The Goods and Services Act came in the year of 2017. In these last seven years there have been a number of GST Registration amendments and updates. If you are having goods and services registration and you pay GST, then you must be aware about all these GST Registration amendments and updates. Not just registration holders but all the citizens must know about them because directly or indirectly everyone is part of this goods and services tax system. In the current blog we are going to discuss some last year’s goods and services tax related amendments and updates which you must be aware about.
What Do You Mean by Goods and Services Tax?
The GST Act of 2017 was created when the 101st Amendment Act of 2016 integrated the GST structure into the Indian Constitution, replacing the prior system of many indirect taxes with one based on the supply of goods as well as services. Through GST Registration, an indirect tax known as GST would be applied to both goods and services. According to the law, the national and state portions of the GST are split evenly. Only suppliers who meet the threshold for goods and services are required to register as GST tax payers; GST is not applicable to all other suppliers of goods and services. Once you are subject to the Goods and Services Tax threshold, you must register for GST. There might be severe fines and penalties for ignorance.
GST Registration Amendments and Updates 2023
Some of the most important GST Registration amendments and updates which came in the year 2023 are discussed below:
- On August 2, 2023 51st GST Council Meeting was held through video conferencing. In this meeting rules for implementing 28% GST on casinos, race courses, and online gaming have been discussed and approved.
- GST on online gaming fixed at 28% on full face value.
- NIC made two-factor authentication mandatory for taxpayers with turnover over Rs. 100 Crore from July 15, 2023.
- Automated return scrutiny module launched from FY 2019-20 onwards to streamline communication.
- CBIC notified the 6th phase of e-invoicing for taxpayers with ₹5 Cr+ turnover from August 1, 2023.
- The GST department deferred the time limit of 7 days to report old e-invoices on the e-invoice IRP portals by three months.
- CGST notifications issued Amnesty schemes introduced until June 30, 2023, for late filers and defaulters.
- Automated drop proceedings facility available on the GST portal to revoke canceled GSTINs with pending GST returns.
- More powers assigned to Additional Assistant Directors in DGGI, DGGST, and DG Audit.
GST Registration Amendments and Updates 2022
Major GST Registration amendments and updates in the year 2022 are mentioned below:
- On November 10, 2022, circular 181 issued to clarify that refund-related amendments will apply prospectively.
- Circular 182 issued to provide the verification procedure for allowing transitional credit claims made from October 1, 2022, to November 30, 2022.
- Amendments related to Input Tax Credit (ITC) conditions in Finance Act 2022 notified on September 28, 2022
- Due date for claiming ITC and making sales/credit-debit note amendments extended to November 30 of the year following the financial year.
- Changes in Table 4 on reporting ineligible input tax credit go live on the GST portal.
- E-invoicing system extended to businesses with an Aggregate Annual Turnover (AATO) of more than Rs.10 crore from October 1, 2022.
- CBIC notifies six new CGST notifications, including modifications to GSTR-3B format, allowing CGST transfer from one GSTIN to another, and extension of due dates for GSTR-4 and CMP-08 filings.
- 47th GST Council meeting held, chaired by Union FM Nirmala Sitharaman, leading to key recommendations on revising rates of goods and services, trimming the GST exemption list, and seeking public suggestions on modifications to the GSTR-3B format.
- CGST Notification no.7/2022 waives late fees for delayed filing of GSTR-4 for FY 2021-22 if filed between May 1 and June 30, 2022.
GST Registration Amendments and Updates 2021
Some of the key GST Registration amendments and updates of the year 2021 are mentioned below:
- The 46th GST Council meeting deferred the GST rate hike to 12% for textiles.
- CGST Rule 36(4) amended; from January 1, 2022, ITC can be claimed only if reported by the supplier in GSTR-1/IFF and appears in GSTR-2B.
- Due date for filing GSTR-9 & self-certified GSTR-9C for FY 2020-21 extended to February 28, 2022.
- Amendments to seizure and detention rules, penalties, and introduction of new forms under Central Tax notification no. 40/2021.
- ITC claims are allowed only if reflected in GSTR-2B from January 1, 2022.
- Officers can issue Section 74 notices for tax discrepancies by fraud.
- Changes in filing GSTR-1 if previous period’s GSTR-3B was not filed.
- GST officers can initiate recovery proceedings without show-cause notice for under-reported sales in GSTR-3B.
- E-commerce aggregators in food delivery services liable to pay tax; certain facilities require Aadhaar authentication.
- Revision in ITC-04 filing frequency from October 1, 2021.
- Anticipated discussions in the 45th GST Council meeting, including tax concessions on COVID-19 essentials.
- Time limit for GST Amnesty Scheme extended to November 30, 2021.
- Extension for revoking canceled GST registration and filing GSTR-1 and GSTR-3B using EVC or DSC.
- Taxpayers unable to file GSTR-1 or use IFF for August 2021 if pending GSTR-3B filings.
- Exemption from filing GSTR-9 for taxpayers with turnover up to Rs.2 crore in FY 2020-21.
- Reconciliation statement filing on a self-certification basis.
- GST amnesty scheme for late fees on GSTR-3B filings from July 2017 to April 2021.
- Reduced late fees for GSTR-1 and GSTR-3B returns from June 2021.
- Retrospective amendment to Section 16, allowing ITC based on GSTR-2A and 2B.
- Interest computation on net cash liability from July 2017.
- Interest and late fee relief for delayed GST returns.
- Extended due dates for GSTR-1, GSTR-4, ITC-04, and other compliances.
- 43rd GST Council meeting approves re-introduction of GST amnesty scheme and rationalization of late fees.
- IGST exempted on import of COVID treating equipment and relief materials until August 31, 2021.
- Announcement of the 43rd GST Council meeting scheduled for May 28, 2021.
- Amendment to Section 16 to allow ITC claim based on GSTR-2A and 2B.
- Retrospective charge of interest on net cash liability from July 2017.
- Removal of GST audit requirement by specific professionals.
- Amendments to Section 7, expanding the scope of supply.
- Changes to proceedings relating to detention and seizure of goods.
- Self-assessed tax now includes outward supplies in GSTR-1.
- Provisional attachment validity extended to one year.
- Delinking of Section 129 from Section 130.
- Jurisdictional Commissioner empowered to call for information.
- Amendments to GST Act regarding zero-rated supply definitions
Conclusion
Here in the current blog we have discussed important GST Registration amendments and updates of the last three years which are 2021, 2022 and 2023. GST is one of the unbreakable parts of the business world hence its core knowledge is important for all the business owners. GST law came in 2017 but there were many changes introduced through amendments as per the demand of the time. Some of them are discussed here which might be helpful for you. These changes are not known to everyone. That is one of the reasons it has been suggested to take help of an expert while doing anything with respect to GST registration or GST return filing.
