Recent updates in GST

Today GST, though not the biggest source but has been recognized one of the major source of revenue for Indian Government. To make it a flawless law, Government keeps bringing several updates and changes whether it is related to the portal or laws. Recently some changes were implemented which are majorly brought into effect that will simplify and bring more transparency in the process of complying with the GST norms.

Let’s now discuss the changes: -

• E-Invoicing which stands for Electronic Invoicing, initially introduced to cover all the taxpayers having turnover of more than 50 crores, however recently government have reduced the limit to 10 crores, this has been a major change, increasing transparency and speed of complying with the GST rules, accordingly government is updating the portal as per the recent amendments. It is expected that the limit will be further reduced to cover more taxpayers.

• Everyone might be aware of the due date of rectifying errors which were committed on GST portal or raising a credit note or availing the ITC related to previous FY, the answer used to be due date for GSTR-3B of September of the next FY, however now the date has been changed and government has relieved the taxpayers with additional time shifting the due date to 30th November e., due date of rectifying an error committed on GST portal or raising a credit note or availing the ITC related to FY 21-22 has been delayed from 30^th Sep 2022 (usual due date) to 30^th November 2022.

• Many a times, a taxpayer having multiple GST Registration with same PAN suffers from an issue where he has ample amount of cash in Electronic Cash ledger in one registration, however the other registration’s cash ledger is not sufficient to pay off liability, considering the issue, government has now permitted the transmission of balance available in E-Cash Ledger to another GSTIN on same PAN.

• Is the ITC Claimed as per GSTR-2B, reverse it if the payment is not made by the supplier to Government. Yes! Government won’t let the assessee to claim ITC if it has not received it in its bank, however the ITC can be claimed back if the payment for the corresponding GST has been later made to the government.

• Government has allowed all the taxpayers to claim their unclaimed transitional credit for 60days from 1^st September 2022 till 30^th October 2022.

Prashant Taparia

Partner| prashant.taparia@masd.co.in |LinkedIn Profile

Gyanesh Shukla

Director| gyanesh.shukla@masd.co.in |LinkedIn Profile

Mihir Jain

Associate Consultant | mihir.jain@masd.co.in |LinkedIn Profile