CBIC Exempts Registered Person From Filing Annual Return Whose Aggregate Turnover In FY 2021-22 Is Upto Rs. 2 Crores

The CBIC has amended notification No. 21/2019-Central Tax, dated April 23, 2019, which notified the procedure for quarterly statement and payment of self-assessed tax. The Board has inserted a provision that the persons shall furnish a statement containing the details of self-assessed tax in FORM GST CMP-08 of the Central Goods and Services Tax Rules, 2017 for the quarter ending June 30, 2022 till the 31st day of July, 2022.

Form GST CMP-08 is used to declare the details or summary of self-assessed tax which is payable for a given quarter by taxpayers who are registered as composition taxable persons or taxpayers who have opted for the composition levy.

The Board has extended the time limit for the issuance of an order under section 73(9) of the Central Goods and Services Tax Act, 2017, for recovery of tax not paid or short paid or of ITC wrongly availed, in respect of the financial year 2017-18, up to September 30, 2023.

The period from 1 March 2020 to 28 February 2022 is excluded for calculating the period of limitation under sub-section (10) of section 73 of the CGST Act for issuing an order under section 73 (9), for recovery of erroneous refund.

The period from the 1st March, 2020 to the 28th February, 2022 is excluded for computation of the period of limitation for filing refund applications under section 54 or section 55 of the CGST Act.

The CBIC has notified the Central Goods and Services Tax (Amendment) Rules, 2022, which seek to amend the Central Goods and Services Tax Rules, 2017.

Rule 88B has been inserted, which deals with the manner of calculating interest on delayed payment of tax. The supplies made during a tax period are declared by the registered person in the return and the return is furnished after the due date. In this case, the interest on tax in respect of supplies shall be calculated on the portion of tax which is paid by debiting the electronic cash ledger for the period of delay in filing the return beyond the due date, at the rate as may be notified under sub-section (1) of section 50.

When interest is payable under section 50(1), it is computed on the amount of tax that remains unpaid from the day the tax was due to be paid until the date the tax is paid, at the rate that may be notified under section 50(1).

In cases where interest is payable on the amount of ITC wrongly availed, the interest shall be calculated on the amount of ITC wrongly availed for the period starting from the date of utilisation of the wrongly availed input tax credit till the date of reversal of credit.

The CBIC has substituted Rule 96(1)(b), which will be effective from July 1st, 2017. As per the substituted rule, the applicant has furnished a valid return on FORM GSTR-3B. If there is any discrepancy between the data furnished by the exporter of goods in the shipping bill and the statement of outward supplies in FORM GSTR-1, the application for a refund of integrated tax shall be deemed to have been filed on the date when the exporter rectifies the discrepancy in the shipping bill.

The CBIC has notified the FORM GST PMT–03A, which pertains to the order for re-credit of the amount to the electronic credit ledger.

Notification: No. 10/2022–Central Tax; No. 11/2022–Central Tax, No. 12/2022–Central Tax, No. 13/2022–Central Tax, No. 14/2022–Central Tax

Dated: 05.07.2022

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