1. GST DEADLINES
1.1. Deadlines | August 24
● GST Compliance Calendar – August 2024
Due Date | Return/ Compliance | Remarks |
11 August 24 | GSTR1 (July 24) | Return of Outward Supplies- Monthly Return |
13 August 24 | GSTR1 (July 24)- IFF | Return of Outward Supplies- QRMP |
14 August 24 | GSTR2B (July 24) | Auto Drafted ITC Statement available for download |
20 August 24 | GSTR3B (July 24) | Last Date for Payment of Tax and Return for Normal Taxpayers (Monthly GTSR3B) |
25 August 24 | PMT-06 | Last date of payment of Tax and Return for taxpayers under QRMP scheme. |
07 August 24 | TDS Payment (IT) | TDS Payment for the month of July 24 (Income Tax Act) |
15 Sep 24 | Advance Tax Payment (IT) (August-September) | Due date for Payment of Advance tax for the Quarter ending September 24 |
GST Annual Return and Reconciliation Statement (GSTR 9 and GSTR 9C)
Due Date is 31st December 2024 for F.Y. 2023-24.
Taxpayer | Description | Aggregate Turnover | Form | Compliance |
Normal Taxpayer | Annual Return | More than 5cr. | GSTR 9 & 9C | Compulsory |
Normal Taxpayer | Annual Return | Between 2cr. to 5cr. | GSTR 9 | Compulsory |
Normal Taxpayer | Annual Return | Less than 2cr. | GSTR 9 | Optional |
Composition Taxpayer | Annual Return | NA | GSTR 9A | Compulsory |
E-Commerce operator | Annual Return | NA | GSTR 9B | Compulsory |
2. GST PORTAL UPDATES
2.1 Refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports
(Advisory dated 14/07/2024)
GSTN is in the process of development of a separate category of refund application in FORM GST RFD-01, for filing an application of refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports. However, till the time such separate category is developed on the common portal, such exporter(s) may claim refund of the additional IGST by filing an application of refund in FORM GST RFD-01 under the category “Any other” with remarks “Refund of additional IGST paid on account of increase in price subsequent to export of goods” and uploading of Statement 9A & 9B (Refer to Notification No. 12/2024-Central Tax dt. 10th July, 2024) along with the relevant documents as specified in the Circular 226/20/2024-GST dated. 11/07/2024.
2.2 Refund of tax paid on Inward supply of goods by Canteen Store Department (FORM GST RFD 10A)
In reference to Circular No. 227/21/2024-GST issued by GST policy wing, CBIC on 11th July, 2024 for online processing of refund applications filed by Canteen Stores Department (CSD), GSTN has developed an online functionality to enable CSDs to file an application for refund in FORM GST RFD-10A in GST common portal.
Note: Once a NIL refund claim is filed in the GST system for a period, the CSD cannot claim a refund for the same period again in the GST system.
2.3 Advisory for FORM GSTR-1A
The Government vide notification No. 12/2024 – Central Tax dated 10.07.2024, has introduced FORM GSTR-1A which is an optional Form/ facility. This has been provided to the taxpayers to add or amend particulars of a supply of the current tax period, which was missed out or was wrongly reported in FORM GSTR-1 of the said tax period, before filing of the GSTR-3B return of the said tax period.
3. Budget 2024 Highlights
3.1 Waiver of Interest or Penalty or both
(Section 128A of CGST ACT)
A total waiver from interest and penalty for a demand raised under Section 73 for the period pertaining to July, 2017 to March, 2020 or part thereof shall be available if the Tax Payer pays the full amount of tax payable as per the Notice / Order on or before 31st March 2025. Where such interest and penalty has been paid, no refund of the same shall be available.
However, the said benefit will not be available in the following cases:
a. Any amount payable on account of erroneous refund, and
b. Cases where Show Cause Notice issued but Adjudication yet pending before Appellate Authority or Appellate Tribunal or Court and the same has not been withdrawn before 31st March 2025.
One needs to wait for various clarifications and procedures for availing benefit under the amnesty scheme.
3.2 Modification in the provisions dealing with Time of Supply in connection to Reverse Charge Liability
The GST Council in its 53rd GST Council Meeting recommended to clarify and resultantly clarified vide Circular No. 211/5/2024-GST dated 26th June, 2024 that in cases of supplies taxable under reverse charge mechanism (RCM) and invoice is to be issued by the recipient only, the relevant financial year for calculation of time limit for availment of input tax credit under the provisions of section 16(4) of CGST Act is the financial year in which the invoice has been issued by the Recipient as Invoice is considered as a document based on which ITC can be availed.
3.3 Insertion of a new Section to provide a common time limit for issuance of Demand Notices and Orders
Section 74A is being inserted in the CGST Act, so as to provide for determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason pertaining to the Financial Year 2024-25 onwards. It also provides for the same limitation period for issuing demand notices and orders in respect of demands from the Financial Year 2024-25 onwards, irrespective of whether the charges of fraud, wilful misstatement, or suppression of facts are invoked or not, while keeping a higher penalty, for cases involving fraud, wilful misstatement, or suppression of facts. Thus, this will put an end to the litigations where extended period is challenged and Appellate Authorities or Courts take a view that extended period is not invocable and remands the matter back for confirmation of demand for the normal period.
3.4 Amendment in Section 107 and Section 112 of CGST Act for reducing the amount of pre-deposit required to be paid for filing of appeals under GST
The maximum amount for filing appeal with the appellate authority has been reduced from Rs. 25 crores CGST and Rs. 25 crores SGST to Rs. 20 crores CGST and Rs. 20 crores SGST. Further, the amount of pre-deposit for filing appeal with the Appellate Tribunal has been reduced from 20% with a maximum amount of Rs. 50 crores CGST and Rs. 50 crores SGST to 10 % with a maximum of Rs. 20 crores CGST and Rs. 20 crores SGST.
3.5 Relaxing the time limit to avail Input Tax Credit ultimately resulting into reduction of the on-going litigations
I. In respect of initial years of implementation of GST, i.e., financial years 2017-18, 2018-19, 2019-20 and 2020-21
Sub-Section (5) shall be inserted in Section 16 of the CGST Act, 2017 providing for non-obstante clause over Sub-Section (4) to provide that in respect of an Invoice or Debit Note for the FY 2017-18 to FY 2020-21, the Registered Person shall be entitled to take Input Tax Credit in any Return under section 39 i.e., GSTR-3B which is filed up to 30th November, 2021. This shall drastically reduce the on-going litigations in connection to the issue of violation of maximum time limit to avail Input Tax Credit.
II. With respect to cases where returns have been filed after revocation
Sub-Section (6) shall be inserted in Section 16 of the CGST Act, 2017 to provide for a maximum time limit for availment of Input Tax Credit in case of cancellation of GST Registration and subsequent revocation thereof. If the registration of a registered person was cancelled and the said cancellation was subsequently revoked, the said person shall be eligible to claim ITC subject to the conditions specified.
3.6 Granting Powers to Government for non-recovery of GST not levied or short-levied as a result of general practice
Section 11A in the CGST Act, 2017 is proposed to be inserted to empower the government to regularize non-levy or short levy of central tax due to any general practice prevalent in trade. In case of payment already been made there is no provision for refunding the said amount in the proposed amendment.
3.7 Other Miscellaneous Changes
a. For all registered persons who are required to deduct TDS shall mandatorily furnish electronically Form GSTR-7, irrespective of whether any deduction has been made in the said month or not. Presently, return is to be filed only in case where TDS has been deducted.
b. Insertion of section 54(15) in the CGST Act to provide that no refund of unutilized ITC or integrated tax shall be allowed in cases of zero-rated supply of goods where such goods are subjected to export duty.
c. Presently, under section 70 of the CGST Act, 2017, only the person to whom summons have been issued can attend the summons. However, section 70(1A) is proposed to be inserted, to enable an authorized representative to appear on behalf of the summoned person before the proper officer in compliance of summons issued by the said officer.
d. Amendment in section 140(7) of the CGST Act to enable availment of the transitional credit of eligible CENVAT credit on account of input services received by an Input Services Distributor even if the invoices are received on or after 01st July, 2017
e. An amendment is proposed in Section 9 of the CGST Act, 2017 whereby un-denatured extra neutral alcohol or rectified spirit used for manufacture of alcoholic liquor, for human consumption shall be outside the purview of GST in line with the current proposition of keeping the alcoholic beverages intended for human consumption outside the purview of GST.
f. Section 70 of the CGST Act specifies the power of the proper officer to summon any person to give evidence or to produce documents or anything during the course of any inquiry. It is proposed to amend Section 70 of the CGST Act by inserting sub-section (1A) to state that the person summoned may appear either in person or through an authorized representative, as the proper officer may direct, in compliance with the summons. It appears that the appearance through authorized representative will be at the discretion of the proper officer.
Disclaimer: “This material is intended to provide general information on particular subject(s) and is not an exhaustive treatment of such subject(s) or a substitute to obtaining professional service or advice. It is strongly recommended to seek professional advice before implementation of any of the aspects covered in the presentation.”)
Author can be reached at ca.hsinghal@gmail.com; +91 99172 11511
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