Recent updates in GST
GST keeps changing on day to day basis and it is very important to be aware of the amendments as it directly affects the businesses, cash flows, and statutory compliances. Changes are made keeping in mind the ease of compliances, Indian economy recovery, and its growth perspectives. Economy recovery has not yet been completed due to the pandemic and now cross-country wars are further affecting it.
Tax policies are changing from time to time to support sustained economic recovery as well as making compliance easy and less time-consuming.
Some of the Recent Changes that have Been Made in GST are:
E-invoicing for turnover of Rs. 20 crores or more:
Government has reduced the threshold limit for e-invoicing from an earlier limit of RS. 50 crores to Rs crores now.
This change will be effective from 01.04.2022.
Notified as per Notification No. 01/2022-Central Tax dated 24.02.2022
LUT option on GST Website for FY 22-23:
Option to furnish a letter of undertaking is now made available on the GST website.
The same can be accessed now under user services in the services tab.
The same needs to be submitted before 31stMarch 2022.
Details of 2 witnesses will also be required for filing the LUT. Details will contain the name and complete address of the witness.
Invoice Furnishing Facility (IFF):
Those who are required to file GSTR 1 quarterly will have an option of an Invoice furnishing facility to be reported for outward supplies in the first two months of the quarter.
- IFF reporting can be accessed by visiting the GSTR-1 return from the GST website dashboard and selecting prepare online.
Form CMP-02 filing for Composition dealers:
- Composition dealers are required to file CMP-02 for opting in the composition scheme for the financial year 2022-23.
- The declaration shall be submitted on the GST portal before 31st March 2022.
Mandatory Google map locations for new registration:
- New registrations are mandatorily required to upload their google map locations of the registered office address at the time of registration.
- This will help the department to locate the registered premises as well as to eradicate the fake addresses for registration.
- Maharashtra GST department has waived the late fee for all GST returns till 31st March 2022. Only interest is to be paid along with tax.
- New feature on the GST website is added to make it easy for the taxpayers to withdraw the GST registration cancellation application. Aadhar authentication has become mandatory to file a revocation application in form REG-21.
- Now the taxpayers having aggregate turnover exceeding Rs. 5 Crore in the preceding year will be required to file Form ITC-04 on a half-yearly basis whereas all other taxpayers wouldbe required to file it on annual basis.
- Search HSN facility has now been enhancedwhere the taxpayer can search the HSN code and theapplicable technical description through common parlance and trade description of the goods or services as they are knownin the Trade.
- With effect from 1st January 2022, GSTR-1/IFF filingfor a particular period will now be allowed for normaltaxpayers (including monthly and quarterly filers) only ifthe taxpayers have filed the returnin FORM GSTR-3B forthe preceding tax period.
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