Small businesses will find it easier to comply with the law as a result of the government’s notification of some procedural modifications to the GST laws, particularly those relating to the threshold for filing yearly reports for 2021—22 fiscal. The Goods and Services Tax (GST) Council reviewed the modifications at its meeting last week.
Businesses may now pay taxes on the GSTN site using the IMPS and UPI payment methods according to changes announced by the Central Board of Indirect Taxes and Customs (CBIC).
The modified regulations exclude businesses having a combined annual sales of up to Rs 2 crore for the fiscal year ending March 31, 2022, from filing annual filings.
Abhishek Jain, Partner (Indirect Tax) at KPMG in India, stated that these improvements will ease the burden of submitting yearly returns under the GST for taxpayers with less than a Rs 2 crore revenue and will benefit small businesses in complying with regulations.
Other significant changes, according to AMRG & Associates Senior Partner Rajat Mohan, include extending the deadline for issuing an order under Section 73 (determination of tax) of the GST Act to September 30, 2023.
According to Jain, the government has extended the GST limitation time for issuing of notice to taxpayers who have not paid/short paid the tax owing in light of the COVID situation of the previous two years for India. Similar modification of the time restriction applies to filing refunds.
“Although the government wants to stop income leakage, this measure prolongs the period during which enterprises are subject to departmental audits and inspections. Having stated that, this adjustment also makes sure that legitimate taxpayers’ requests for refunds are not dismissed “And Jain.
According to Mohan, the method for calculating interest on late tax payments has been announced, which would aid taxpayers in accurately calculating their tax liabilities. According to the modified guidelines, a standard statement identifying the non-applicability of an e-invoice will be printed on every invoice generated by an MSME supplier.
Additionally, with the same PAN, a cash ledger balance can be moved from one GST-registered firm to another. At its meeting on June 28—29, the GST Council, which consists of the state and federal finance ministers, accepted the revisions.
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