No Need For FY22 Annual Return if Turnover Up To Rs 2 Crore; UPI Allowed For GSTN Payment

GST Council Recommendations Accepted: The authorities has exempted registered individuals whose mixture turnover within the monetary yr 2021-22 was as much as Rs 2 crore from submitting the annual return for the monetary yr. The Unified Payments Interface (UPI) and IMPS funds mechanism have additionally been launched to make funds at GSTN, the IT spine of the oblique tax system, in line with an official notification launched on Wednesday.

The time restrict for the problem of the GST restoration discover for 2017-18 has additionally been prolonged until September 30, 2023. The interval from March 1, 2020, to February 28, 2022, has been excluded from the computation of the interval of limitation, and for the computation of the interval of limitation for submitting a refund utility, stated the notification giving impact to the suggestions of forty seventh GST Council assembly.

Abhishek Jain, accomplice (oblique tax) at KPMG in India, stated, “Considering the COVID-19 scenario of the last two years for India, the government has extended the limitation period under GST for issuance of notice to taxpayers who have not paid/ short paid the tax due. Similarly, relaxation in limitation is granted for filing refunds. While the intention of the government is to curb revenue leakage, this change keeps the businesses exposed to departmental audits and assessments for some additional time. This being said this change also ensures that genuine taxpayers are not denied their refund claims.”

Interest in case of delay submitting of return will likely be payable on the quantity paid in money solely. Input tax credit score (ITC) components for the refund of an inverted obligation construction revamped in gentle of the SC judgment. The refund on exports to be granted as soon as there is no such thing as a mismatch between transport invoice and GSTR 3B.

Jain stated, “The government has granted the exemption to taxpayers with aggregate turnover of up to Rs 2 crore in FY 2021-22 from filing annual return for said FY. Further, in line with the GST Council decision, IMPS and UPI payment modes have been introduced to make payments at GSTN. These changes will help the small players in undertaking compliances, and will lighten the burden for taxpayers with less than Rs 2 crore turnover to the extent of filing of annual return under GST.”

He additionally stated that from an trade standpoint, a minor mismatch within the worth of products exported, between GST returns and transport invoice, is frequent on account of foreign exchange fluctuations. “As such, the government has amended the GST law to say that application for refund of integrated tax paid on the goods exported out of India will be deemed to have been filed on such date when such mismatch in respect of the said shipping bill is rectified by the exporter. Given this change, the businesses would have to be slightly more pro-active in getting the mismatches rectified, so as to ensure timely refund processing.”

During its forty seventh assembly, the GST Council additionally selected a waiver of late payment for delay in submitting type GSTR-4 for FY 2021-22 and extension of due date for submitting type GST CMP-08 for Q1 of FY 2022-23. The GST Council lengthen the waiver of late payment below part 47 for delay in submitting type GSTR-4 for FY 2021-22 by roughly 4 extra weeks, until July 28. The present waiver is for the interval from May 1 to June 30. The council additionally determined to increase the due date of submitting of type GST CMP-08 for the primary quarter of FY 2022-23 from July 18 to July 31.

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