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Government notifies host of procedural changes in GST rules
July 07, 2022
The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week.
With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
Businesses with an aggregate annual turnover of up to ₹2 crores in the fiscal ended March 31, 2022, are exempt from filing annual returns for 2021-22, as per the amended rules.
The amendment also clarified that interest on incorrect availment of input tax credit (ITC) would only apply in cases where such credit is utilised. The Finance Act had brought in a provision related to levying of interest on ITC wrongly availed and utilised.
The provision would come into effect from July 5 and would apply retrospectively from July 1, 2017, the date of GST rollout.
Deloitte India Partner, Leader Indirect Tax, Mahesh Jaising said the notification issued fa or retrospective amendment to Section 50(3), clarifying that interest on incorrect availment of credit would only apply in cases where such credit is utilised, is a welcome one.
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