GST Return, ITC Claim Due Dates extension, Revision, Relaxation in Annual Filing: Know various benefits given by GST Council
This GST Council has given many benefits to the Taxpayers. These benefits included a change in the due date of filing Form GSTR-4, Exemption of GSTR-9 Filing for certain category of Taxpayers, Extension in due date for claiming Input Tax Credit (ITC) for initial years and Introduction of new GST Form to enable revision of GSTR-1. Let’s discuss them one by one via this article.
Change in Due Date of Filing GSTR-4
The GST Council in its meeting held, has recommended an amendment in clause (ii) of Rule 62(1) of CGST Rules 2017 and with this amendment the council extended the due date for filing GST return – GSTR-4 for taxpayers who are under composition scheme from April 30 to 30 June following the end of the financial year. This amendment will be applicable for the returns for the FY 2024-25 onwards.
The extension will provide more time to taxpayers to furnish the returns who opted to pay their taxes under the composition scheme.
Exemption of filing GSTR-9
The Council suggested that taxpayers with an annual revenue of up to two crore rupees may be excluded from filing an annual return in Form GSTR-9/9A for the financial year 2023–2024.
Extension in due date for claiming Input Tax Credit
The GST Council suggested that the deadline for obtaining input tax credit under Section 16(4) of the CGST Act for any invoice or debit note may be regarded to be November 30, 2021, provided that the return in FORM GSTR 3B is filed by that date for the financial years 2017–18, 2018–19, 2019–20, and 2020–21. The Council has recommended a necessary change to section 16(4) of the CGST Act, which would take effect retroactively on July 1, 2017.
Revision of GSTR-1
In order to let taxpayers revise the information in FORM GSTR-1 for a tax period and/or declare additional details, if applicable, prior to filing a return in FORM GSTR-3B for the relevant tax period, the Council suggested creating a new optional capability via FORM GSTR-1A.
In order to ensure that the correct liability is auto-populated in FORM GSTR-3B, this will make it easier for taxpayers to add any details of supply of the current tax period that they neglected to report in FORM GSTR-1 of the said tax period or to amend any details already declared in FORM GSTR-1 of the current tax period (including those declared in IFF, for the first and second months of a quarter, if any, for quarterly taxpayers).
