Hi everyone, I’m Aditya, a Chartered Accountant based in Ahmedabad. Today, let’s dive into some of the recent changes in the Goods and Services Tax (GST) regime:
1. E-commerce Simplified: Unregistered Suppliers and Composition Taxpayers on Board (Effective October 1, 2023)
Great news for small businesses! The Finance Act 2023 allows unregistered suppliers and those under the composition scheme to make intra-state supplies of goods through E-commerce Operators (ECOs). This simplifies compliance for many and eliminates the need for mandatory registration in certain cases. Remember, specific conditions apply, so consult your tax advisor for details.
2. Clarification on Payment to Supplier (Effective October 1, 2023)
The CGST Act has been revised to offer clarity on Section 138 regarding payments to suppliers. This ensures a smoother understanding of tax liability related to payments.
3. Warehoused Goods and Individual Supplies (Effective October 1, 2023)
Amendments to Section 139 of the Act clarify the GST implications when supplying warehoused goods to individual buyers.
4. Extended Time for Return Rectification and Input Tax Credit (Effective October 1, 2022)
Taxpayers now have additional breathing room! Notification 18/2022-Central Tax allows you to rectify/amend returns, issue credit notes, and avail input tax credit until November 30th of the year following the relevant financial year. This provides valuable time for corrections and adjustments.
5. Streamlined Annual Return Filing (Amendment yet to be notified)
The government is proposing to simplify annual return filing by removing the requirement for GSTR-9C, the reconciliation statement. This will leave only the GSTR-9 annual return to be filed on a self-certification basis through the GST portal. The exact financial year and applicability date for this change are still awaited.
Staying Updated is Key
Remember, these are just some of the recent developments. The GST landscape can evolve, so staying informed is crucial. Here are some resources to keep you updated:
- Central Board of Indirect Taxes and Customs (CBIC) website: https://cbic-gst.gov.in/
- GST Council website: https://gstcouncil.gov.in/