The GST Point

Updated Advisory: Time limit for Reporting Invoices on the IRP Portal Refer point 3. The credit / Debit note will also have to be reported within 7 days of issue on the IRP Portal

📌 Very important update: Time limit for Reporting Invoices on the IRP Portal has been prescribed 🗒️ Taxpayers with Annual turnover greater than or equal to 100 crores will not be allowed to report invoices older than 7 days on the IRP Portal. This change will be implemented from May 2023

📌 The Periodic Table of TDS by Taxmann With this periodic table of TDS, a person can easily identify which section is applicable to the transaction made or to be made by him and the rate at which tax is required to be deducted. Further, all sections under this table are given and highlighted in different colored boxes to easily identify the applicability thereof in case of deductee and the time of tax deduction at the source under the said section.

🗓️ GST Compliance Calendar - April 2023

Government released various GST notifications to reduce late fee of GSTR 4, GSTR 9, GSTR 10, Provide opportunity to reactive GSTIN, Provide more time to officers to issue notices etc. Refer to the image above for the summary of all the notifications

Reduction in Late Fee for GSTR 9 has been notified. Refer to the image for details

Government released various GST notifications to reduce late fee of GSTR 4 GSTR 9, GSTR 10, Provide opportunity to file revocation application for cancelled registration etc. Further the last date to issue notice for non fraud cases in GST has been increased. For all the changes, please refer to the document below NN 02/2023 - Central Tax: Amnesty to GSTR-4 non-filers (Max late fee 500)  NN 03/2023 - Central Tax: Extension of time limit for application for revocation of cancellation of registration NN 04/2023 - Central Tax: Amendment in CGST Rules (Biometric aadhaar verification) NN 05/2023 - Central Tax: Seeks to amend Notification No. 27/2022 dated 26.12.2022 (Biometric aadhaar verification required for Gujarat) NN 06/2023 - Central Tax: Amnesty scheme for deemed withdrawal of assessment orders issued under Section 62 NN 07/2023 - Central Tax: Rationalisation of late fee for GSTR-9 and Amnesty to GSTR-9 non-filers NN 08/2023 - Central Tax: Amnesty to GSTR-10 non-filers (Max Late fee 1,000) NN 09/2023 - Central Tax: Extension of limitation under Section 168A of CGST Act (Increased time limit for issuance of notice for non-fraud cases)

The Finance Act 2023

Implementation of Recommendations of 49th GST Council Meeting. Clarification issued regarding GST rate and classification of ‘Rab’.

In order to provide some more time to the taxpayers, the date for linking PAN & Aadhaar has been extended to 30th June, 2023

Attention Exporters: If you are intended to make zero rated supplies of Goods or Services or both without paying IGST or furnishing an export bond, please file Letter of Undertaking (LUT) under GST The new LUT Form for FY 2023-24 is available on GST Portal Refer the image for more details

Soon reporting of six-digit valid HSN code will become compulsory in the e-invoice portal

Now Taxpayers can transfer the amount in Cash Ledger from one GSTIN to another GSTIN registered on the same PAN through Form GST PMT-09. Navigate to: gst.gov.in > Dashboard> Services> Ledgers> Electronic Cash Ledger

Advisory for the taxpayer wishing to register as “One Person Company” in GST