MAJOR CHANGES IN GST FROM NOVEMBER 2024 , DATE EXTENDED

Summary

In this live session, the speaker covers critical GST updates for November 2024, including key deadlines for filing returns, addressing notices under Section 73, and managing Input Tax Credit (ITC). Notably, GSTR 3B filing deadline is extended in Maharashtra and Jharkhand due to elections. New provisions under Section 128, along with DRCS 03, are now in effect. The session highlights compliance steps, audits under Section 65, and discusses the impact of the e-way management system (IMS) on invoice handling. Participants are encouraged to join online GSTR 9C classes for detailed filing guidance.

Takeaways

• 😀 **Deadline Alert:** The last date for issuing Show Cause Notices under Section 73 for FY 2021 is **28 November 2024**. Ensure compliance with ASMT 10 scrutiny notices before this date.
• 😀 **GSTR-3B Filing:** The deadline for filing **GSTR-3B** is **20 November 2024**. It has been extended by one day for Maharashtra and Jharkhand due to local elections, but no other extensions have been granted.
• 😀 **IMS Action Required:** If no action is taken on invoices in the **Invoice Management System (IMS)**, they will be automatically accepted during GSTR return filing. Be proactive in reviewing and managing these invoices.
• 😀 **Section 65 Audit:** If audit proceedings are ongoing under **Section 65**, the **DRC-01** notice may be issued under Section 73. If applicable, an appeal can be filed under **Section 74**.
• 😀 **Amnesty Scheme (Section 128A):** The Amnesty Scheme became effective from **1 November 2024**. It allows taxpayers to waive penalties and interest if due taxes are paid promptly.
• 😀 **GSTR-9 and GSTR-9C Changes:** Important changes have been made for the filing of **GSTR-9** and **GSTR-9C** for FY 2023-24, particularly regarding **ITC**. Attend online sessions for in-depth learning.
• 😀 **Consult a Consultant:** If you're uncertain about any compliance issues, consult a GST consultant to ensure your replies to notices or returns are accurate and legally sound.
• 😀 **GST Appeals:** If an appeal is already filed, you can still apply provisions under Section 165 for filing rectification. Be sure to withdraw the appeal if required for better outcomes.
• 😀 **Quarterly RMP Taxpayer ITC:** RMP (Regular Monthly Payment) taxpayers can claim ITC when filing quarterly returns. Ensure you're complying with self-invoicing rules to avoid penalties.
• 😀 **New Legal Provisions in IMS:** The legal provisions governing the **IMS** system are evolving, and further clarifications will be issued over time. Stay updated on changes and compliance requirements.

Q & A

What is the deadline for GSTR-3B filing in November 2024?

The deadline for GSTR-3B filing is **20th November 2024**, with an extension for the states of Maharashtra and Jharkhand due to elections. In these two states, the filing deadline has been extended by one day.

What is the last date to respond to notices under Section 73 for the financial year 2021?

The last date to respond to notices under Section 73 related to the financial year 2021 is **28th November 2024**. After this date, the proceedings will continue, with orders being passed between **28th November 2024** and **28th February 2025**.

How should taxpayers handle invoices in the Invoice Management System (IMS)?

Taxpayers should take action on invoices in the IMS, such as accepting, rejecting, or marking them as pending. If no action is taken, the invoices will be automatically accepted in the GSTR-3B and ITC will be processed accordingly.

Is there any extension for GST filings due to elections in 2024?

Yes, the GST filing deadlines for GSTR-3B have been extended by one day for Maharashtra and Jharkhand due to the assembly elections, where polling is scheduled for **20th November 2024**.

What is the significance of the **28th November 2024** deadline under Section 73?

The deadline of **28th November 2024** marks the last date for issuing notices under Section 73 for scrutiny related to the financial year 2021. This is an important date for those involved in GST audits and compliance, as failure to respond could lead to further legal actions.

What changes in the GSTR-9C filing process are expected in FY 2023-24?

For FY 2023-24, there are significant changes to the Input Tax Credit (ITC) process. A webinar on GSTR-9C filing will cover these changes in detail, especially focusing on how ITC will be handled and the new updates regarding the form.

How should taxpayers respond to ASMT-10 notices for GST compliance?

Taxpayers need to respond to **ASMT-10** notices properly by **28th November 2024**. If the response is not submitted by the deadline, further proceedings under Section 73 will be initiated.

What is the relevance of Section 128 in GST, and how does it relate to penalty waivers?

Section 128, effective from **1st November 2024**, allows taxpayers to avail an amnesty scheme for penalty waivers under GST. It enables taxpayers to settle their dues and avoid additional penalties by paying taxes before the deadlines.

Can a taxpayer withdraw an appeal if they have already filed one under Section 164 and want to use Section 165 for rectification?

Yes, if a taxpayer has already filed an appeal under Section 164, they can withdraw it and then use Section 165 for rectification. However, the appeal should be withdrawn carefully, as it cannot be reversed once done.

What should taxpayers do if they miss the GSTR-1 cutoff date for claiming ITC?

If taxpayers miss the GSTR-1 cutoff date, they can claim ITC for the month in which the invoice appears in GSTR-2B. If the invoice appears later, the difference should be paid along with interest.