The GST Point

Maharashtra GST Amnesty Scheme -> Duration of this Amnesty Scheme will be from 01.05.2023 to 31.10.2023 > Complete waiver of the arrears in cases where arrears are Rs. 2,00,000/- or less per year. > Dealers having arrears up to Rs. 50 lakhs or less per statutory order will pay only 20% amount and balance 80% will be waived. As a result medium dealers will be benefited in around eighty thousand cases.

🗓️ GST Compliance Calendar - March 2023

📌 Opting for payment of tax under the forward charge mechanism by a Goods Transport Agency (GTA) 📃 Taxpayers providing Goods Transport Agencies Services can pay tax under the forward charge mechanism. To exercise their option, the taxpayer can navigate Services > User Services > Opting Forward Charge Payment by GTA (Annexure V), after login and submit their option on the portal. Annexure V has been made available on the portal for GTA’s to exercise their option for the Financial Year 2023-24, which would be available till 15TH March, 2023.. The Option once filed cannot be withdrawn during the year.

📌 Major Recommendations of 49th GST Council Meeting 1. GST Amnesty Scheme for GSTR 4, GSTR 9 and GSTR 10 by way of conditional waiver/ reduction of late fee. 2. Reduced late fee for GSTR 9 from 2022-23 onwards. -> If T.O. upto 5 Crores = 50/day upto 0.04% of turnover -> If T.O. is more than 5 crores to 20 Crores = 100/day upto 0.04% of turnover 3. Changes in GST rates: Rab: From 18% to 5% if sold prepackaged and labelled otherwise Nil Pencil Sharpener: From 18% to 12% 4. Extended time for filling application for revocation of cancellation of registration Time limit for filling revocation of cancellation of registration to be increased to 90 days (extended by further period not exceeding 180 days). Revocation application can be filed If registration has been cancelled for non filling of returns and application could not be filed within the time specified in section 30 5. Relief by giving extended time for filling returns after service of deemed assessment notice The best judgment assessment order (Section 62) will be deemed to be withdrawn if the relevant return is filed within 60 days of service of the said assessment order (extendable by another 60 days). Also one time amnesty for past cases shall be provided 6. Government of India to clear entire pending balance GST compensation of Rs. 16,982 crore for June’2022 7. GST Council adopts report of Group of Ministers (GoM) on GST Appellate Tribunal with certain modifications 8. GoM report on Capacity Based Taxation and Special Composition Scheme in certain Sectors on GST approved

📌 *Major Recommendations of 49th GST Council Meeting* 1. *GST Amnesty Scheme for GSTR 4, GSTR 9 and GSTR 10* by way of conditional waiver/ reduction of late fee. 2. *Reduced late fee for GSTR 9* from 2022-23 onwards. -> If T.O. upto 5 Crores = 50/day upto 0.04% of turnover -> If T.O. is more than 5 crores to 20 Crores = 100/day upto 0.04% of turnover *3. Changes in GST rates:* Rab: From 18% to 5% if sold prepackaged and labelled otherwise Nil Pencil Sharpener: From 18% to 12% *4. Extended time for filling application for revocation of cancellation of registration* Time limit for filling revocation of cancellation of registration to be increased to 90 days (extended by further period not exceeding 180 days). Revocation application can be filed If registration has been cancelled for non filling of returns and application could not be filed within the time specified in section 30 *5. Relief by giving extended time for filling returns after service of deemed assessment notice* The best judgment assessment order (Section 62) will be deemed to be withdrawn if the relevant return is filed within 60 days of service of the said assessment order (extendable by another 60 days). Also one time amnesty for past cases shall be provided 6. Government of India to clear entire pending balance GST compensation of Rs. 16,982 crore for June’2022 7. GST Council adopts report of Group of Ministers (GoM) on GST Appellate Tribunal with certain modifications 8. GoM report on Capacity Based Taxation and Special Composition Scheme in certain Sectors on GST approved

📌 Introduction of Negative Values in Table 4 of GSTR-3B 📃 The impact of credit note & their amendments will now be auto-populated in Table 4(A) instead of Table 4(B) of GSTR-3B . In case the value of credit notes becomes higher than sum of invoices and debit notes put together, then the net ITC would become negative and the taxpayers will be allowed to report negative values in Table-4A. Also, taxpayers can now enter negative values in Table 4D(2) of GSTR-3B. Read more: https://www.gst.gov.in/newsandupdates/read/569

🗓️ GST Compliance Calendar - February 2023

The New Income Tax Rates are - Rs 0-3 Lakhs - Nil Rs 3-6 Lakhs - 5% Rs 6-9 Lakhs - 10% Rs 9-12 Lakhs - 15% Rs 12-15 Lakhs - 20% Above Rs 15 Lakhs - 30%

📌 Facility of ‘Initiating Drop Proceedings’ of Suspended GSTINs due to Non-filing of Returns 📄 Option for "Automated Drop Proceedings" of GSTINs suspended due to non-filing of returns has been implemented. If such taxpayers have filed all their pending returns, the system will automatically drop the proceedings and revoke suspension. If the status of the GSTIN does not automatically turn ‘ACTIVE’, then navigation is as follows: “Log on to GST Portal > Services > User Services > View Notices and Orders > Initiate Drop Proceeding” Note: This functionality is applicable only to GSTINs which have been suspended after 1st December, 2022.

📌 Advisory on “Initiating Drop Proceeding” by taxpayers: Recently, a functionality of Automated Drop Proceedings of GSTINs suspended due to non-filing of returns has been implemented on the GST Portal. This functionality is for the taxpayers who have filed their pending 6 monthly or 2 Quarterly returns. Such taxpayers are advised to revoke the suspension once the due returns have been filed by clicking on “INITIATE DROP PROCEEDING” for which navigation is as follows: “Services > User Services > View Notices and Orders > Initiate Drop Proceeding” Source: GSTN Advisory

Various new functionalities are implemented on the GST Portal, from time to time, for stakeholders. In the month of December 2022, the following changes are made: 1. Registration: Automatic issuance of cancellation notice for non filling of GST Returns and self initiation of drop proceeding post filling of the pending return. 2. Return: i. Option to re-compute interest in GSTR 3B ii. Mandatory 4 Digit HSN in GSTR 1 iii. Sequential filling of GSTR 1 snd filling of GSTR 1 before filling GSTR 3B iv. Validation check to stop duplicate Bill of entries population in GSTR 2B v. Turnover threshold validation for composition taxpayers. 3. Refund: i. Lebel name of RFD 01 change for inverted duty structure refund in line with Notification 14/2022 ii. Removed the validation of return filling of Composition taxpayers before filling refund application. 4. Advance Ruling: Application for advance rulling can be filled by unregistered dealers online. 5. Enforcement: Enable option to file request of adjournment for notice to summon