CA Yash Shah
Quick Summary
Introduction As we mark end of the financial year 2021-22 with respect to GST laws as next month we all would filing GST Annual returns normally called GSTR 9 GSTR 9C wherever applicable, before filing the annual return it is very important to consider the major amendments that have been brought
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FAQ :
Key non-rate changes include reduced interest rates for delayed tax payments during March-April 2021, amendments to ITC availment rules (Rule 36(4) and 59), extensions for various compliances due to COVID-19, changes in revocation of registration and refund application procedures, exemption for government departments from e-invoicing, and modifications to the requirement of audited accounts by a CA/CMA.
For the months of March and April 2021, the interest rate for delayed GST payments was reduced. Businesses with a turnover over ₹5 crores paid 9% for the first 15 days and 18% thereafter. Those with turnover less than ₹5 crores paid nil for the first 15 days, 9% for the next 15 days, and 18% thereafter.
Rate changes included an increase in the GST rate for plastic waste, parings, and scrap from 5% to 18%. Renewable energy devices saw a change from 5% to 12%. Certain medicines like Keytruda had their rate reduced from 12% to 5%. Rates for cartons, pens, and carbonated beverages increased, while fortified rice kernel premix saw a reduction. Service rates also changed for ship maintenance, works contracts for mid-day meals, IP rights, and restaurant services.
Yes, the threshold limit for aggregate turnover for e-invoicing applicability was reduced from ₹50 crore to ₹20 crore, effective from 1st April 2022. Additionally, government departments and local authorities were exempted from the requirement of issuing e-invoices.
For FY 2021-22, netting off credit notes, debit notes, and amendments is not allowed for tables 4I to 4L in GSTR 9; they must be shown separately. Exempted and Nil Rated supplies can be shown together, but Non-GST supplies need separate disclosure. Bifurcation of ITC for inputs and input services is no longer mandatory. All other ITC reversals can be clubbed together, excluding TRAN reversals.
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