In a relief to businesses, the government has exempted Small Taxpayers (with turnover up to ₹2 crores) from filing Annual Returns for 2021-22 – allowing a claim of refund on inputs used in the generation of electricity and extending the deadline to raise tax notice to taxpayers till September 2023
In a relief to businesses, the government has exempted small taxpayers (with turnover up to ₹2 crores) from filing annual returns for 2021-22, allowing a claim of refund on inputs used in the generation of electricity and extending the deadline to raise tax notice to taxpayers till September 2023.
The amendment also allows for enabling automatic revocation of goods and services tax (GST) registrations canceled once the return filing is regularised.
The Centre also amended the formula for a refund of the inverted duty structure to give the benefit of input tax paid on services, a move which will help in improving the current cash flow issues for those products.
As a relief measure for the Covid-hit period, the Centre has excluded the period from March 1, 2020, to February 28, 2022, from the computation of the period of limitation for claiming refunds.
The CBIC on Wednesday notified many amendments to GST rules.