Tax Updates September 2022
Income Tax Notification Issue during the month of September 2022
Amendment in Rule 114BB of Income Tax Rule 1962, applicable w.e.f. dated 09-07-2022 – Notification No 105/2022 dated 01-09-2022.
Control of certain Income Tax authorities specified – Notification No 106/2022 dated 02-09-2022.
Also See, “Due Date Compliance Calendar October 2022.
Central Government notify “Central Registry of Securitisation Assets Reconstruction and Security Interest of India” for the purpose of clause (46) of section 10 – Notification no 107/2022 dated 05-09-2022.
Central Government notify “Haryana Electricity Regulatory Commission” for the purpose of clause (46) of section 10 – Notification no 108/2022 dated 05-09-2022.
Forms of statement to be furnished by producers of cinematograph films or persons engaged in specified activity under Rule 121A of Income Tax Rule 1962 read with section 285B of Income Tax Act 1961 – Notification No 109/2022 dated 14-09-2022.
Rule 12AD has been notified for return of income under Section 170A (Return by a successor entity to a business reorganization) – Notification No 110/2022 dated 19-09-2022.
Rule 132 has been inserted after Rule 131 (Application for re-computation of Income under sub-section (18) of section 155 – Notification No 111/2022 dated 28-09-2022.
Income Tax Circular Issue during the month of September 2022
CBDT issue additional guidelines for removal of difficulties under sub-section (2) of section 194R of the Income Tax Act 1961 – Circular No 18 of 2022 dated 13-09-2022.
Extension of timeline (From 30-09-2022 to 07-10-2022) for filing of various reports of Audit for the Assessment Year 2022-23 – Circular No 19/2022 dated 30-09-2022.
Good and Service Tax Changes Issue during the month of September 2022
CBEC issue Guidelines for filing / revising TRAN-1 / TRAN -2 in term of order dated 22-07-2022 and 02-09-2022 of Hon’ble Supreme Court in the case of Union of India vs Filco Trade Centre Pvt Ltd – Circular No 180/12/2022 – GST dated 09-09-2022.
GST Investigation Wing issue Guideline for Launching of prosecution under the Central Goods and Services Tax Act 2017 – Instruction No 04/2022 dated 01-09-2022.
CBEC done following changes through Notification No 18/2022, Notification No 19/2022 and Notification No 20/2022 CT dated 28-09-2022
- From 1st October 2022, Government can restrict your ITC if vendor has default in paying tax for such period or short taxes paid or if vendor has availed excess ITC by such limit or utilised ITC to pay taxes in excess of the maximum allowable limit or if vendor has taken registration within such period or any other cases. The period, limit or percentage will be prescribed in due time.
- A registered person can avail ITC for any invoice / debit note for a financial year upto 30th November of the next financial year.
- Issuance of credit notes for supplies made in a financial year upto 30th November of the next financial year.
- Rectification of errors in respect of GSTR 1 GSTR 3B and GSTR 8 upto 30th November of the next financial year.
- GST officer can suo motto cancel GST registration if composite taxpayer did not file return for a financial year beyond three months from the due date.
- GST officer can suo motto cancel GST registration if registered taxpayer did not file return for for a continues period of 6 months or if quarterly return filler does not file return for a continuous period of two tax periods.
- Now it is compulsory to filed GSTR – 1 return in sequential order.
- Restricts filling of GSTR 3B of current period if GSTR – 1 of previous period is not filed.
- Due date for filling GSTR 5 and GSTR 5A is now 13th of Next month.
- Levy of late fees for not filling GSTR-8 with in due date is Rs 100 per day subject to maximum of Rs 5,000.
- The concept of provisional ITC is now omitted. Further if supplier of goods or services does not pay tax to the Government then Input tax credit on the same shall be reversed along with interest.
- Refund application to be filled in respect for excess balance in electronic cash ledger.
- Refund application for suppliers to SEZ developer / SEZ Units, refund is to be filled within 2 year from the due date of GSTR 3B.
- A specialised agency of the UNO, Consulate, Embassy etc. can claim a refund of tax on inward supply within 2 years from the last day of the quarter in which the supply was made.
- Two-way matching concept i.e. Form GSTR 2 and GSTR 3 is now omitted.
- GST Registration to be cancelled if rule 86B not compiled with i.e. compulsory payment of 1% output tax liability in cash [Section 49(12) notified].
Other Updates in the month of September 2022
DGFT notified para 2.54(d) under FTP to permit Invoicing, payment and settlement of exports / imports in INR in sync with RBI’s recent circular.
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