Gst Updates

Late Fees for filing GST Returns waived:


CBIC on 26th May 2022 waived late fees for two months till June for delayed filing of GST returns for financial year 2021-22 by small taxpayers registered under the composition scheme. The Central Board of Indirect Taxes and Customs (CBIC) in the notification said that late fee shall be waived from May 1 to June 30, 2022, for delay in filing GSTR-4 for 2021-22.

Blocking of ITC in Electronic Credit Ledger:

The Gujarat High Court has held that under Rule 86A the department cannot block the input tax credit (‘ITC’) without evidencing the existence of reasons to believe as input tax credit being fraudulently availed and without recording any reasons in writing vide New Nalbandh Traders Vs State of Gujarat.

Reporting 6% rate in GSTR-1

A new tax rate of 6% IGST or 3% CGST+ 3% SGST has been introduced on certain goods vide Notification No. 02/2022 dated 31st March 2022. Changes are being made to the GST portal to include this rate in GSTR-1. Taxpayers who have to report goods at this rate may do so by reporting the entries in the 5% heading and then manually increasing the system computed tax amount to 6%. This can be done by entering the value in the ‘Taxable value’ column next to the 5% tax-rate and then increasing the system computed tax amount to 6% IGST or 3% CGST + 3% SGST in the ‘Amount of Tax’ column.


Delhi GST Dept. released a grievance redressal mechanism for pending refunds under GST and DVAT:

The Delhi GST Department vide Circular F.3(433)/GST/Policy/2022/1268-77 dated May 13, 2022, has released the grievance redressal mechanism for pending refunds under GST and DVAT.

Late fees for filing GSTR-4 for FY 2021-22 waived from 01.05.2022 to 30.06.2022:

The CBIC vide Notification No. 07/2022- Central Tax dated May 26, 2022, amended Notification No. 73/2017-Central Tax dated December 29, 2017, to waive late fees for filing Form GSTR-4


Telangana Govt. introduced the "One Time Settlement Scheme" to settle disputed tax w.r.t pre-GST regime:

The Telangana Commercial Taxes Department has issued Order vide G.O.Ms. No. 45 dated May 09, 2022, introduced the "One Time Settlement Scheme" to settle disputed tax under the legacy Acts such as the Andhra Pradesh General Sales Tax Act, 1957.

Registration of L/C due to fraudulent practices:

The DGFT vide Trade Notice No. 09/2022-23 dated May 23, 2022, received information from sources that fraudulent backdated Letter of Credit (“L/C”) thus clarified that for registration of L/C with the RAs of DGFT, apart from the L/C date, the message exchange date between the Indian and foreign bank / Swift date should also be on or prior to May 13, 2022.

GSTN Advisory on Composition Tax payers: GSTN has issued advisory to composition tax payers under GST


2023-06-28 19:01:52