Amendments to Sections 73 and 74 and Insertion of Section 74A in CGST Act
- The GST Council has recommended a common time limit for issuing demand notices and orders for cases involving charges of fraud or willful misstatement and cases not involving these charges, starting from FY 2024-25. Additionally, the time limit for taxpayers to avail the benefit of reduced penalty by paying the demanded tax along with interest has been recommended to be increased from 30 days to 60 days.
Source A2ztaxcorp
Exemption from Filing FORM GSTR-9/9A for FY 2023-24 for Taxpayers with Turnover up to Two Crore Rupees
The Council recommended that filing of annual returns in FORM GSTR-9/9A for the FY 2023-24 may be exempted for taxpayers having aggregate annual turnover upto two crore rupees.
Source A2ztaxcorp
Introduction of Optional Facility in FORM GSTR-1A for Taxpayers to Amend or Add Details Before Filing FORM GSTR-3B
The Council recommended providing a new optional facility by way of FORM GSTR-1A to facilitate the taxpayers to amend the details in FORM GSTR-1 for a tax period and/ or to declare additional details, if any, before filing of return in FORM GSTR-3B for the said tax period. This will facilitate taxpayer to add any particulars of supply of the current tax period missed out in reporting in FORM GSTR-1 of the said tax period or to amend any particulars already declared in FORM GSTR-1 of the current tax period (including those declared in IFF, for the first and second months of a quarter, if any, for quarterly taxpayers), to ensure that correct liability is auto-populated in FORM GSTR-3B.
Source A2ztaxcorp
Retrospective Amendment in Section 140(7) of CGST Act for Transitional Credit on Pre-GST Services
The Council recommended amendment in section 140(7) of CGST Act retrospectively w.e.f. 01.07.2017 to provide for transitional credit in respect of invoices pertaining to services provided before the appointed date and where invoices were received by Input Service Distributor (ISD) before the appointed date.
Source A2ztaxcorp
Mechanism Prescribed for Refund of Additional IGST on Upward Price Revision Post Export
The GST Council recommended prescribing a mechanism for claiming a refund of additional IGST paid on account of upward revision in the price of the goods subsequent to their export. This will facilitate a large number of taxpayers, who are required to pay additional IGST on account of upward revision in the price of the goods subsequent to export, in claiming a refund of such additional IGST.
Source A2ztaxcorp
Proposal for New Section 11A in CGST Act to Regularize Non-Levy or Short Levy of GST
The GST Council recommended inserting a new Section 11A in the CGST Act to give powers to the Government, on the recommendations of the Council, to allow regularization of non-levy or short levy of GST, where tax was being short paid or not paid due to common trade practices.
Source A2ztaxcorp
Amendment in Rule 88B of CGST Rules for Exclusion of Electronic Cash Ledger Amount from Interest Calculation
The GST Council recommended an amendment in Rule 88B of CGST Rules to provide that an amount, which is available in the Electronic Cash Ledger on the due date of filing of return in FORM GSTR-3B, and is debited while filing the said return, shall not be included while calculating interest under section 50 of the CGST Act in respect of delayed filing of the said return.
Source A2ztaxcorp
Extension of Due Date for Filing FORM GSTR-4 for Composition Taxpayers
The GST Council recommended an amendment in clause (ii) of sub-rule (1) of Rule 62 of CGST Rules, 2017 and FORM GSTR-4 to extend the due date for filing of return in FORM GSTR-4 for composition taxpayers from 30th April to 30th June following the end of the financial year. This will apply for returns for the financial year 2024-25 onwards. The same would give more time to the taxpayers who opt to pay tax under composition levy to furnish the said return.
Source A2ztaxcorp
Extension of Due Date for Filing FORM GSTR-4 for Composition Taxpayers
The GST Council recommended an amendment in clause (ii) of sub-rule (1) of Rule 62 of CGST Rules, 2017 and FORM GSTR-4 to extend the due date for filing of return in FORM GSTR-4 for composition taxpayers from 30th April to 30th June following the end of the financial year. This will apply for returns for the financial year 2024-25 onwards. The same would give more time to the taxpayers who opt to pay tax under composition levy to furnish the said return.
Source A2ztaxcorp
