Notifications issued pursuant to the decisions taken at the 47th Council Meeting

 We wish to update that various notifications have been issued by Ministry of Finance to give effect to the recommendations made by the GST Council in the 47^th meeting.

 

The summary of the same is captured below for your ready reference:

 

Notification	Particulars
Notification No. 10/2022 – Central Tax dated 5 July 2022	Taxpayers having aggregate turnover up to INR 2 crores have been exempted from filing annual return in Form GSTR-9 for Financial Year 2021-22
Notification No. 11/2022 – Central Tax dated 5 July 2022	Due date of filing FORM GST CMP-08 for the 1st quarter of FY 2022-23 (April 2022 to June 2022) has been extended from 18 July 2022 to 31 July 2022
Notification No. 12/2022 – Central Tax dated 5 July 2022	Waiver of late fee levied under section 47 of CGST Act for delay in filing FORM GSTR-4 for FY 2021-22 has been extended till 28 July 2022 (Previously waiver was for the period from 01 May 2022 till 30 June 2022)
Notification No. 13/2022 – Central Tax dated 5 July 2022 (effective from 1 March 2020)	i.    Time period from 01 March 2020 to 28 February 2022 is excluded from calculation of limitation period for filing refund claim under Section 54 and 55 of the CGST Act.    ii.    Time period from 01 March 2020 to 28 February 2022 is excluded from calculation of limitation period for issuance of demand/ order (by proper officer) in respect of erroneous refunds under Section 73 of the CGST Act.   iii.    Limitation period for issuing other demand orders for the Financial Year 2017-18 under Section 73 of the CGST Act (otherwise linked with due date of annual return) has been extended up to 30 September 2023.
Notification No. 14/2022 – Central Tax dated 5 July 2022	i.    In cases where registration has been suspended for continuous non-filing of specified number of returns, the said suspension can be revoked once all the pending returns are filed on the portal by the taxpayer    ii.    No requirement of reversal of input tax credit for exempted supply of Duty Credit Scrips by the exporters from 5 July 2022 onwards (Explanation 1 to rule 43 of CGST Rules)   iii.    Below mentioned declaration to be mentioned in tax invoice issued under Rule 46 of CGST Rules stating that e-invoicing provision is not applicable even though aggregate turnover exceed the prescribed limit “I/We hereby declare that though our aggregate turnover in any preceding financial year from 2017-18 onwards is more than the aggregate turnover notified under sub-rule (4) of rule 48, we are not required to prepare an invoice in terms of the provisions of the said sub-rule.”   iv.    New Form GST PMT-03A has been introduced for re-credit of amount in electronic credit ledger in cases where erroneous refund has been sanctioned to a taxpayer on account of accumulated ITC or zero-rated supply.   v.    UPI & IMPS has been provided as an additional mode for payment of GST to taxpayers under Rule 87(3) of CGST Rules   vi.    GST PMT 09 can be used for transfer of balance in electronic cash ledger of a registered person to electronic cash ledger of CGST and IGST of a distinct person   vii.    Manner of calculating interest has been provided as follows (Rule 88B) a)   In case of delay in filing of return- Interest shall be payable on amount paid in cash (by debiting cash ledger) for the period of delay b)   In case of irregular availment availment of ITC- Interest shall be payable on the amount of ITC availed and utilised from the date of utilisation till the date of reversal or payment (For the above amount shall be deemed to be utilised to the extent the amount in electronic credit ledger fall below the amount of ITC wrongly availed) c)   In all other cases- Interest shall be payable on the amount which remains unpaid from due date till date of payment   viii.    Amendment in refund provisions (Rule 89 of CGST Rules) as follows: a)   For refunds pertaining to supplies to SEZ Developer/Unit, it is clarified that "specified officer" shall mean the "specified officer" or "authorized officer", as defined under SEZ Rules, 2006.  b)   Refund of unutilized Input Tax Credit on account of export of electricity to be provided to exporters of electricity. However, exporters are required to furnish a specific statement containing the prescribed details. c)   Value of goods exported out of india shall be lower of a) FOB value declared on shipping bill or bill of export b) value declared in tax invoice or bill of supply d)   Formula for maximum refund amount under inverted duty structure has been amended. The revised formula is as follows: Maximum Refund Amount = {(Turnover of inverted rated supply of goods and services) x Net ITC ÷ Adjusted Total Turnover} - {tax payable on such inverted rated supply of goods and services x (Net ITC÷ ITC availed on inputs and input services)} e)   Refund of taxes to the retail outlets established in departure area of an international Airport beyond immigration counters making tax free supply to an outgoing international tourist is deemed to be omitted with effect from 01 June 2019 f)    In case there is any mismatch in shipping bill and GSTR 1 then application for refund of IGST on export of goods shall be considered to be filed from then date when such mismatch is rectified g)   Refund may be withheld by the Commissioner in the Board or authorised officer of the Board if considered necessary based on data analysis and risk parameters. The same shall be intimated to proper officer of Central or State tax and to the exporter electronically in Form GST RFD- 01. The said form shall be construed as application of refund and shall be deemed to be filed on date of transmission   ix.    Certain amendments have been made in monthly return GSTR 3B. The details of the same are as follows: a)   Insertion of Para 3.1.1 for specific disclosure of taxable supplies made through electronic commerce operator b)   Para 4B to include the details of reversal under Rule 38 (credit claimed by banking and financial institution) and Rule 17(5) (Blocked credits) c)   Para 4D to be renamed from “Ineligible ITC” to “Other details”. Further, following details are required to be furnished under “Other details”: 1)     ITC reclaimed which was reversed under Table 4(B)(2) in earlier tax period 2)     Ineligible ITC under section 16(4) and ITC restricted due to PoS provisions d)   GSTR 3B filing instruction has been amended for providing clarification for reporting supplies made through e-commerce operator   x.    In addition to above relevant changes have been made in Form GSTR 9, GSTR 9C, GST PMT -03A, GST PMT-06, GST PMT-07, GST PMT-09, GST RFD-01, and Statement 3B (Rule 89 (2)) in order to give effect to the aforementioned amendments.