 2017-18 and 18-19. Read the latest news and the top expectations here. Further, GST on online gaming was fixed at 28% on full face value.ĥ0th GST Council meeting is happening on 11th July 2023. Decision was taken to send intimations for excess ITC claims in GSTR-3B compared to GSTR-2B above a certain limit through DRC-01C to seek response. The Council is expected to discuss and approve the rules to implement the 28% GST levy on casinos, race courses and online gaming.ĥ0th GST Council meeting took place on 11th July 2023. The GST Council has announced via their official Twitter handle that the 51st GST Council meeting will take place on Wednesday, 2nd August 2023 via video conferencing. Read on to get the latest developments from CBIC, GST Council and GST Network/portal on GST returns and compliances, e-way bills and e-invoicing systems. GST news and updates must be tracked by every business for ensuring timely and 100% compliance. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |