GST Articles
Important Updates and Due Date Compliances under GST for January 2022
Please find below the important clarifications/ amendments issued by the Government on GST in December 2021 along with compliance timelines in January 2022
Changes in E-way bill from 1st January 2022
I have compiled this article to discuss a critical radical change that is happening in the E-waybill GST Regulatory Framework.
Important GST updates applicable w.e.f 1st January 2022
The article covers the important GST updates applicable w.e.f 1st January 2022
Effects of E-invoicing on the GST aspects
E-invoicing is believed to impact various GST aspects and compliance. The e-invoicing mechanism is directly linked with two crucial mechanisms under GST: e-way billing generation and GST returns
Deferred the decision to change the rates in textiles from 5% to 12% w.e.f. January 01, 2022
The GST Council had taken a laudable decision to defer hike in GST rate on textiles from 5% to 12% w.e.f January 1, 2022 as it will give much-needed impetus and support to textile sector
Blocking of filing of GSTR 1 if GSTR 3B is pending
GSTN portal has implemented Rule-59(6) of the CGST Rules, 2017 with immediate effect. As per Notification No. 35/2021 - Central Tax dated 24th September 2021, clause (a) of the sub-rule (6) of Rule 59 of CGST Rules, 2017 was amended.
Important changes in GST w.e.f 1st January 2022
Central Government has brought into effect the provisions of Finance Act, 2021 effective from 1st January, 2022. In the Budget of 2021-22, changes in Finance Bill,2021 were proposed to make changes in CGST Act, 2017.
File GSTR-1 in time to avoid litigations in GST
If supplier does not file GSTR-1 timely and correct it can affect the business relationship adversely and the recipient can also recover interest from supplier as recipient cannot claim ITC of the same.
Certain changes in the Concessional Rate Notification on specified handicraft items from January 01, 2022 to align it with HS 2022
The CBIC vide Notification No. 20/2021- Central Tax (Rate) dated December 28, 2021 has amended relevant entries of the Concessional Rate Notification w.e.f. January 1, 2022
Certain changes in Goods Rate Notification from January 01, 2022 to align it with HS 2022
The CBIC vide Notification No. 18/2021-Central Tax (Rate) dated December 28, 2021 has issued amendments in the Goods Rate Notification w.e.f. January 1, 2022
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