Key Highlights Of GST Notification And Clarification Circulars In July 2023

Notification Updates

Notification 06/2023 and 08/2023 – Central Tax (Rate) and Integrated Tax (Rate) dated 26 July 2023

The date of exercising the option by Goods Transport Agencies (GTAs) to pay GST under forward charge is amended to 1 January to 31 March of the preceding financial year instead of the prior timeline of 1 January to 15 March. Furthermore, GTAs shall not be required to file a declaration for paying GST under the forward charge mechanism as it shall be deemed to have been exercised for the next and future financial years unless the GTA files a declaration in Annexure VI to revert under the reverse charge mechanism between 1 January to 31 March of the preceding financial year.

Notification 07/2023 and 07/2023 - Central Tax (Rate) and Integrated Tax (Rate) dated 26 July 2023

With the intention to encourage start-ups, the GST exemption on satellite launch services shall also be extended to private sectors.

Notification 09/2023 and 09/2023 - Central Tax (Rate) and Integrated Tax (Rate) dated 26 July 2023

The Central Board of Indirect Taxes and Customs (CBIC) has clarified the following amendments to the rates:

1. The rate on uncooked/ unfried snack pellets manufactured through a process of extrusion and Linz-Donawitz (LD) slag shall be taxed at the rate of 5% instead of the earlier rate of 18%
2. The rate on imitation zari thread shall be taxed at the rate of 5% instead of the earlier rate of 12%. Furthermore, the rate of fish-soluble paste is prescribed at 5%.

Notification 10/2023 and 10/2023 - Central Tax and Integrated Tax (Rate) dated 26 July 2023

With the implementation of Trade Foreign Trade Policy, 2023, CBIC, through this Notification, has amended the earlier reference of Foreign Trade Policy, 2015-2020 in Notification No.26/2018 CentralTax (Rate) that is in relation to the exemption to intra-state supply of gold.

Notification 18/2023, 19/2023, 21/2023 and 20/2023 – Central Tax – dated 17 July 2023

The due date for filing Form GSTR-1, GSTR-3B and GSTR-7 for April 2023, May 2023 and June 2023 and the quarter April 2023 to June 2023 has been extended to 31 July 2023 for a person whose Principal Place of business is situated in Manipur.

Notification 22/2023, 25/2023, 26/2023, 24/2023 and 23/2023- Central Tax dated 17 July 2023

The government extended the deadline for the following till 31 August 2023:

1. Amnesty scheme for GSTR-4 non-fillers, GSTR-9 non-fillers, GSTR-10 non-fillers,
2. Amnesty scheme for deemed withdrawal of assessment orders issued under Section 62,
3. Application period for revocation of cancellation of registration.

Circular Updates

Circular No. 192/04/2023, 193/05/2023, 194/06/2023, 195/07/2023, 196/08/2023-GST, 197/09/2023-GST, 198/10/2023-GST and 199/11/2023-GST dated 17 July 2023

CBIC issued various Circulars on 17 July 2023 to clarify the recommendations made in the 50^th GST Council meeting held on 11 July 2023. We have prepared a detailed update and the same can be accessed here.

Technical Updates

Geocoding Functionality Now Live for All States and Union Territories

The functionality for geocoding the principal place of business address is now available or normal, composition, SEZ units, SEZ developers, ISD, and casual taxpayers who are active, canceled, and suspended for all States and Union territories.

The taxpayers can access the functionality under the Services/Registration tab in the FO portal and use this functionality in the prescribed manner:

• Updating the System-Generated Geocoded Address: The system-generated geocoded address can either be accepted or updated as per taxpayers' requirements. In cases where the system-generated geocoded address is unavailable, a blank will be displayed, and the taxpayer can directly update the geocoded address. It is pertinent to highlight that this is a one-time activity, and once submitted, revision in the address shall not be allowed.
• Viewing the Geocoded Address: The geocoded address details will be saved separately under the "Place of Business" tab on the portal. They can be viewed under My profile>>Place of Business tab under the heading "Principal Geocoded" after logging into the portal.

e-Invoice Exemption Declaration Functionality Now Available

The e-Invoice Exemption Declaration functionality is now live on the e-Invoice portal and can be accessed at the e-Invoice portal for taxpayers who are by default enabled for e-invoicing but are exempted from implementing it under the CGST Rules. However, any declaration made using this functionality will not change the e-Invoice enablement status of the taxpayer.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.