Goods and Service Tax (GST) Council has released a late fee exemption for delay in filing FORM GSTR-4 for FY 2021-22 and extension of due date for filing FORM GST in an effort to ease taxpayers’ burden CMP-08 for Q1 of FY 2022-23. The decision was made at the 47th GST Council meeting held over two days in Chandigarh and concluded on Wednesday, July 29. The decisions at the GST council meeting were announced on the day by Finance Minister Nirmala Sitharaman during a press conference after the meeting.
“The 47th GST Council meeting was held in Chandigarh on June 28-29, 2022, chaired by the Union’s Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman. Among other things, the GST Council has made the following recommendations regarding changes to GST tariffs on the supply of goods and services and changes to the GST law and procedure,” a press release said.
The GST Board has issued a late payment waiver for delay in filing FORM GSTR-4 for FY 2021-22 and extension of the due date for filing FORM GST CMP-08 for Q1 of FY 2022-23. The GST Council is extending the late fee waiver under Section 47 for delay in filing FORM GSTR-4 for FY 2021-22 for an additional approximately four weeks until July 28. The existing exemption is for the period from 1 May to 30 June. The Board also decided to extend the filing deadline of FORM GST CMP-08 for the first quarter of FY 2022-23 from July 18 to July 31, the press release said.
The GST Council has also issued a circular on clarifying the mandatory provision of correct and correct information on interstate supplies and the amount of ineligible/blocked input tax credit and refund thereof in return in form GSTR-3B. This has been done to remove ambiguity and legal disputes on various issues, benefiting taxpayers in general. GSTR-3B is the monthly tax payment form.
To streamline GST compliance, a proposal has been made to post comprehensive changes to Form GSTR-3B in the public domain to seek input/suggestions from stakeholders.
The GST Board has also decided to extend the deadline for submission of FORM GST CMP-08 for the 1st quarter of FY 2022-23 from 18.07.2022 to 31.07.2022. “GSTN has also been asked to quickly resolve the Electronic Cash Ledger negative balance issue facing some taxpayers,” the press release said.
An exemption from filing annual returns in FORM GSTR-9/9A for FY 2021-22 will be granted to taxpayers with AATO up to Rs 2 crore, the GST Council has also decided. A circular will be issued about this.
“GSTN has also been asked to quickly resolve the Electronic Cash Ledger negative balance issue facing some taxpayers,” the press release said.
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