GST Registration related:
1 At the time of gst registration now otp will be send on mobile no & email id registered with pan so that no one can get GST Registration without knowledge of PAN Holder.
2 GSTN is trying to implement bio-metric based aadhar authentication & physical verification at the time of registration so that no fake and fraudulent registrations can be taken. Proposal to conduct a pilot in State of Gujarat.
GST Returns related:
3 Now the Returns (GSTR 1,3B,9,9C,4 etc etc) can only be filed at maximum of 3 years after the Due date. Earlier there is no limit for filing returns, as we know If returns not filed till 6 months then registration will get suspended but still returns can be filed. But now insertion of restriction in time limit.
4 GSTR-1 FORM will be amended & new tables to be inserted for reporting of details of supplies made through ECOs, covered under section 52 and section 9(5).
New GST Forms Related :
5 New form DRC-01B & Rule 88c to be inserted, this will be an intimation form for the Differences in GSTR-1 & GSTR-3B for the tax period if difference exceeds an specific amount/ percentage limit, so taxpayers has to pay the amount or explain the differences.
If not paid or not explained then the next period gstr-1 will be restricted & can’t be filed.
this form will be system generated so no involvement of any officer for tax difference payment.
E-invoice Related :
6 Circular will be issued for clarification on applicability of e-invoices from 1st jan 2023.
Definition changes related :
7 Defination of NTOR & OIDAR will be changed to reduce interpretation issues and litigation.
Verification of ITC by department Related:
8 For FY 17-18 & 18-19, Circular will be issued for clarification about what procedure is followed by department / Officers for verification of ITC in GSTR-3B vis a vis Available in GSTR-2A.
9 For Goods transportation services, Circulation will be issued for clarifying Place of Supply & ITC Availability & commission of Section 12(8).
TDS-TCS Diductors Related:
10 facility will be provided for the cancelation of registration on their request
11 Circular will be issued for clarification of re-determination of demand in section 75(2).
For taxpayers Whose IBC Proceedings has finalised Related :
12 Circular to be issued for clarifying the issue of treatment of statutory dues under GST & GST DRC-25 also to be amended.
All Recommendations will be effective from the date when the notification / circulars will be issued.
Team – Intellex Strategic Consulting Private Limited
www.intellexconsulting.com, www.buzpals.com, www.yuvamorcha.com, www.buysellmergers.com