An overview of the GST Council recommendations in 48th Meeting

 1,195 total views

An overview of the GST Council recommendations in 48th Meeting

 

 

Let us have a short overview of few important recommendation of the 48th GST Council :

*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.

*POS Related*:

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

*Demand related*:

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.

Leave a Comment

Your email address will not be published.

the taxtalk

online portal for tax news, update, judgment, article, circular, income tax, gst, notification Simplifying the tax and tax laws is the main motto of the team tax talk, solving