GST Updates

NOTIFICATIONS – CENTRAL TAX:

l   Notification No. 07/2021 – Central Tax dated 27th April, 2021.

Following Rule is amended in The Central Goods and Service Tax Rules, 2017. Rule is effective from 30/03/2021.

Rule 26(1):By adding forth proviso, all registered Companies are allowed to furnish return in Form GSTR-3B and the details of outward supplies in Form GSTR-1 using IFF through electronic verification code (EVC) for the period from 27/04/2021 to 31/05/2021.

l   Notification No. 08/2021 – Central Tax dated 1st May, 2021.

• Notification No. 01/2021 –Integrated Tax dated 1st May, 2021.

The Notification seeks to provide relief by lowering the interest rate for a prescribed time for delay in payment of tax for month March, 2021, April, 2021 and the for quarter ending on March, 2021.

l   Notification No. 09/2021 – Central Tax dated 1st May, 2021.

Late fee is waived for fifteen days from the due date of furnishing return of the return in Form GSTR 3B for the month March, 2021 and April, 2021 for taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year. However, for taxpayers having an aggregate turnover upto rupees 5 crores in the preceding financial year, late fee is waived for 30 days from the due date of furnishing return. Similarly, for quarterly return filer also late fee is waived for 30 days from the due date of furnishing such quarterly return. 

l   Notification No. 10/2021 – Central Tax dated 1st May, 2021.

The Notification seeks to extend the due date for filing annual return in Form GSTR4 for composition dealers for financial year 2020-21 to 31/05/2021

l   Notification No. 11/2021 – Central Tax dated 1st May, 2021.

The Notification seeks to extend the due date for furnishing of statement in Form ITC04 for the period January to-March, 2021 till 31/05/2021.

l   Notification No. 12/2021 – Central Tax dated 1st May, 2021.

The Notification seeks to extend the due date of furnishing of return in Form GSTR-1 for April, 2021 till 26/05/2021.

l   Notification No. 13/2021 – Central Tax dated 1st May, 2021.

Following Rules are amended in The Central Goods and Service Tax Rules, 2017. Rules are effective from 01/05/2021.

Rule 36(4):As per this Rule, maximum cap of 5

% of eligible ITC as per GSTR 2A has been put on a registered tax payers for claiming ITC for which suppliers have not uploaded invoices/ debit notes. Now, it is provided that the said condition shall apply cumulatively for the period April, 2021 and May, 2021 and the return in Form GSTR3B for the tax period May, 2021 shall be furnished with the cumulative adjustment of input tax credit for the said months in accordance with the condition stated above.

Rule 59(2): Facility of furnishing details of outward supply using Invoice furnishing facility for the month of April 2021 will be available from 01/05/2021 till 28/05/2021.

l      Notification No. 14/2021 – Central Tax dated 1st May, 2021.

The Notification seeks to extend specified compliances falling between 15.04.2021 to 30.05.2021 where completion or compliance of such action has not been made within such time, then the time limit for completion or compliance of such action is upto 31/05/2021.

l      Notification No. 15/2021 – Central Tax dated 18thMay, 2021.

Following Rules are amended in The Central Goods and Service Tax Rules, 2017. Rules are effective from 18/05/2021.

Rule 23(1):A registered person has to submit an application for revocation of cancellation of registration in Form GST REG-21to the proper officer within a period of 30 days from the date of the service of the order of cancellation of registration. Now by amending this Rule, powers are given to the Additional Commissio- ner or the Joint Commissioner or the Commissionerto allow such application to be submitted within extended time period.

Rule 90(3):Where any deficiencies are noticed in refund application of taxpayer, then the proper officer is required to communicate the deficiencies to the applicant in Form GST RFD03. It is now provided that the time period, from the date of filing of the refund claim in FORM GST RFD01 till the date of communi-

cation of the deficiencies in FORM GST RFD-03 by the proper officer, will be excluded from the period of two years as specified in Section 54(1) in respect of any such fresh refund claim filed by the applicant after rectification of the deficiencies.

Rule 90(5)& (6): Newly inserted Rule provides for withdrawing the application for refund by filing an application in Form GST RFD01W. On submission of such an application, any amount debited by the applicant from electronic credit ledger or electronic cash ledger, as the case may be, while filing application for refund in Form GST RFD01, shall be credited back to the ledger from which such debit was made.

Form RFD 07:This Form regarding Order for withholding the refund / Order for release of withheld refund is now replaced by new Form RFD 07.

Form GST RFD01 W:New Form is introduced for making an application for Withdrawal of Refund Application.

CIRCULARS – CGST:

l   Circular No. 148/04/2021 – GST- dated 18th May, 2021

The Circular prescribed Standard Operating Procedure (SOP) for implementation of the provision of extension of time limit to apply for revocation of cancellation of registration U/s 30 of the CGST Act, 2017 and Rule 23 of the CGST Rules, 2017.