CA Shruti Singhal
Quick Summary
1. Last date for issuance of order and notice under Sec 73 has been extended for various FY as follows - FY Last date to issue notice Last date to issue order FY 2017-18 Original last date Revised date (NN 13/2022-CT
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FAQ :
For FY 2017-18, the last date to issue notices has been extended to 30-6-2023 and orders to 30-9-2023. For FY 2018-19, notices and orders are due by 31-12-2023. For FY 2019-20, notices are due by 31-3-2024 and orders by 30-6-2024.
RCM applies to services supplied by Courts and Tribunals to a business entity in a taxable territory, excluding renting of immovable property and specific services like those from the Department of Posts or transport of goods/passengers.
Rab now has an 18% GST rate if pre-packaged and labelled, and Nil if sold otherwise. Pencil sharpeners have seen their GST rate reduced from 18% to 12%.
For FY 2022-23 onwards, taxpayers with turnover up to Rs. 20 crores will see reduced late fees for GSTR-9. The daily late fee is capped at 0.02% of turnover, with maximums of Rs. 25-CGST+Rs. 25-SGST per day for up to Rs. 5 crores turnover, and Rs. 50-CGST+Rs. 50-SGST per day for turnover between Rs. 5 and Rs. 20 crores.
Amnesty schemes are available for GSTR-4, GSTR-9, and GSTR-10 with reduced late fees until June 30, 2023. This includes annual returns for composition dealers and final returns on registration cancellation.
Yes, an amnesty scheme allows businesses whose registration was cancelled for non-filing of returns by 31-12-2022 to apply for revocation of cancellation until June 30, 2023, subject to certain conditions.
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