1. This is to apprise you regarding various notifications issued by the Central Board of Indirect Taxes and Customs on 31-03-2023.
Notification No. 02/2023 – Central Tax dated 31.03.2023
· Late fees for FORM GSTR-4 (Composition Taxpayers) for the periods ranging from July-2017 until F.Y 2021-22 will be waived completely in case of NIL returns.
· For non-NIL returns, the late fees will be reduced to Rs 500/-. However, these benefits will only be applicable if the returns are filed between 01.04.2023 and 30.06.2023.
Notification No. 03/2023 – Central Tax dated 31.03.2023
· Taxpayers whose GSTIN number was cancelled due to non-filing of returns on or before 31st December 2022 now have a one-time option to apply for its revocation up to 30th June 2023.
· However application for revocation can only be made after filing all the returns along with the payment of Tax, interest and late fees upto the effective date of cancellation of registration.
Notification No. 04 & 05/2023 – Central Tax dated 31.03.2023
· In case of taxpayers opting for authentication by way of Aadhaar Number, the date of submission of application for GST registration will be the earlier of the following dates -
· Date of authentication or
· Registered persons who have undergone assessment under Section 62 of the Act on or before 28.02.2023 and have not furnished a valid return within 30 days of the assessment order may avail the amnesty scheme.
· Such persons should furnish the said return on or before 30.06.2023 with payment of interest and late fees.
Notification No. 07/2023 – Central Tax dated 31.03.2023
· Amnesty scheme has been provided for individuals who have not submitted their annual returns for FY 2017-18 to 2021-22 but do so between 01.04.2023 to 30.06.2023. Late fees in these cases will be limited to Rs.20,000.
· Further late fees on GST Annual Return has been rationalized from F.Y.2022-23 onwards as
· T/O upto 5 Cr Rs.50/- per day subject to 0.04% of T/O
· T/O 5cr to 20 Cr Rs.100/- per day subject to 0.04% of T/O
· T/O greater than 20 Cr Rs.200/- per day subject to 0.5% of T/O
Notification No. 08/2023 – Central Tax dated 31.03.2023
· An amnesty scheme is now available for the Final Return in FORM GSTR-10. If the return is furnished between 01.04.2023 to 30.06.2023, the maximum late fee payable will be Rs 1000/-.
Notification No. 09/2023 – Central Tax dated 31.03.2023
· Government has extended the time limit for issuing orders under section 73 of the Act for recovery of tax not paid, short paid or ITC wrongly availed or utilized, invoking Section 168A
FY 2017-18: Upto 31st December 2023
3. The time limit to issue Show Cause Notice (‘SCN’) for respective financial years shall also stand extended which is at least three months prior to above due dates, which means, now the earlier due date for issuing order becomes the new due date for issuance of SC.
Dr.CA Raj Chawla.
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