GST WEEKLY UPDATE : 34/2022-23 (20.11.2022) By CA Vipul Khandhar

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-By CA Vipul Khandhar

GST TRAN 1 and 2 filing: No Form Shall be Accepted After 30th November, says CBIC:

The CBIC has informed that the last date for the filing of GST TRAN-1 and 2 is 30th November 2022 and no form shall be accepted after 30th November 2022.

“Don’t wait for the last-minute rush to file your TRAN-1/2 Forms. Please File today. The last date to file TRAN forms is 30th November 2022. No Form shall be accepted after 30th November 2022,” GST Portal said in a statement.

Once the filing is completed, 90 days shall be given to the officers to verify the claim of credit on merits and pass appropriate order. This shall be in terms with the natural justice principles and the opportunity of hearing to be granted to the assessee. Thereafter credit to reflect in Electronic Credit Ledger.

ITC in annual return has been taken in to account uptill 30.11.2022:

Extended time for allowing ITC claims and amend Invoices CBIC has amended CGST Rules, 2017 so as to allow ITC claims and amendment in invoices up to 30th November, 2022.
The effect has been given in GSTR-9 form to extend the date of ITC claims and amendment in invoices till 30th November, 2022.
Dealer can amend the details of taxable outward supplies made to the registered person that is already reported in table 4A, 4B, 6B, 6C – B2B invoices.
The taxpayers will have to provide the financial year and invoice number and click on ‘Amend Record’ to search for the invoice.

GST payers get communication to first show irreversible ITC and then reverse by the Punjab & west Bengal SGST.:

States GST authorities have asked assessees to furnish correct and proper information of ineligible Input Tax Credit (ITC) and reversal.

The registered person is required to report reversal of ITC, which is absolute in nature and is not reclaimable, such as on account reversal of credit by a banking company or a financial institution, reversal on input and input services on account of supply of exempted goods or services etc, in Table 4 (B) (1) of GSTR-3B.
They will also be required to report the reversal of ITC, which is not permanent in nature and can be reclaimed in future in Table 4(B)(2).

The net ITC available will be calculated in Table 4 (C), which is as per the formula (4A -[4B (1) + 4B (2)]), and same will be credited to the electronic credit ledger (ECL) of the registered person.

Govt abolished the export duty on steel products::

Exports of iron ore lumps and fines < 58% Fe will attract nil export duty.
Exports of iron ore lumps and fines > 58% Fe will attract lower export duty of 30%.
Exports of iron ore pellets will attract nil export duty.
Exports of pig iron and steel products classified under HS 7201, 7208, 7209,7210,7213, 7214, 7219, 7222 & 7227 will attract nil export duty
Anthracite/PCI & coking coal and ferronickel will attract import duty of 2.5%.
Coke and Semi coke will attract 5% import duty.

Advisory for launch of ICEGATE 2.0: in phased manner w.e.f. 16.11.2022:

New bilingual ICEGATE Website. ICEAGTE 2.0 website is a complete bilingual website which has been designed to provide contemporary user interface for enhanced user experience. Site map of the website will be available at https://icegate.gov.in/sitemap. – Leveraging Technology for Serving Taxpayers

Personalized Dashboard. Personalized dashboard, being provided to the registered users shall be a more convenient user interface for accessing services on the ICEGATE portal. New feature “widget” is also being provided to show important information such as Message filing status, details of tickets, refunds, and duty payments etc. in dashboard without going for enquiries. Data available in the widgets will also be downloadable. Registered users will be provided access to the personalized dashboard in a phased manner between 16 November 2022 and 29 December 2022 depending on the staggered roll out of ICEGATE 2.0 Phase-I at various locations.

Role-based and customized notifications. Customized notifications facility is being provided to the registered users to choose the events for which they want to receive notifications. Registered users will be provided access to the customized notifications facility in a phased manner between 16 November 2022 and 29 December 2022 depending on the staggered roll out of ICEGATE 2.0 Phase-I at various locations.

“VAANI”, The Chatbot. Chatbot “Vaani” is being provided to assist users 24*7 with services such as document status enquiry and locating relevant content without requiring them to connect to ICEGATE helpdesk.

Webforms (Online/Offline filing Utility). In addition to existing offline filling, new online/offline filing utility is being provided. Registered users can file their documents themselves using Web forms on ICEGATE. This facility will be available to the registered users post login. During online filing, number of fields will be validated simultaneously to user entering values in the forms, thereby reducing errors and ensuring faster processing. Guidance notes will be available on the Webform in the Form of tool tips (in “i” button next to the fields) for better understanding. Form can also be downloaded and completed and there after generated output file can be uploaded in the utility. Registered users will be provided access to the webforms in a phased manner between 16 November 2022 and 29 December 2022 depending on the staggered roll out of ICEGATE 2.0 Phase.

Tweet FAQs: Transitional credit matter

The tweets received by ask GST_GoI handle were scrutinized and developed into a short FAQ of 100 tweets. It should be noted that the tweets received or the replies quoted are only for educational and guidance purposes and do not hold any legal validity.

71	Salary by Partnership firm to Partners as per Income Tax Act liable to GST? Partners are not employees of the firm.	Salary will not be leviable of GST.
72	How do I avail transition credit ?	Transition credit can be availed by filing the respective forms under Transition rules upto 30.09.2017.
73	Provide the clarity on area based exemption 50/2003 in UK & HP.	Area based exemptions will not be continued under GST. It will be operated through the route of reimbursement as prescribed.1
74	We manufactured excisable goods. But unit availed the exception benefits 50/2003. What about my dealers stock?	The dealer will get deemed credit @ 40% / 60% of the CGST paid on supply of such goods in GST. If the goods are branded and greater than Rs. 25,000, full credit using CTD can be availed.
75	A trader buys from manufacturer not registered in excise as his turnover is below 1.5cr. Then in such case can trader take ITC on stock up to 40%?	Yes deemed credit will be available subject to satisfaction of other conditions as prescribed.
76	I am a trader. I have excise paid purchase invoice. Whether I can claim credit of full excise duty on closing stock of 1st July 2017	Full transition credit of such duty will be available on stock in hand in respect of which you have duty paying excise document subject to conditions under Section 140(3) of the CGST Act.
77	If a trader purchases directly from manufacturer & has documents showing excise, will he get full excise credit or 40% of CGST?	Full transition credit of such duty will be available on stock in hand in respect of which you have duty paying excise document subject to conditions under Section 140(3) of the CGST Act.
78	If a fsd purchases directly from manufacturer and has value cum excise duty and excise duty is not separately shown will he get full credit?	Full transition credit of such duty will be available on stock in hand in respect of which you have duty paying excise document subject to conditions under Section 140(3) of the CGST Act.
79	Is the full excise credit also available to traders who purchases directly from manufacturers and excise is separately shown in invoice?	Full transition credit of such duty will be available on stock in hand in respect of which you have duty paying excise document subject to conditions under Section 140(3) of the CGST Act.
80	In June 17 Vat return no amount carried forward & held stock of Rs. 50 lakhs. Then can we take credit of that stock or not?	The supplier would be eligible to carry forward the closing balance of ITC from VAT return for June 17.
81	What will be the impact of closing stock which has been already paid vat on 1st July?	The supplier would be eligible to carry forward ITC on such stock from VAT return for June 17.
82	If in Vat return refund claimed in June 17 & no balance credit in GST. Then what’s the position of submission of Form C	Refund claimed under existing law will be handled as per the provisions of the existing law. Form C to be submitted in terms of provision of Rule 1(1) of Transition Rules.

Disclaimer:

This publication contains information for general guidance only. It is not intended to address the circumstances of any particular individual or entity. Although the best of endeavour has been made to provide the provisions in a simpler and accurate form, there is no substitute to detailed research with regard to the specific situation of a particular individual or entity. We do not accept any responsibility for loss incurred by any person for acting or refraining to act as a result of any matter in this publication.