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August 2022

RECENT DEVELOPMENTS IN GST

By G. G. Goyal, Chartered Accountant
C. B. Thakar, Advocate
Reading Time 9 mins
I. NOTIFICATIONS

The GST Council at its 47th Meeting on 28th June, 2022 took various policy decisions. For the sake of brevity, they are not mentioned in this feature. However, consequent to said decisions, relevant notifications are issued by authorities. The short gist of notifications is given below:

1. Notification No. 9/2022-Central Tax, dated 5th July, 2022

Section 49 and 50(3)
Provision of Clause (c) of Sections 110 and 111 of Finance Act, 2022 are made effective from 5th July, 2022. By section 110(c), section 49 is amended.

Balance available in E-cash ledger can be transferred from one tax type ledger to another tax type ledger like from IGST to CGST/SGST or vice versa.

The balance available in Electronic Cash Ledger of CGST/IGST can be transferred to a distinct person with a different GSTIN but having same PAN. This is a good facility made available to taxpayers.

By section 111 of Finance Act, section 50(3) is substituted from 1st July, 2017. As per the amendment, interest at the prescribed rate applies only upon utilization of the wrong ITC.

2. Notification No. 10/2022-Central Tax, dated 5th July, 2022

Section 44
Annual return for 2021-22 not required to be filed by a tax payer whose total turnover in F.Y. 2021-22 is up to
Rs. 2 crores.

3. Notification No. 11/2022-Central Tax, dated 5th July, 2022

Amen
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