GST Outreach for Trade and Taxpayers Changes

Transcript:GST Outreach for Trade and Taxpayers Changes:
GST Outreach for Trade and Taxpayers Changes brought upon by 47th GST Council Meeting By : CGST Delhi Zone INDEX Trade Facilitation Measures Easing Compliances Clarifications Exemption Withdrawals Rate Rationalization E-invoicing Trade Facilitation Measures 47th GST Council Meeting Measures for Trade Facilitation The scheme would be tentatively implemented with effect from 01.01.2023 For small taxpayers undertaking supplies through E-commerce Operators (In-principal approval): 1. Waiver of requirement of mandatory registration under Section 24(ix) for person supplying goods through ECOs, subject to certain conditions, such as- the aggregate turnover on all India basis does not exceed the turnover specified under section 22(1) of the CGST Act and notifications issued thereunder. the person is not making any inter-State taxable supply 2. Composition taxpayers would be allowed to make intra-State supply through e-commerce operators subject to certain conditions. Measures for Trade Facilitation Changes w.r.t Refund of unutilized Input Tax Credit on account of inverted rated structure Refund of unutilized Input Tax Credit on account of inverted rated structure Interest on delayed payment of tax ITC wrongly availed shall be construed to have been utilized, when the balance in the electronic credit ledger falls below the amount of input tax credit wrongly availed. The date of utilization of such input tax credit shall be taken to be (a) the date on which the return is due to be furnished or the actual date of filing of the said return, whichever is earlier on account of payment of tax through the said return; or b) the date of debit in the electronic credit ledger when the balance in the electronic credit ledger falls below the amount of input tax credit wrongly availed, in all other cases. Refund of unutilized Input Tax Credit on account of Export of Electricity Circular No. 175/07/2022-GST Necessity of the Amendment: Problem being faced by power generating units in filing of refund of unutilised Input Tax Credit (ITC) on account of export of electricity. Changes through Notification and Circular: Clause(ba) has been inserted in sub-rule (2) of rule 89 and a Statement 3B has been inserted in FORM GST RFD-01of the CGST Rules, 2017 vide notification No. 14/2022-CT dated 5thJuly, 2022. The applicant would be required to file the application for refund under “Any Other” category electronically in FORM GST RFD-01, on the portal. In remark column of the application, the taxpayer would enter “Export of electricity-without payment of tax (accumulated ITC)