The CBIC has notified the provisions of Finance Act, 2022 related to GST which shall be effective from October 1st, 2022. The key changes include extension in time limit of availment of ITC till 30th November of next financial year, amendment to GSTR 1 return till 30th November of next financial year, credit notes can be issued till 30th November of next financial year, Form GSTR-2 has been done away with, extension in time-limit to rectify errors or omission in Form GSTR -1 or GSTR-3B, omission of sections 42, 43 and 43A etc.
As per the directions of Hon‘ble Supreme Court, the facility for filingTRAN-1/ TRAN-2 or revising the earlier filed TRAN-1/TRAN-2 on the common portal by an aggrieved registered assessee will be made available by GSTN during the period from 01.10.2022 to 30.11.2022. In order to ensure uniformity in implementation of the directions of Hon‘ble Supreme Court, the CBIC has issued guidelines for the applicants for filing TRAN-1/TRAN-2 or revising earlier filed TRAN-1/TRAN-2.
The CBIC issued Notification No. 17/2022–Central Tax dated August 01, 2022 to amend Notification No. 13/2020 – Central Tax, dated March 21, 2020 to decrease the e-Invoicing aggregate turnover limit from 20 crore to 10 crore w.e.f. October 01, 2022. Hence, w.e.f. 01-10-2022 onwards Einvoice is applicable if aggregate turnover of taxpayer is exceeding Rs.10 crores in any one of the years from FY 2017-18 onwards.
Increase in Tax Rates
Withdrawal of Exemption
|Input Tax Credit is available to the buyer only if the supplier file their return w.e.f. 01-01-2022 onwards.||Notification number and reference document|
As per the Central Tax notification number 39/2021, the new condition in clause (aa) of Section 16(2) of the CGST Act is implemented giving effect to Section 109 from the Finance Act, 2021 effective from 1st Jan 2022.
While Section 16(2) of the CGST Act had conditions for recipients to fulfil before claiming Input Tax Credit (ITC) in their GSTR-3B, the GST Council suggested an amendment to Rule 36(4) during the 45th meeting in September 2021 and notified during December 2021 through the Central Tax notification no. 39 & 40/2021. As per this notification, additional condition got added to claim Input Tax Credit (ITC) in GSTR-3B. Now, registered person shall be entitled to take the credit of any input tax only if the supplier furnish the details of invoice/Debit note in GSTR-1 and the relevant invoice is populating in GSTR-2B of registered person.
39 / 2021 Central Tax dated 21st Dec 2021
|Due date for filing of tax audit report in form 3CA/ 3CB & 3CD for the assessment year 2021-22||15-Feb-22|
|Due date for filing of accountant’s report on international/ specified domestic transactions in form 3CEB under Section 92E for the assessment year 2021-22||15-Feb-22|
Due date for filing return of income for the assessment year 2021-22 if the Assessee (Other than Transfer pricing audit u/s.92E) is a
Due date for filing return of income for the assessment year 2021-22 if the Assessee (subject to Transfer pricing audit u/s.92E) is a
|Extension of time limit to link PAN and Aadhar under Section 139AA||31-Mar-22|
Due date for filing return of income for the assessment year 2021-22 for all Assessee other than
|Due date for filing tax audit report for the assessment year 2021-22 in the case of assessees/ partnership firms who are subjected to audit under the Income Tax Act.||15-Jan-22|
|Due date for filing audit report for the assessment year 2021-22 in the case of assessees who have entered into international/ specified domestic transcation under the Income Tax Act.||31-Jan-22|
|Due date for filing return of income for the assessment year 2021-22 in the case of assessees/ partners of partnership firms who are subjected to audit under the Income Tax Act||15-Feb-22|
|Due date for filing return of income for the assessment year 2021-22 in the case of assessees who have entered into international/ specified domestic transction under the Income Tax Act.||28-Feb-22|
|Due date for filing revised/ belated return of income for the Assessment Year 2021-22 under the Income Tax Act.||31-Mar-22|
|Filing TDS Statements||From June 30 to July 15|
|Issuing tax deduction certificate||From July 15 to July 31|
|Filing foreign remittance statement||From July 15 to July 31|
|Submission of registration of trusts and institutions||From June 30 to August 31|
|Submitting form for equalisation levy||From June 30 to July 31|
|Uploading of form of no TDS claims cases||From July 15 to August 31|
|Submitting objection to dispute resolution panel||From June 1 onwards to August 31|
|Submitting option to withdraw cases from settlement commission||From June 27 to July 31|
Amount paid for medical treatment to an employee by employer or to any person by any other person on account of treatment of Covid for FY 19-20 and subsequent year would not be taxed in the hands employee or the person receiving the benefit.
Ex-gratia payment by an employer to an employee’s family, or by any other person to any person’s family on death of the employee or any other person on account of Covid for FY19-20 or subsequent year would be exempt from tax, restricted to 10lakhs