The Central Board of Indirect Taxes and Customs (CBIC) has reported different GST amendments in tax Law effective from January 1st, 2022. Below are the mentioned top 10 changes that you are urged to find out.
Rectification in GST Inverted Duty Structure in Textiles Sector
GST official has decided to initiate the amendments in the GST rate from January 2022 so as to rectify the inverted duty framework in the footwear as well as textile sector. The GST rate of 12% shall be applicable for all the footwear whatever be the prices while barring cotton, all textile products along with the readymade garments pose a GST at the 12% rate.
New Load on E-Commerce Operators Under GST
On 17th September it was decided at the GST council meeting that the e-commerce operators are subjected to furnish the tax on the services given via them such as transport of passengers via any kind of motor vehicles restaurant services or the restaurant services given through some exceptions. The same shall become effective from 1st Jan 2022 mentioned in the statement provided through the FM post-GST council meeting.
GSTR-1 for Non-filing of GSTR 3B Blocking
From 1st Jan 2022, the GSTR-1 return filing facility shall be restricted if you do not have submitted the return in Form GSTR-3B for the former two return periods. For instance, when the assessee does not furnish the GSTR-3B return form for Oct 2021 and November 2021, from the 1st January 2022 GSTR-1 filing facility shall be restricted.
Essential Aadhaar for GST Refund/Revocation Application
The Central Board of Indirect Taxes and Customs (CBIC) mentioned that rules concerned with the essential Aadhaar authentication for GST Refund and Revocation application would be levied from 1 January 2022.
Power to Call for Information by Commissioner
Section 119 of the Finance Act, 2021 asks to Replace the upgraded section with section 151 namely “Power to call for information: The Commissioner or an officer authorized by him may, by an order, direct any person to furnish information relating to any matter dealt with in connection with this Act, within such time, in such form, and in such manner, as may be specified therein.”
GST Provision of Invoice/Debit Note to Recipient
Section 109 of the Finance Act, 2021 asks for a change of section 16 of the CGST Act wherein sub-section (2), post clause (a), the clause shall be inserted, such as “(aa) the details of the invoice or debit note referred to in clause (a) would file through the supplier in the statement of the outward supplies and this information would get discussed within the recipient of such invoice or debit note in the way defined under section 37.”
Read Also: Explanation of Central Tax GST Notifications No. 38 & 39/2021
Self-assessed Tax Subjected to Pay for Information of Outward Supplies
Section 114 of the Finance Act, 2021 asks to revise section 75, in sub-section (12), the Explanation shall be inserted, namely “For the purposes of this subsection, the expression self-assessed tax shall include the tax payable in respect of details of outward supplies furnished under section 37, but not included in the return furnished under section 39.”
No Request to Furnish with Respect to Section 129(3) Order
Section 116 of the Finance Act, 2021 asks to change section 107 in sub-section (6), the proviso shall be inserted, namely “Provided that no appeal shall be filed against an order under sub-section (3) of section 129, unless a sum equal to twenty-five per cent of the penalty has been paid by the appellant.”
Detaining or Seizing Goods or Conveyance by Proper Officer
The proper officer blocking or seizing goods or conveyance will furnish the notice in the 7 days of the mentioned detention or seizure, mentioning the penalty liable to pay and thus release order in 7 days from the service date of the mentioned notice for the payment of penalty.
Attachment of Provisionally, any Property, Consisting of the Bank Account Commissioner
Section 115 of the finance act 2021 asks to change section 83 towards sub-section (1) the sub-section shall be substituted, namely “(1) in which post-execution of the preceding under Chapter XII, Chapter XIV of Chapter XV, the Commissioner is towards of the choice that the intention to secure the interest of the government revenue is important to perform so he might by order in writing attach provisionally, any property, along with the bank account, belongs to the person who is subjected to tax or any individual mentioned in sub-section (1A) of section 122, in the way as mentioned.
