The government has announced some procedural modifications in the GST laws, notably those relating to the threshold, for submitting annual reports for the 2021-22 fiscal, a move that will assist lessen the compliance burden on small companies.
The amendments were evaluated by the Goods and Services Tax (GST) Council during its meeting last week.
With the revisions published by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been permitted to make tax payments on the GSTN site by utilizing IMPS and UPI payment mechanisms.
Businesses having aggregate annual sales of up to Rs 2 crore in the fiscal ending March 31, 2022, are excluded from submitting annual reports for 2021-22, as per the modified guidelines.
Taking into account the COVID situation in India over the past two years, the government has extended the restriction period under GST for the issue of notices to taxpayers who have not paid or underpaid tax. Similar extensions of time are provided for submitting tax refunds.
The method of calculating interest on late tax payments has been communicated, which will aid taxpayers in calculating their tax obligations precisely. A standard declaration on the non-applicability of e-invoicing shall be printed on each invoice produced by a SME provider in accordance with the updated regulations.
Additionally, the cash ledger balance can be moved from one GST-registered firm to another with the same PAN.