Goods and Service Tax (GST) Council in a bid to ease the burden of taxpayers has decided on a waiver of late fee for delay in filing FORM GSTR-4 for FY 2021-22 and extension of due date for filing form GST CMP-08 for Q1 of FY 2022-23. The decision was taken during the 47th GST Council meet that was conducted in Chandigarh over two days, and ended on July 29, Wednesday. The decisions at the GST council meet were announced by finance minister Nirmala Sitharaman on the day during a press conference after the meet ended.
“The GST Council’s 47th meeting was held in Chandigarh on 28th and 29th June, 2022 under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has inter-alia made the following recommendations relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure,” said a press release.
The GST Council decided on a waiver of late fee for delay in filing form GSTR-4 for FY 2021-22 and extension of due date for filing form GST CMP-08 for Q1 of FY 2022-23. The GST Council extend the waiver of late fee under section 47 for delay in filing form GSTR-4 for FY 2021-22 by approximately four more weeks, till July 28. The existing waiver is for the period from May 1 to June 30. The council also decided extend the due date of filing of form GST CMP-08 for the first quarter of FY 2022-23 from July 18 to July 31, said the press release.
The GST council also issued a circular on the clarification on mandatory furnishing of correct and proper information of inter-State supplies and amount of ineligible/blocked Input Tax Credit and reversal thereof in return in form GSTR-3B. This has been done in order to remove ambiguity and legal disputes on various issues, thus benefiting taxpayers at large. GSTR-3B is the the monthly tax payment form.
In a measure for streamlining compliances in GST, a proposal has been made for comprehensive changes in Form GSTR-3B to be placed in public domain for seeking inputs/suggestions of the stakeholders.
The GST Council has also decided extend the due date of filing of form GST CMP-08 for the 1st quarter of FY 2022-23 from 18.07.2022 to 31.07.2022. “GSTN has also been asked to expeditiously resolve the issue of negative balance in Electronic Cash Ledger being faced by some of the composition taxpayers,” said the press release.
An exemption from filing annual return in form GSTR-9/9A for FY 2021-22 will be provided to taxpayers having up to Rs 2 crore, the GST Council has also decided. A circular regarding this will be issued.
“GSTN has also been asked to expeditiously resolve the issue of negative balance in Electronic Cash Ledger being faced by some of the composition taxpayers,” noted the press release.
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