The 53rd GST Council Meeting has introduced several important changes. Certain notifications and circulars have now been issued. Below is a summary of the key changes:
GST Registration
- Aadhar Authentication: Necessary for registration.
- Non-Aadhar Authentication: If Aadhar authentication is not opted for, a visit to the facilitation centre is necessary, involving taking a photograph and presenting original documents. The application is deemed complete only after successful verification.
GSTR-1A (Effective from 10-07-2024)
- New Return Form: GSTR-1A is introduced to amend GSTR-1. This is an optional form and is not yet functional on the GST Portal.
- Functionality: Allows additions of unreported invoices and amendments of already reported invoices for a particular tax period. GSTIN cannot be changed via GSTR-1A. To change GSTIN, GSTR-1 is to be amended as per existing process
- Filing Window: Can be filed after GSTR-1 and before GSTR-3B of that particular tax period.
- Existing System: Amendments via GSTR-1 of the next period will continue as per the existing system.
Interest Implications: Interest may be applicable if input tax changes due to GSTR-1A.
Benefits: Primarily benefits refunds in cases of exports and SEZ supplies.
Caution: Maintain a reconciliation statement while filing GSTR-1A and track changes in input tax credit due to filing of GSTR1A by the supplier.
GSTR-1 (Effective from 01-08-2024)
- B2C Invoice Reporting: The limit for B2C invoice-wise details in GSTR-1 is reduced to ₹1 lakh and above (previously ₹2.5 lakh and above).
GSTR-4 (Effective from 10-07-2024)
- Due Date Change: The due date for filing GSTR-4 for FY 2024-25 onwards is now 30-06-2024 instead of 30-04-2024.
Interest on Delayed Payment of Tax
- Cash Ledger Balance: The benefit of the cash ledger balance as of the due date of GSTR-3B and up to filing of GSTR3B can be considered while calculating interest on delayed payment of tax. This is in addition to liability discharged via the credit ledger on which interest is not computed.
Officer Powers (Effective from 10-07-2024)
- Additional Powers to Superintendents of Central Tax:
- Revocation of cancellation of registration.
- Extension of registration period for Non-resident Taxable Person or Casual Person up to 90 days.
- Issuance of notices to persons registered under the Composition Scheme (FORM GST CMP-05) for checking validity and contraventions.
- Physical verification of premises.
Recovery of Outstanding Dues
Recovery of a demand order whose appeal is pending due to non-formation of GST Appellate Tribuanls can be stayed in following scenario
- Stay in Recovery: Granted if the following conditions are met:
- Payment of an amount equivalent to the pre-deposit (use “Services > Ledgers > Payment against Demand” in GST Portal).
- Submission of an Undertaking/Declaration to the Jurisdictional Officer that the appeal will be filed as and when the tribunal is constituted and within the timeline.
- The amount paid will be adjusted against the pre-deposit while filing the appeal. If DRC-03 has already been submitted for a particular demand liability (not via “Payment of Demand”), then DRC-03A can be filed to map DRC-03 to that particular demand liability.
Note: DRC-03A is not yet functional on the GST Portal. Hence, use DRC-03 until the form is available.
Jul 12, 2024 - Blog - Team SSB
