GST News and Updates – May 2022

 

Extension of the GSTR 3B date due to incorrect GSTR 2B (Central Tax Notification 05/2022 dated 17th May 2022)

 

Many taxpayers have come across a discrepancy in the GSTR-2B of April 2022. Goods and Services Tax Network (GSTN) has issued an advisory in this regard.

  1. It has been noticed that in a few cases, certain records are not reflected in the GSTR-2B statement for the period of April 2022. However, such records are visible in GSTR-2A of such recipients.
  2. The technical team is working to resolve this issue for the impacted taxpayers and generate fresh GSTR-2B at the earliest.
  3. In the interim, affected taxpayers interested in filing GSTR-3B are requested to file the return on self-assessment basis using GSTR-2A.

GSTN team has resolved this issue and has regenerated correct GSTR-2B reports while the Government has extended the April 2022 GSTR-3B filing due date to 24th May 2022 via Central Tax Notification 05/2022 dated 17th May 2022.

 

No late fees for filing of GSTR-4 of FY 2021-22 till 30th June, 2022

(Central Tax Notification 06/2022 dated 27th May 2022)

 

The Govt has issued notification to waive off late fees for delay in filing of Form GSTR-4 of FY 2021-22 from 1st May, 2022 till 30th June, 2022.

Annual Aggregate Turnover (AATO) computation for FY 2021-22

The functionality of AATO for the FY 2021-22 has now been made live on taxpayers’ dashboards with the following features:

    • The taxpayers can view the exact Annual Aggregate Turnover (AATO) for the previous Financial Year (FY).
    • The taxpayers can also view the Aggregate Turnover of the current FY based on the returns filed till date.
    • The taxpayers have also been provided with the facility of turnover updation in case taxpayers feel that the system calculated turnover displayed on their dashboard varies from the turnover as per their records.
    • This facility of turnover update shall be provided to all the GSTINs registered on a common PAN. All the changes by any of the GSTINs in their turnover shall be summed up for computation of Annual Aggregate Turnover for each of the GSTINs.
    • The taxpayer can amend the turnover twice within the month of May, 2022. Thereafter, the figures will be sent for review of the Jurisdictional Tax Officer who can amend the values furnished by the taxpayer wherever required.

Supreme Court : GST on ocean freight is ultra vires

 

  • The Supreme Court in its landmark ruling in the case of UOI vs. Mohit Minerals Pvt. Ltd.  has struck down the levy of IGST on importers in respect of ocean freight services- which are provided by foreign shipping lines to foreign suppliers in a CIF contract for import of goods into India.
  •  CIF contract for import of goods forms a composite supply, comprising of supply of goods and supply of services of transportation, insurance, etc., on which the Indian importer discharges IGST. Thus, a separate levy of IGST on the service aspect of the transaction would violate the principle of composite supply under Section 8 of Central Goods and Services Tax Act, 2017 (CGST Act).