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Writer's pictureCA Umang Jain

BIG RELIEF IN GST!!!! Amnesty Scheme provided- 31-03-2023

Amazing move by the GST council to provide relief to the tax payers. We have complied the reliefs given via notifications of 49th GST Council Meeting that were issued on 31.03.2023.



GST Amnesty Scheme-31.03.2023

A summary of notifications dated 31.03.2023 is as follows:

  • Notification No. 02/2023

Late fees in case of FORM GSTR-4 (GST Return that has to be filed by a composition dealer) for the periods from FY17-18 till F.Y 2021-22 has been waived completely in case of NIL returns and reduced to Rs 500/- in other cases provided the said returns are filed between 01.04.2023 to 30.06.2023.


  • Notification No. 03/2023

Amnesty scheme has been provided for registered persons whose registrations have been cancelled on or before 31.12.2022 due to non-filing of returns. The registered persons may apply for revocation of cancellation of their registrations up to 30.06.2023 only after furnishing the returns due up to the effective date of cancellation of registration and after payment of any amount due as tax, in terms of such returns, along with any amount payable towards interest, penalty and late fee in respect of the such returns. It has also been provided that no further extension of time period for filing application for revocation of cancellation of registration shall be available in such cases.


  • Notification No. 04/2023 & 05/2023

Changes have been made in Rule 8(4A) & Rule 8(4B) pertaining to procedure regarding Aadhar authentication and biometric verification of applicants. The said changes shall be deemed to have come into force from 26.12.2022.


  • Notification No. 05/2023

CBIC amends Notification No. 27/2022-Central Tax, dated 26.12.2022


  • Notification No. 06/2023

Amnesty scheme has been provided for registered persons in whose cases assessment u/s 62 of the Act has been done on or before 28.02.2023 and who have failed to furnish a valid return within a period of 30 days from date of service of assessment order. Such persons should furnish the said return on or before 30.06.2023 with payment of interest and late fees.


  • Notification No. 07/2023

Late fees u/s 47 has been rationalised for Annual Returns u/s 44 (GSTR-9) for the F.Y 2022-23 onwards based on turnover of the registered persons. The same has been tabulated below for easy understanding of our readers.

Class of Registered Persons

Amount

Turnover of up to Rs 5 cr

Rs. 50 per day (i.e., Rs 25 CGST and Rs 25 SGST) subject to a maximum of 0.04% (i.e., 0.02% CGST and 0.02% SGST) of the turnover for the relevant FY in the State or Union Territory

Turnover exceeding Rs 5 cr but up to Rs 20 cr

Rs. 100 per day (i.e., Rs 50 CGST and Rs 50 SGST) subject to a maximum of 0.04% (i.e., 0.02% CGST and 0.02% SGST) of the turnover for the relevant FY in the State or Union Territory​

Turnover exceeding Rs 20 cr

Rs. 200 per day (i.e., Rs 100 CGST and Rs 100 SGST) subject to a maximum of 0.5% (i.e., 0.25% CGST and 0.25% SGST) of the turnover for the relevant FY in the State or Union Territory

Also, an amnesty scheme has been provided for those persons who have failed to furnish their annual returns for F.Y. 2017-18, 2018-19, 2019-20, 2020-21 or 2021-22 but furnish the same between 01.04.2023 to 30.06.2023. The late fees payable in such cases shall be restricted to Rs 20,000/- only.


  • Notification No. 08/2023

Amnesty scheme for Final Return in FORM GSTR-10 has been provided if the said return is furnished from 01.04.2023 to 30.06.2023 with a maximum payment of late fees of Rs 1000/- only.


  • Notification No. 09/2023

168A has again been invoked by the Govt to extend the time limit for issuance of order u/s 73 of the Act for recovery of tax not paid or short paid or of ITC wrongly availed or utilised. The extended due dates are tabulated herein below for ease of reference.



Financial Year​

Date for filing Annual Return​

Order u/s 73 to be passed before

2017-18

05.02.2020

31.12.2023 instead of 30.09.2023

2018-19

31.12.2020

31.03.2024 instead of 30.12.2023

2019-20

31.03.2021

30.06.2024 instead of 30.03.2024

  • Notification No. 01/2023

The provisions of S. 163 of the Finance Act, 2023 have been notified relating to levy of compensation cess based on Retail Sale Price (RSP).


  • Notification No. 02/2023

Rate notification under Compensation Cess Act has been issued to change compensation cess on tobacco and pan masala from ad valorem to RSP based.


We hope the above blog was helpful in enhancing your knowledge on the matter. In case of any queries feel free to get in touch with our team of experts.


Quote of the day:


“Whenever you see a successful person, you only see the public glories, never the private sacrifices to reach them.“


- Vaibhav Shah


Regards

CA Umang Jain

+ 91 96323-32850

umang@caumang.com


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