GST Notification 8/2022 | E-comm operators (GSTIN listed in notification) who could not file GSTR 8 for specified tax periods due to technical glich on portal but have deposited tax for the said months in ECL are waived from interest on delay in filing GSTR 8.

 

No interest needs to be paid if electronic commerce operators (GSTIN mentioned in the notification) could not file GSTR 8, for December 2020, by the due date, due to a technical glitch on the portal but had deposited the tax collected for the said month in the Electronic Cash Ledger.

 

Clarification regarding GSTR 2B for April and May 2022: It was noted that certain records were missing from the GSTR-2B statement for the month of April and May 2022 in a few situations. There were some distinct issues faced by the taxpayers that the government managed to clarify via 3 separate announcements.

 

Procedure for Sanction, Post-audit and Review of GST Refund Claims: New circular: The CBIC laid down new guidelines regarding sanction, post-audit, and review of GST refund claims. Distinct practices are adopted by field formations in the case of review and post-audit. The new procedures are being laid out to bring uniformity to the system and also to effectively monitor the sanction of refund claims to safeguard the interest of revenue.

 

47th GST Council Meeting Updates

The 47th GST Council Meeting took place on 28th and 29th June 2022 to address multiple important issues like GST rate changes for an array of goods and services, compensation cess, E-way Bill and E-invoicing changes and so on. Chaired by Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman, the 47th GST Council Meeting was a physical meeting which was held in Chandigarh, Punjab.

GST Collection – June 2022

The GST collection for the month of June 2022 is Rs. 144,616 crore of which CGST is Rs. 25,306 crore, SGST is Rs. 32,406 crore, IGST is Rs. 75887 crore (including Rs. 40102 crore collected on import of goods) and cess is Rs. 11,018 crore (including Rs. 1197 crore collected on import of goods). The gross GST collection in June 2022 is the second highest collection next to the April 2022 collection.

GST Updates

• The department shared the details of the new functionalities for the GST stakeholders.
• The new GST rate of 6% is reported online in GSTR-1.

 

Top GST News for the month of May 2022

The month of May witnessed a lot of important GST updates. Most of these big changes related to GST Compliance. Sharing all the latest GST news and GST updates from the month of MAY 2022 here…

Important GST Notifications released in May 2022

• GST Notification 5/2022 dated 17-05-2022: Due date of GSTR-3B extended for the month of April, 2022
• GST Notification 6/2022 dated 17-05-2022: Pay tax using PMT 06 by 27th May, 2022 instead of 25th May, 2022
• GST Notification 7/2022 dated 26-05-2022: Late fee waived on GSTR-4 of FY 2021-22 from the 1st May, 2022 till 30th June, 2022

GST Updates on Compliance Changes

Clarification regarding incomplete GSTR 2B for April 2022: It was noted that certain records are missing from the GSTR-2B statement for the month of April 2022 in a few situations. Such records, however, were visible in the GSTR-2A of such beneficiaries. So, clarification was given by the government for taxpayers facing difficulties. Later, a new update and GST notification was released on May 17, 2022.

 

The requirement of Table 6 in GSTR 4 | Negative liability in GSTR 4: As per the new advisory released by the GSTN, the entire year’s liabilities must be declared in table 6 of GSTR 4 and if there is no liability, the table can be populated with zero value.

 

Reporting 6% rate in GSTR-1: The GSTN has released a new advisory on 10-05-2022 regarding the 6% reporting rate in GSTR-1. As per GST Notification No. 02/2022 dated 31st March 2022, a new tax rate of 6% IGST or 3% CGST+ 3% SGST has been introduced on certain commodities. Taxpayers who must report items at this rate may do so temporarily by reporting the entries under the 5% category and then manually increasing the system computed tax amount to 6%.

 

GST Updates

• Annual Aggregate Turnover (AATO) computation for FY 2021-22 made available on GST Portal.
• The due date of form PMT-06 for the month of April has been extended to 27th May 2022.
• The CBIC released a new GST notification no. 05/2022 that extended GSTR 3B due date till 24th May 2022 from 20th May 2022.
• The GST department has released GST Notification 07/2022 under Section 47, which waives late costs for filing the GSTR 4 form until June 30, 2022 for the fiscal year 2021-2022.

 

AUTHOR

CA. DR. GAURAV  BHAMBRI