M/s. H P J & Co, Chartered Accountants

Happy Dhanteras !

GST Update :

Extension of Due dates for furnishing Form GSTR-3B & Form GST PMT-06 for Apr-22:-

1. Form GSTR-3B:- CBIC vide Notification No. 05/2022- Central Tax dated May 17, 2022 extended the due date for furnishing Form GSTR-3B for the month of April, 2022 extended till May 24, 2022.

2. Form GST PMT- 06:- CBIC vide Notification No. 06/2022- Central Tax dated May 17, 2022 extended the due date for furnishing Form GST PMT-06 (for taxpayers under QRMP Scheme) for the month of April, 2022 extended till May 27, 2022.

Notification attached and can be accessed at :https://egazette.nic.in/WriteReadData/2022/235799.pdf

In order to expand the oversight of economic activities, taxpayer base, better governance and ensure that those who undertake large transactions file their returns irrespective of their income, Central Board of Direct Taxes vide Income-tax (Ninth Amendment) Rules, 2022, Notification No. 37/2022 dated 21st April, 2022 has issued new set of requirements widening the scope for filing return of income even if a person’s income is below the taxable limit.

Refer attached document for details.

Tax Plan & Pay your Advance Taxes on or before 15th March, 2022

GST Update:
Change in threshold for applicability of E- Invoicing under GST w.r.f 1st April, 2022.
Know your E-Invoicing Applicability Status on IRP Portal.

Union Budget 2022 : Direct Tax Proposals : Understanding Concept of "Updated Return" under Income Tax Act, 1961.

Third Extension of Timelines for Filing of Income Tax Returns and Audit Reports for Assessment Year 2021-22 i.e. Financial Year 2020-21.

Key changes in GST law applicable w.e.f. 1st Jan, 2022 as per attached document.

GST Update:

Extension of Timelines: Form GSTR 9 & 9C & Changes in Input Tax Credit availment rules.

Mandatory Aadhaar authentication for registered person w.e.f. 1st Jan, 2022.

For complete details refer attached document.

GST Update :

Improvements in GSTR-1 :

A revamped & enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience. These enhancements, would enable the Saving of the GSTR-1 details on the GST Portal efficient and user friendly. Further, changes are being implemented incrementally in a gradual manner, to leverage the familiarity of taxpayer so as to ensure that taxpayers can adapt to the changes smoothly.

The changes would be implemented in two phases, to ensure that disruption to the taxpayers is minimal, and valuable feedback received is accounted for in subsequent phase. This advisory covers the changes being brought in Phase -1 while the advisory about Phase -2 changes would follow.

The following provides an overview of the updated functionality and their benefits in Phase 1:

1. Reorganized GSTR-1 Dashboard

2. Table/Tile Document Counts

3. Enhancement in B2B and CDNR table/tile

4. Records per page feature

5. Steps & Checks to file GSTR-1/IFF

Advisory can also be accessed at: https://www.gst.gov.in/newsandupdates/read/513

Goods & Services Tax (GST) | News and Updates

GSTN Advisory for taxpayers on Form GSTR-2B