The authorities has notified sure procedural modifications within the GST guidelines, together with these associated to threshold, for submitting annual returns for the 2021-22 fiscal, a transfer that may assist ease the compliance burden on small gamers.The modifications had been vetted by the Goods and Services Tax (GST) Council at its assembly final week.
With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), companies have additionally been allowed to make tax funds on the GSTN portal by utilizing IMPS and UPI cost modes. Businesses with mixture annual turnover of as much as Rs 2 crore within the fiscal ended March 31, 2022 are exempt from submitting annual returns for 2021-22, as per the amended guidelines.
KPMG in India Partner (Indirect Tax) Abhishek Jain mentioned these modifications will assist the small gamers in endeavor compliances, and can lighten the burden for taxpayers with lower than Rs 2 crore turnover to the extent of submitting of annual returns underneath GST. AMRG & Associates Senior Partner Rajat Mohan mentioned different vital modifications embody extension of time-limit specified underneath Section 73 (willpower of tax) underneath the GST Act for issuance of an order for FY 2017-18 to September 30, 2023.However, no extensions have been offered for another monetary 12 months.
“In relation to the delayed filing of refund applications during the COVID period (March 1, 2020 to February 28, 2022), suitable extension has been granted that will enable numerous exporters to encash the refunds stuck in litigation,” Mohan mentioned.Jain mentioned that contemplating the COVID state of affairs of the final two years for India, the federal government has prolonged the limitation interval underneath GST for issuance of discover to taxpayers who haven’t paid/ quick paid the tax due. Similarly, leisure in limitation is granted for submitting 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,” Jain added.
According to Mohan, the way of calculation of curiosity on delayed cost of tax has been notified and that may assist taxpayers in making exact calculation of the tax dues.As per the amended guidelines, each bill issued by an MSME provider can have a normal declaration printed on bill concerning non-applicability of e-invoice.Also, money ledger steadiness may be transferred from one GST registered entity to a different underneath the identical PAN.The modifications had been permitted by the GST Council, comprising finance ministers of Centre and state, at its June 28-29 assembly.
Source: www.financialexpress.com”