GST: Representation on notification of Sections of the Finance Act 2022

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GST: Representation on notification of Sections of the Finance Act 2022

Tejasvi

@tejasvi

October 4, 2022

Public Policy

203

As you may be aware, Notification 18/2022 – Central Tax, dated September 28, 2022 (Notification) was recently issued which provided that amendments relating to S. 100(B), S. 102, and S. 103 of Finance Act, 2022, which will be effective from October 1, 2022. The Notification, among others, cover amendments relating to:

a) S.16 of Central Goods and Services Tax Act, 2017 (CGST Act): Time period available for availing Input Tax Credit (ITC)]

b) S.37 and S.39 of CGST Act: Time period for amendments or rectifications of outward supply disclosed in GST monthly returns

c) S.34 of CGST Act: Time period for issuance of credit notes

Based on feedback from the industry, we have made a representation to GST Policy Wing to clarify the following aspects:

Clarification regarding applicability of amendments from FY 2021-22 onwards - The above amendments were introduced vide Finance Act, 2022 (i.e., in February 2022). There is lack of clarity on whether the extension of time limit in the aforementioned sections would apply for invoices issued during FY 2021-22 (i.e., invoice raised for the period between April 2021 to March 31, 2022) or would be restricted only to invoices raised from April 2022 onwards.

In fact, Central Board of Indirect Taxes and Customs (CBIC) Mitra helpdesk, based on a query from a taxpayer, stated that the “due date stands revised from FY 2021-22 onwards for disclosing such yearly amendments or previously missed reporting to earlier of the 30th of November 2022 or the date of filing Form GSTR-9”. A copy of the email is enclosed at Appendix 2.

We have requested the government to issue a circular clarifying that amendments notified to S. 16(4), S. 34(2), S. 37, and S. 39 vide Notification 18/2022 – Central Tax, dated September 28, 2022, which are effective from October 01, 2022, would apply for transactions undertaken from FY 2021-22 onwards.

Clarification regarding the exact date up to which filings can be made: Prior to the amendment, the above sections provided that the taxpayer could avail ITC/ amend or rectify/ issue credit notes for a FY up to the due date of September return following the end of FY to which such invoice/ debit note pertains or furnishing of relevant annual return, whichever is earlier. E.g.: for invoice dated April 14, 2021, ITC/ rectification/ credit note could be issued up to October 20, 2022 (i.e. due date of return for the month of September 2022).

However, post amendment introduced by Finance Act, 2022, the timelines have been amended up to November 30, 2022, or date of filing annual return for the said FY, whichever is earlier.

This has resulted in confusion in terms of the timelines under these sections. Extension till ‘30th November’ could either mean that taxpayers will get time till the filing of November return (for which due date is December 20) or the taxpayer could get time till the filing of October return (i.e., for which due date is November 20). However, we believe that the intention of amending the above sections vide Finance Act, 2022 was to provide time to taxpayers until November 30, which should ideally mean the due date for November return (i.e., December 20). Hence, there is a need for clarification on this aspect to avoid ambiguity.

We have requested the government to clarify that extension till ‘30th November’ would essentially mean that taxpayers get time till the filing of November return for which the due dates would be falling in the month of December 2022.

We hope you will find the update useful. We will keep you posted on further developments in this regard.

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Tejasvi

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