Finance Minister Nirmala Sitharaman chaired the 47th GST council meeting taking place in Chandigarh yesterday i.e. 28th June 2022. GST Council is meeting to deliberate on a number of GST-related issues such as GST compensation, GST rate rationalisation and other critical aspects. Yesterday, during the GST Council Meeting, Nirmala Sitharaman came up with a range of decisions which might create a huge impact on corporates and individuals.
Highlights on GST Council Meet decisions
- GST Council decides to ease compliance for taxpayers.
- Council decides to waive the requirement for filling refund claims by condoning the 2 yr COVID period between 1st March 2020 till 28th Feb 2022.
- Council decides to permit tax authorities to file appeals against erroneous refunds by not considering the 2 years period.
- Council decides to extend the timeline for filing GSTR 4 for FY22 without late fees by composition dealers likely to be extended to 28th July; earlier deadline was 30th June.
- Council agrees to extend the due date of filing of FORM GST CMP-08 for composition taxpayers for Q1 of FY23 from 18 July to 30 July.
- Council agrees to amend Rules to ease the procedure for filing of refund claim w.r.t export of electricity.
- GSTC allows for money in E-credit & E-cash ledgers to be used to pay output tax dues in returns.
- Amounts available in E-credit & E-cash ledgers cannot be used to pay penalties, interest or fees.
- Auto-populations of GSTR3B & annual returns to be allowed for better compliance.
- New return filing system to be withdrawn, no longer relevant.
- GSTC took up a comprehensive review of the national anti-profiteering authority.
- GSTC told the solicitor general to defend NAA in cases where its constitutional validity is challenged.
- GSTC agree to ease the refund claims process under an inverted duty structure for select concessional goods.
- Govt. may soon appeal in SC cases where NAA has been remanded by state high courts against orders.
- GSTC told NAA has set up a panel of advocates to ensure justice to consumers where profiteering has occurred.
- Annual return form for FY22 may be notified with minimal charges.
- Annual return forms for FY22 to continue with some relaxations/modifications.
- No need to file an annual return in form GSTR-9/9A with the threshold of Rs.2 cr for the FY22.
- GST Council agrees to ease compliance bottlenecks for e-commerce suppliers.
- GST Council allows e-commerce suppliers to register under the composition scheme, to ease registration & reduce tax outgo.
- GST Council allows amendments in GSTR3B (monthly GST return to be filed by taxpayers).
- GST Council allows govt run NIC as another platform to register e-invoices.
- Council agrees to have 6 invoice registration portals come into action in the next 6 months.
- Council agrees to empower both Centre & State to issue show cause notice despite whether the taxpayer doesn’t fall in their jurisdiction, measure to plug leakage.
In case of any doubt or query, feel free to contact GST Experts at ASC Group. We would be glad to assist you with a complete advisory.