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Important Change in Compliances for New GST Registrants From 1st Jan 2022
From 1st January your GSTR-1 filing could be blocked
As per CBIC's newest advisory, GSTR-1 filing will be blocked as of January 1, 2022, if a monthly GSTR-3B return filer has not submitted GSTR-3B for the previous month. We've heard from businesses that there are tens of thousands of non-compliant vendors who don't follow GSTR-3B on a regular basis. They will no longer be able to file GSTR-1 reports. Thousands of buyers who deal with these non-compliant vendors will have their credit blocked as a result of this. These non-compliant sellers either lack the resources or lack a thorough understanding of how to file GST returns. If you're working with such vendors, be careful. We recommend that you refer them to Rajput Jain & Associates so that we can assist them in getting their affairs in order.
Compliances for New GST Registrants (CGST Rule 10A)
- Within 45 days of the date of issuing of the GST registration certificate, GST registrants must give bank account details of the person on whose name and PAN the GST registration was taken.
- In the event of a proprietorship, the proprietor must link his PAN and Aadhaar number.
- This Amendment will take effect on September 24, 2021.
Refund timelines for wrongful deposit of tax
- The CBIC has relaxed the deadline for taxpayers who want a refund for taxes put in the incorrect tax component. The schedule for reimbursement will not be impaired if an unlawful tax deposit is identified by the taxpayer or held by the tax authorities or appellate authority. Instead, the date of payment made later under the correct heading by the taxpayer is important for refund purposes.
- The amended regulation allows a taxpayer to file a GST RFD-01 application within 2 years of completing the correct tax component payment. If the payment date comes before the CGST Notification number 35/2021, the 2 Year period counted on September 24, 2021.
