GST Rules: Interest will have to be paid on misuse of ITC, tax can be paid through UPI on the GSTN portal

Posted on 7th Jul 2022 12:41 pm by rohit kumar

The government has notified certain procedural changes made in the GST rules to provide relief to small traders and reduce their compliance burden. The changes include levying interest on misuse of Input Tax Credit (ITC) and fixing the turnover limit for filing annual returns for FY 2021-22.

 

 

As per the notified rules, businesses have been allowed to pay tax on the GSTN portal through payment systems like IMPS and UPI. Also, units having an annual turnover of up to Rs 2 crore in 2021-22 are exempted from filing the annual return for 2021-22.

 

 

Extension of time limit for issuance of orders

 

Rajat Mohan, Senior Partner, AMRG & Associates, said, “Other significant changes include the extension in the time limit given under Section 73 (assessment of tax) of the GST Act for issuance of orders for the financial year 2017-18. Now, this limit is September 30, 2023. However, it has not been extended for any other financial year. These changes were approved by the GST Council in its meeting held on June 28-29.

 

Also Read: GST: Five years of GST completed, collection crossed one lakh crore, read what were the advantages and disadvantages after implementation

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