Changes in GST Law from 01-10-2022

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There are several changes/ amendments were made in GST Law which are applicable from 01-10-2022. In this article, we are sharing simple summaries of various amendments in GST Law which are applicable from 01-10-2022.

Commerce Insiders

Reopening of TRAN 1/ TRAN 2 to claim Transitional Input Tax Credit:

πŸ‘‰The Hon’ble Supreme Court of India has provided a one-time opportunity to all the aggrieved taxpayers to file Form TRAN-1/TRAN-2 and claim their transitional input tax credit in GST system.

πŸ‘‰In compliance of the Hon’ble court’s directive, the facility for filing TRAN-1/ TRAN-2 or revising the earlier filed TRAN-1/TRAN-2 on the GST common portal by aggrieved taxpayers have been made available by GSTN from 01.10.2022, and as per the court’s instruction shall be available to all aggrieved taxpayers till 30.11.2022.

πŸ‘‰For smooth and easy filing of TRAN-1/2 a detailed advisory and a step by step, frame by frame guide has also been prepared. Please click here for the detailed advisory and help manuals.

E-Invoicing revised limit:

πŸ‘‰E-invoicing has been made mandatory for businesses with aggregate turnover exceeding Rs 10 crore from October 1, 2022.

πŸ‘‰The limit of turnover exceeding Rs.10 Crore is for any financial year beginning from FY 2017-18.

Revision of Various Time Limits:

πŸ‘‰Now time limit to claim Input tax credit under Section 16(4) is now extended. It is now earlier of 30th November of following the end of financial year to which such Invoices/Debit note pertains or furnishing of Annual return whichever is earlier.

πŸ‘‰Time limit to issue Credit Note under Section 34(2) is now extended. It is now earlier of 30th November of following the end of  financial year in which supply was made or furnishing of Annual return whichever is earlier.
 
πŸ‘‰Time limit to rectify any omission or incorrect particulars of returns as per proviso to section 39(9) is also extended.  It is now earlier of 30th November of following the end of  financial year to which such details pertain or furnishing of Annual return whichever is earlier.

πŸ‘‰CBIC vide its press release dated 04-10-2022 clarified that these extended time limits are also Applicable for Financial Year 2021-22 onwards.

Additional Restrictions to Claim Input Tax Credit even when it available in GSTR-2B:

πŸ‘‰Conditions to be fulfilled for claiming Input Tax Credit is covered under section 16(2). From 1st January 2022 onwards, Input tax credit of a particular period is restricted to ITC available in GSTR-2B of said period. However, from 1st October 2022, you may not avail ITC even if it is available in GSTR-2B on the fault of your suppliers. 
πŸ‘‰Additional conditions to claim Input Tax Credits even when it is available in GSTR-2B are:

i) Where a Supplier has taken a New Registration then for a specified period recipient will not be able to avail ITC. (No Such Period is specified yet).

ii) Where a Supplier has defaulted in payment of tax and such default is continued for specified period. (No Such Period is specified yet).

iii) Where a Supplier has shown more outward liability in GSTR-1 than GSTR-3B for the same period by such limit as may be prescribed. (No Such limit is specified yet).

iv) Where a Supplier has claimed more ITC in GSTR-3B than in GSTR-2B for the same period by such limit as may be prescribed. (No Such limit is specified yet).

v.) Where a Supplier has defaulted in discharging tax liability in accordance with section 49(12) read with Rule 86 B subject to such conditions and restriction as may be prescribed.  (No Such condition is specified yet)

All these restrictions are on account of Supplier's fault, however, Recipient has to suffer for this. So choose your Suppliers wisely. 
 
GST on Ocean Freight and Air Freight with respect to Export of Goods :

πŸ‘‰ On 25-01-2018 Entry 19A and 19B was included in exemption notification no 12/2017 which was providing exemption to Supply of services by way of transportation of goods by a vessel or an aircraft from custom station of clearance in India to a place outside India. 
πŸ‘‰This exemption was applicable only till 30-09-2022. No such further extension is issued by CBIC till date and therefore it appears to be taxable from 01-10-2022.



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Disclosures and Disclaimer

This article is being furnished for informational purposes only. We make every effort to use reliable & comprehensive information, but we do not represent that the contents of the article are accurate or complete.

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