GST Council Accepted Recommendations: The government has given exemption to those registered persons whose total turnover in the financial year 2021-22 was up to Rs 2 crore from the annual filing Return for the financial year. Unified Payment Interface (UPI) and IMPS payment mechanism have also been introduced for making payments in GSTN, the IT backbone of the indirect tax system, according to an official notification issued on Wednesday.
issuance deadline GST The recovery notice for 2017-18 has also been extended till September 30, 2023. The period from 1st March, 2020 to 28th February, 2022 is excluded from the calculation of the period of limitation and for computing the period. The limit for filing refund applications, said the notification giving effect to the recommendations of the 47th GST Council meeting.
Abhishek Jain, Partner (Indirect Taxes) at KPMG in India said, “Keeping in view the COVID-19 scenario of the last two years for India, the government has extended the limitation period under GST for issuing notices to taxpayers, Those who have not paid / paid less tax due. Similarly, the limit for filing refund has been relaxed. While the government intends to curb revenue leakage, this change puts businesses in touch with departmental audits and assessments for some additional time. That being said, this change also ensures that genuine taxpayers are not denied their refund claims.”
In case of delay in filing the return, interest will be payable in cash only on the amount paid. Input Tax Credit (ITC) formula for refund of an inverted duty structure in the light of SC’s decision. If there is no mismatch between the shipping bill and GSTR 3B, refund will be given on exports.
Jain said, “The government has exempted taxpayers with aggregate turnover up to Rs 2 crore in the financial year 2021-22 from filing annual returns for the said financial year. Further, in line with the decision of the GST Council, IMPS and UPI payment modes have been introduced for making payments on GSTN. These changes will help smaller players to comply, and reduce the burden for taxpayers with a turnover of less than Rs 2 crore to the extent of filing annual returns under GST.
He also said that from the industry point of view, it is common to have a slight mismatch in the value of the exported goods between the GST return and the shipping bill due to foreign exchange fluctuations. “Thus, the Government has amended the GST Act to state that the application for refund of integrated tax paid on exported goods India shall be deemed to have been filed on the date on which such mismatch in respect of the said shipping bill is rectified by the exporter. Given this change, businesses will have to be a little more proactive in correcting discrepancies, to ensure a timely refund process.
During its 47th meeting, the GST Council has fixed the waiver of late fee for delay in filing Form GSTR-4 for FY 2021-22 and Form GST CMP-08 for the first quarter of FY 2022-23. It was also decided to extend the date. The GST Council has extended the exemption of late fee under section 47 by about four more weeks till July 28, for delay in filing Form GSTR-4 for the financial year 2021-22. The current relaxation is for the period from May 1 to June 30. The Council also decided to extend the due date for filing Form GST CMP-08 for the first quarter of the financial year 2022-23 from July 18 to July 31.
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