Introduction:
As we mark end of the financial year 2021-22 with respect to GST laws as next month we all would filing GST Annual returns normally called GSTR 9 & GSTR 9C wherever applicable, before filing the annual return it is very important to consider the major amendments that have been brought in Financial year 2021-22. For easy understanding, we have put up the bifurcation for such changes in form of rate changes and non-rate changes. So first we will go through the non-rate changes which has been made effective in the current year and what is the impact of such notification in our books.
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Non-Rate Changes which have come effect in FY 2021-22
| Sr. No. | Notification No. | Section Reference | Impact of social notifications |
| 1 | Notification No. 08/2021-Central Tax dated 01st May, 2021 | Section 50 of the CGST Act, 2017 | On account of Covid-19 outbreak, Interest rate for delayed payment of taxes for the month of March’ 21 & April’ 21 period was reduced as under: a. For turnover more than 5 crores – 9% for first 15 days, 18% b. For turnover less than 5 crores – Nil for first 15 days, 9% for next 15 days, 18% thereafter |
| 2 | Notification No. 13/2021- Central Tax, dated 1st May, 2021 | Rule 36 & Rule 59 of the CGST Rules, 2017 | a. Rule 36(4) has been amended to provide that the condition of availing 105% of eligible ITC (i.e., ITC reflecting in GSTR-2A) in GSTR-3B shall be applicable on cumulative basis for the period April 2021 and May 2021. b. Rule 59 has been amended to extend the time limit for furnishing the details of B2B invoices for the month of April 2021 using IFF till 28th May 2021. |
| 3 | Notification No.14/2021- Central Tax, dated 1st May, 2021 | Section 168A of CGST Act, 2017 | On account of Covid-19 outbreak, timelines were extended for completion of various actions, by any authority or by any person, under the CGST Act, 2017 which falls during the period from 15th April, 2021 to 30th May, 2021, up to 31st May, 2021. Effective date of notification is 15th April 2021. Such extension not applicable for – a. Chapter IV. b. sub-section (3) of section 10, sections 25, 27, 31, 37, 47, 50, 69, 90, 122, 129. c. Section 39, except sub-section (3), (4) and (5) d. Section 68, in so far as e-way bill is concerned; and e. Rules made under the provisions specified at (a) to (d) above. |
| 4 | Notification No. 15/2021- Central Tax, dated 18th May, 2021 | Various amendments in rules under CGST Rules, 2017 | A. Rule 23-Revocation of cancellation of registration – Time extension by AC or JC or Commissioner, as the case may be, in exercise of the powers provided under the proviso to sub-section (1) of section 30 of the CGST Act, 2017 beyond 30 days. B. Rule 90-Acknowledgement of refund application – Exclusion of time period between the date of filing of the refund claim in Form GST RFD-01 and the date of communication of the deficiencies in Form GST RFD-03, in case of fresh filing of refund applications. Withdrawal of refund application in Form GST RFD-01W at any time before issuance of provisional refund order or final refund order or payment order or refund withhold order or notice. |
| 5 | Notification No. 16/2021- Central Tax, dated 1st June, 2021 | Section 50 of the CGST Act, 2017 | Section 112 of the Finance Act, 2021 had laid down the principle for interest to be charged on net tax dues where such tax dues are declared in the returns filed after the due date. Date of such amendment would be 01st June 2021. (Except where the returns are filed after the commencement of proceedings under sections 73 or 74) |
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