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November 2022

Recent Developments in GST

By G. G. Goyal, Chartered Accountant
C. B. Thakar, Advocate
Reading Time 19 mins
I.    NOTIFICATIONS

1.    Notification No.18/2022-Central Tax dated 28th September, 2022

By above notification, provisions of section 100 to 114, except clause(c) of section 110 and section 111 of the Finance Act, 2022 are brought in operation from 1st October, 2022.

2.    Notification No.19/2022-Central Tax dated 28th September, 2022

By above notification, the CGST Rules are amended. More particularly, amendments are made in the following rules:

Rule 21 – New Clauses (h) and (i) are inserted to enable cancellation of registration when there is a failure to furnish six monthly returns required u/s 39(1) or two quarterly returns.

Rule 36 - Rule is regarding documentary requirements and conditions for claiming ITC. It is now required that invoices and debit notes relating to ITC are communicated in Form GSTR-2B.

Rule 37- Regarding reversal of ITC for non-payment to supplier within 180 days is substituted. Now it is provided that the reversible ITC should be paid with interest in the tax period immediately following the period of 180 days and it is also provided that the taxpayer can re-avail the said ITC when the payment is made. Specifically, the proportionate disallowance method is done away with.

Rule 38- There are changes in Rule 38 relating to the claim of credit by banking companies or financial institutions
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