The GST Council in their 47th meeting at Chandigarh proposed changes in Form GSTR 3B as well as suggested new disclosure requirements for GSTR 1 and GSTR 3B. We have summarised the Circular No 170/02/2022-GST dated 6th July 2022 as well as presented the changed Form GSTR 3B for better understanding and clarity.
CBIC has issued Non-Rate Notifications giving effect to the recommendations of the GST Council meeting
Post 5 years of GST implementation, it is seen that GST still remains an evolving law, leave alone a settled law so to speak. While some of the issues are ironed out, there are still plenty of issues that need consideration in terms of ground-level reality check.
Earlier, every registered person whose aggregate turnover during a financial exceeds Rs. 2 crore was required to get his accounts audited as specified under section 35 (5) of the CGST Act and was required to furnish a copy of audited annual accounts and a reconciliation statement, duly certified from GSTR-9C.
In compliance of recently concluded GST Council meeting and recommendations made by the Council therein, the CBIC has issued various notifications to give effect to some of those recommendations on 05.07.2022.
In this article, the author has examined the recent decision in Northern Operating supra and its implications under GST.
Compliance Calendar for the month of July 2022
You may wonder the impact of the recommendations of the GST Council meeting concluded on 29th and 30th June 2022. We bring a concise summary of changes pursuant to said meeting for better understanding.
The GST Council met for the 47th time on 28th& 29th June 2022 at Chandigarh.
GST is not merely a tax reform but a milestone in realising Sardar Vallabhbhai Patel's dream of building 'Ek Bharat - Sreshtha Bharat'.
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