The Central Government, by the Notification No. 02-07/2023, has notified many amendments to the Central Goods and Services Tax Act, 2017 and Central Goods and Services Tax Rules, 2017, lessening the GST compliance burden on the taxpayers.
The major reliefs and amendments are–
Late fee for filing GSTR-4 between April 1 to June 30, 2023, for the quarters from July 2017 to March 2019 or FY 2019-20 to FY 2021-22 will be Rs. 500 maximum.
Late fee for GSTR-9 filed late between April 1 to June 30, 2023, will be restricted to Rs. 20,000 for FY 2017-18 to 2021-22.
From FY 2022-23 onwards, turnover based late fees for GSTR-9 will be made applicable:
Turnover up to 5 crores: Rs. 50 per day, maximum of 0.04% of turnover
Turnover between 5-20 crores: Rs. 100 per day, maximum of 0.04% of turnover
Turnover above 20 crores: Rs. 200 per day, maximum of 0.5% of turnover
Late fee for filing GSTR-10 between April 1 to June 30, 2023, will be restricted to Rs. 1,000.
A new procedure has been introduced for revoking cancelled GST registration. The application must be filed before June 30, 2023, after filing all returns with tax payments up to the cancellation date.
The biometric-based Aadhaar authentication and taking a photograph of the applicant have been added as a requirement for sub-rule (4A), and it will apply only to the state of Gujarat.
For non-filers, a special assessment procedure has been introduced. The assessment will be withdrawn if returns are furnished by June 30, 2023, with interest and late fee payments.
The time limit for orders under section 73(9) has been extended for FY 17-18 up to December 31, 2023, FY 18-19 up to March 31, 2024, and FY 19-20 up to June 30, 2024.
Subscribe Taxscan Premium to view the JudgmentSupport our journalism by subscribing to TaxscanAdFree. Follow us on Telegram for quick updates.
