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Additionally now the time restrict for making an software for revocation of cancellation of registration is elevated from 30 days to 90 days.
The Central Board of Oblique Taxes and Customs (CBIC) has issued a notification on April 1, stating that the evaluation proceedings initiated by the tax authorities beneath the GST Act will probably be deemed to have been withdrawn if the taxpayer information the pending GST returns GSTR-10 and GSTR-3B.
Nonetheless, it is going to be relevant to pending evaluation proceedings earlier than February 28 the place the returns should not filed.
If the taxpayer has already paid the tax or penalty, they won’t be entitled to any refund or adjustment because of the deemed withdrawal of evaluation proceedings, the notification says.
Additionally, the finance ministry has capped the late charge at Rs 1,000 for the registered individuals who fail to furnish the ultimate return in Type GSTR-10 by the due date, offered they furnish the stated returns by June 30, 2023.
GSTR-10 is a remaining return filed by these taxpayers who’ve determined to cancel its GST registration, filed inside three months of choosing cancellation of registration.The centre has additionally notified rationalised late charge for delayed submitting of annual return in Type GSTR-9 for FY 2022-23 onwards, for MSME tax payers with turnover as much as Rs 20 crore, as determined by the GST council in its final assembly.
Registered companies with an mixture turnover of as much as Rs 5 crore within the stated monetary yr can be charged a late charge of Rs 50 per day, capped at 0.04% of turnover.
Companies with annual turnover of between Rs 5 crore to Rs 20 crore can be liable to pay late charge of Rs 100 per day, capping it at 0.04% of his turnover.
The CBIC has additionally notified a full charge waiver for the delayed submitting of the GSTR-4 kind with nil tax payable.
GSTR-4 is a GST Return that must be filed by a composition vendor.
