Mazars Tax Update | Edition 02.22
This newsletter is a compilation of most interesting and recent news related to tax.
Recommendations of GST Council notified
The Central Board of Indirect Taxes & Customs (CBIC) has notified recommendations presented at the 47th GST Council Meet. Here’s a snapshot:
Notification No. | Council Recommendation |
09/2022 - Central Tax | - transfer of balance in electronic cash ledger of a registered person to electronic cash ledger of CGST and IGST of a distinct person; and - benefit of interest payable on the wrongly availed ITC only when the same is utilized. |
10/2022 - Central Tax | Exemption from filing annual return in FORM GSTR-9/9A for FY 2021-22 for taxpayers having aggregate turnover up to Rs. 2 crores. |
13/2022 - Central Tax | Limitation period: - For filing refund, issuance of demand/order to exclude time period from 01.03.2020 to 28.02.2022; and - For issuing notice under section 73 of CGST Act for FY 2017-18 towards demands to be extended till 30.09.23. |
14/2022 - Central Tax | Various amendments made in CGST Rules, 2017 in order to notify the recommendations made in 47th GST council meet. |