Recent Updates In GST till 05th October 2022

Here are some recent updates in GST:

1. E-Invoicing threshold limit extended: The government has extended the threshold limit for e-invoicing from Rs. 50 crore to Rs. 100 crore from 1st April 2021. This means that businesses with an annual turnover of more than Rs. 100 crore will have to generate e-invoices from 1st April 2021.

2. E-Way bill validity extended: The validity of the e-way bill has been extended from 100 km to 200 km for every 24 hours or part thereof during the COVID-19 pandemic. The extension is applicable to all e-way bills generated between 1st May 2021 to 31st August 2021.

3. Late fee waiver for GSTR-3B returns: The government has announced a waiver of late fees for GSTR-3B returns for the period July 2017 to April 2021. The waiver is applicable to taxpayers who have filed their GSTR-3B returns between 1st June 2021 to 31st August 2021.

4. GST council meeting: The GST Council met on 17th September 2021, and some key decisions were taken. These include the rationalization of GST rates on COVID-19 related items, extension of the annual return and reconciliation statement deadline, and clarification on the taxability of MRO services.

5. GST amnesty scheme: The government has announced a GST amnesty scheme for taxpayers who have not filed their GST returns from July 2017 to April 2021. Under the scheme, taxpayers can file their pending returns and pay the tax due without paying any interest or late fees.

6. GST Council to discuss inclusion of petroleum products under GST: The GST Council is expected to discuss the inclusion of petroleum products under GST in its upcoming meetings. Currently, petroleum products such as petrol, diesel, and aviation turbine fuel (ATF) are outside the purview of GST.

7. QR code for B2C transactions: The government has made it mandatory for businesses with an annual turnover of more than Rs. 50 crore to generate a dynamic QR code on B2C invoices from 1st December 2020. The QR code will contain details such as the GSTIN, invoice number, and other invoice details.

8. Extension of due dates for GST compliance: The government has provided several extensions for GST compliance due to the COVID-19 pandemic. These include the extension of due dates for the filing of GSTR-1, GSTR-3B, and other GST returns.

9. GST audit threshold limit increased: The government has increased the threshold limit for GST audit from Rs. 2 crore to Rs. 5 crore for taxpayers with aggregate turnover up to Rs. 5 crore. This will reduce the compliance burden for small businesses.

10. GST rates on goods and services revised: The GST Council has revised the GST rates on several goods and services in its meetings. Some of the notable revisions include the reduction in GST rates on COVID-19 related items, rationalization of GST rates on textile items, and clarification on the taxability of various goods and services.

It is important for businesses to stay updated with the latest GST updates and comply with the GST law to avoid any penalties or notices from the authorities.