As of 29th September 2022, the following are some of the recent updates in GST:
1. Extension of due dates: Due to the ongoing COVID-19 pandemic and the resulting difficulties faced by taxpayers, the government has extended the due dates for filing GST returns and making GST payments several times. The latest extension was granted on 28th September 2022, wherein the due dates for filing GSTR-3B for the months of July, August, and September 2022, were extended to 31st October 2022.
2. Auto-population of e-invoice data: The GST portal has enabled auto-population of e-invoice data in GSTR-1 and GSTR-3B. This feature will help taxpayers save time and reduce errors while filing returns.
3. QR code on B2C invoices: The government has mandated the use of QR code on B2C (business-to-consumer) invoices issued by taxpayers with an aggregate turnover of Rs. 500 crore or more in the preceding financial year. This is aimed at promoting digital payments and enabling easy verification of invoices by the tax authorities.
4. Clarification on ITC on insurance services: The government has issued a clarification on the availment of Input Tax Credit (ITC) on insurance services. According to the clarification, taxpayers can avail ITC on insurance services if the insurance is taken for the purpose of business and if the same is mandated by law.
5. Relaxation of penalties for non-compliance: The government has announced a relaxation of penalties for non-compliance with GST provisions, for taxpayers with an aggregate turnover of up to Rs. 2 crore in the preceding financial year. This relaxation is valid until 31st March 2023
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