Changes Proposed Under GST (Returns): BUDGET 2022-23

The following are the proposed changes under the GST law in respect of GST Returns:

  • The deadline for correction of outward supplies recorded in GSTR-1 has been extended until November 30th of the next fiscal year.
  • Only period wise sequential GSTR-1 filing will be permitted, i.e., GSTR-1 for any tax period will not be allowed to be filed if GSTR-1 for any preceding tax period is still due.
  • The deadline for non-resident taxable persons to file GSTR-5 returns is the 13th day of the following month (currently the due date is the 20th day of the following month).
  • The deadline for correction of GSTR-3B returns has been extended till November 30th of the next fiscal year.
  • GSTR-3B cannot be filed until GSTR-1 for the tax period has been filed.
  • TCS returns are now subject to a late penalty of INR 10,000* or INR 200* per day, whichever is lower (*50 percent CGST and 50 percent SGST).
  • The deadline for correction of TCS returns (GSTR-8) has been extended till November 30th of the next fiscal year.

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