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GST Amendment For June 2023 Part 3

1. Certain suppliers of goods like fly ash bricks, building bricks, and roofing tiles will no longer be eligible for the GST registration threshold exemption of Rs. 40 lakhs, even if they only do intra-state supplies. 2. The law has been amended to allow cancellation of GST registration by the proper officer if a composition supplier fails to file GSTR-4 for more than 3 months past the due date, or if a regular supplier fails to file returns for a continuous period as prescribed (6 months for monthly filing, 2 tax periods for quarterly filing under QRMP). 3. E-invoicing is now mandatory for businesses with over Rs. 10 crore turnover from 2017

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35 views3 pages

GST Amendment For June 2023 Part 3

1. Certain suppliers of goods like fly ash bricks, building bricks, and roofing tiles will no longer be eligible for the GST registration threshold exemption of Rs. 40 lakhs, even if they only do intra-state supplies. 2. The law has been amended to allow cancellation of GST registration by the proper officer if a composition supplier fails to file GSTR-4 for more than 3 months past the due date, or if a regular supplier fails to file returns for a continuous period as prescribed (6 months for monthly filing, 2 tax periods for quarterly filing under QRMP). 3. E-invoicing is now mandatory for businesses with over Rs. 10 crore turnover from 2017

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rajbhanushali3981
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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VG STUDY HUB GST AMENDMENTS CA VIVEK GABA

GST AMENDMENT FOR JUNE 2023


PART – 3
Registration & Tax Invoice, DN & CN
1. Enhanced threshold limit of ` 40 lakh for registration available to persons exclusively engaged in
making supplies of goods not applicable to suppliers of fly ash bricks/blocks, building bricks, bricks
of fossil meals, earthen/roofing tiles, etc.
Notification No. 10/2019 CT dated 07.03.2019 exempts any person who is engaged exclusively in intra-State supply of
goods and whose aggregate turnover in a financial year does not exceed ` 40 lakh, from obtaining the registration.
However, the persons engaged in making following supplies are not eligiblefor said exemption:
Tariff item, sub- Description of goods
heading, heading or
Chapter
2105 00 00 Ice cream and other edible ice, whether or notcontaining
cocoa

2106 90 20 Pan masala


24 All goods, i.e. Tobacco and manufactured tobacco
substitutes

With effect from 01.04.2022, persons engaged in making supplies of following goods will also not be eligible to avail
benefit of said exemption from registration even if they are engaged exclusively in intra-State supply of goods and
their aggregate turnover in a financial year is upto ` 40 lakh:
Tariff item, sub- Description of goods
heading, heading or
Chapter
6815 Fly ash bricks; Fly ash aggregates; Fly ashblocks

6901 00 10 Bricks of fossil meals or similar siliceous earths


6904 10 00 Building bricks
6905 10 00 Earthen or roofing tiles
[Notification No. 03/2022 CT dated 31.03.2022 as amended by Notification No. 15/2022 CT dated 13.07.2022]

2. Section 29 (Cancellation Of Registration By The Proper Office


Suo-Moto) – Some Changes In Existing Entries:
BACKGROUND: Section 29 specifies various situations where the registration of a person can be
cancelled bythe proper officer suo-moto, from such date (including any retrospective date), as he may deem
fit.

AMENDMENT: Maximum situations prescribed under the law in the given context remain unchanged.
Changesmade in some of the entries have been tabulated below:
VG STUDY HUB GST AMENDMENTS CA VIVEK GABA

Old Law New Law


• A person paying tax under composition scheme • A person paying tax under composition scheme has not
has not furnished his GSTR CMP-08 for three furnished his GSTR-4 for a FY BEYOND THREE
consecutive tax periods. MONTHS from the due date of furnishing the said return.

• A person paying tax under normal scheme has • A person paying tax under normal scheme has not furnished
not furnished returns for a continuous periodof returns for such continuous tax period as may be prescribed:
six months. ➢ continuous period of six months in case of monthly
filing of returns; and
➢ continuous period of two tax periods in case of
quarterly filing of returns under QRMP scheme.

TAX INVOICE , DN & CN


1. E-Invoicing Mandatory For All Registered Businesses With
Aggregate Turnover In Any Preceding Financial Year From FY
2017-18 Onwards GreaterThan Rs 10 Crore:

2. Government Department and a local authority exempted from e- invoicing


requirement.
As seen above, e-invoicing is mandatory forall registered
businesses with an aggregate turnover in any preceding
financial year from 2017-18 onwards greater than ` 10
crore. However, following entities are exempt from the
mandatory requirement of e-invoicing:-
a. Special Economic Zone units
b. Insurer or banking company or financial institution
including NBFC
c. GTA supplying services in relation to transportation of goods by roadin a goods carriage
d. Supplier of passenger transportation service
e. Person supplying services by way of admission to exhibition ofcinematograph films in
multiplex screens.
With effect from 01.06.2021, a Government Department and a local authority also have been
exempted from the mandatory requirement of e- invoicing even if their aggregate turnover in any
previous financial year from 2017-18 onwards exceeds `10 crore.
VG STUDY HUB GST AMENDMENTS CA VIVEK GABA

3. Clarification in respect of applicability of Dynamic Quick Response (QR)code


With effect from 01.12.2020, all B2C invoices issued by a registered person
whose aggregate turnover in any preceding financial year from 2017-18
onwards exceeds ` 500 crores are mandatorily required to have a
DynamicQR code [Notification No. 14/2020 CT dated 21.03.2020].
In this regard, Circular No. 156/12/2021 GST dated 21.06.2021 and
Circular No. 165/21/2021 GST dated 17.11.2021 have clarified that:

Clarification:
Dynamic QR Code required to be provided on invoice issued to a person having
a UIN

4. In case of issuance of e-invoice, no requirement to carry the physical copy of tax


invoice
The question which arose for consideration was whether carrying physical copy of invoice is
compulsory during movement of goods in cases where suppliers have issued e-invoices.

It is clarified that there is no requirement to carry the physical copy of tax invoice in cases
where e-invoice has been generated by the supplier. Whenever e-invoice has been generated,
production of the Quick Reference (QR) code having an embedded Invoice Reference Number
(IRN) electronically, for verification by the proper officer, would suffice

5. Time Limit For Issuance Of Debit Note & Credit Note:


Debit note is issued to rectify the effect of under-billing whereas credit note is
issued to rectify the effectof over-billing.

Any registered person who issues a credit note in relation to a supply of goods or
services or both shalldeclare the details of such credit note in the return for the

month during which such credit note hasbeen issued but not later than 30th
November of the succeeding financial year or the date of furnishing of the
relevant annual return, whichever is earlier.

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