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

Other news

Climate Change: Climate change is not only a threat to agriculture, but also the entire human civilization.

Climate change is not only affecting the production of crops, but their quality is also having a

Politics intensifies on the voter list in Jammu and Kashmir, NC calls an all-party meeting, BJP is also adopting a strategy

The BJP has called a meeting of its leaders on the issue of the inclusion of non-local voters in

WazirX: ED raids WazirX director's premises, accounts frozen

The Enforcement Directorate (ED) has raided the premises of Sameer Mhatre, director of the WazirX

Corona cases increased in China, panic in Haryana: Minister Vij said – Health department in alert mode; RT-PCR testing machine installed in every district

The increasing cases of Covid-19 in many countries including China have again raised concerns. Fe

Maharashtra: The matter of entry of transgenders in the police department will be heard in the High Court on November 30.

The Maharashtra Administrative Tribunal had directed the government to make a provision for trans

Fencing in Pak too: Voting for CM in Punjab tomorrow, Imran imprisoned MLAs in a hotel for fear of being sold

Imran Khan's party will stake a claim for the chief minister's post in Pakistan Prime Minister Sh

Akshay Kumar had tears in his eyes when Paresh Rawal left Hera Pheri 3, he said this emotional thing to Priyadarshan.

Bollywood actor Paresh Rawal has decided to exit the most anticipated film Hera Pheri 3. Ever sin

Asad Encounter: Atiq's son Asad will be buried near Baba in Prayagraj's Kasari-Masari cemetery, grave dug

Atiq Ahmad Son Encounter The dead body of Asad, the shooter son of Atiq, who publicly shot Umesh

China Taiwan Tension: Taiwan warns Chinese army, says - China should exercise restraint

Taiwan's Prime Minister Sutseng-chang said on Friday that despite repeated warnings that it is no

Lashkar-Jaish terrorists growing up in Pakistan itself: US report claims - plotting against India

Bankrupt Pakistan is not desisting from giving shelter to terrorism. According to the report of A