|
GST Important Changes applicable wef 1st October 2022
1. New restrictions on the claim of Input Tax Credit:-
From 01st October 2022 Govt. can restrict your ITC if your vendor has:
ØDefaulted in paying tax for such a period or Short paid taxes by a certain percentage
ØMore liability shown in GSTR-1 but less paid in GSTR-3B
ØAvailed excess ITC by such limit or Utilized ITC to pay taxes in excess of the maximum allowable limit.
ØTaken registration within such period/ New GST registration
ØOther cases as may be prescribed
ØThe period, limit and %-age will be prescribed in due time. Thus you need to be extra caution to choose your vendor.
2. Extension of Time Limit:-
For any particular financial year, the following can be done up to 30th November of the next financial year:
I. Avail ITC for any invoice/debit note of a financial year
II. Issuance of credit notes for supplies made in a financial year
III. Rectification of errors in respect of GSTR 1, GSTR 3B and GSTR 8
3. Cancellation of Registration:-
Officers can suo moto cancel registration if
- A composite taxpayer didn't file return for a financial year beyond three months from the due date
- A Regular Taxpayers didn't file return for such a continuous tax period as may be prescribed.
Note: Rule 21 says that if monthly return filler does not file return for a continuous period of 6 months or if quarterly return filler does not file return for a continuous period of two tax periods then registration can be cancelled.
4. Changes in GSTR 1:-
It is now compulsory that the returns of outward supply must be filed in chronological order. Further Government can prescribe conditions/restrictions in filling of details of outward supply and subsequent communication to recipient.
5. Other Changes in GST Returns:-
I.QRMP dealers can pay taxes on a self assessment basis or in an alternate way that the government will prescribe later.
II.Restricts filling of GSTR 3B of current period if GSTR 1 of previous period is not filled.
III.Due date for filling of GSTR 5 and GSTR 5A is now 13th of next month
IV.Late fee for delay in filling of TCS Return is being introduced.
6. Claiming Input Tax Credit on Self Assessment basis:-
Your self assessed ITC will be credited to the electronic credit ledger. The concept of Provisional ITC is now omitted. Further if your supplier didn't pay taxes to the Govt. then ITC shall be reversed along with Interest.
7. Refund:-
a)Refund application is to be filled if you want to claim a refund of excess balance in Elec. Cash Ledger
b)For supplies to SEZ Developer/Sez Units, refund is to be filled within 2 years from the due date of GSTR 3B
c)A specialised agency of the UNO, Consulate, Embassy etc. can claim a refund of tax on inward supply within 2 years from the last day of the quarter in which the supply was made.
8. Consequences of not paying your vendor in time:-
You need to pay tax along with interest If you have availed ITC but didn't pay the supplier within 180 days from Invoice date.
CLICK ON THE LINK BELOW TO WATCH THE VIDEO,
|
