GST Notification 14/2022 | Seeks to make amendments (First Amendment, 2022) CGST rules issued for EInvoice, Suspension status and more

GST Notification 14/2022-Central Tax ,dt. 05-07-2022

EInvoice – Taxpayers having aggregate turnover above ₹20 crores in any of the FY from 2017-18, but not mandated to generate e-invoice (such as banks, FI, NBFC, SEZ developers) shall provide a declaration to the effect in the invoices issued by them.

Revocation of suspension: Suspension status due to non-filing of returns for the specified period by regular taxpayers and 3 months by the composition dealer shall be revoked on the filing of all previous returns if the registration has not been already canceled.

Duty credit scripts: The value of duty credit scripts shall be included in the aggregate value of exempt supplies for the reversal of common credits under Rule 42 and 43.

UPI and IMPS allowed as modes of payment for tax, interest, penalty, fees, or any other amount.

On deposit of the amount erroneously sanctioned as refunds of accumulated ITC and IGST paid on exports, along with interest and penalty, such amount (debited earlier) shall be re-credited to the electronic credit ledger.

Transfer of balance from cash ledger: The balance from an electronic cash ledger can be transferred towards IGST or CGST between the registrations obtained on the basis of the same PAN, provided there are no unpaid liabilities. Corresponding amendment in u/s 49 has also been notified.

The documentary evidence for claiming a refund on accumulated credits on the export of electricity has been notified to ease the process of claiming refunds.

The value of goods shall be taken as lesser of the declared FOB value or value declared in the tax invoice/bill of supply for the purpose of claiming refund of accumulated ITC on the export of goods.

The formula for the maximum amount of refund of ITC that can be claimed on account of inverted duty structure has been amended to consider utilization of ITC on account of inputs and input services in the same ratio in which ITC had been availed during the said tax period.

Rule 95A providing differential treatment for a refund on supplies from Duty-Free Shops at international terminals has been withdrawn retrospectively from July 2019.

Mandeep Kulkarni

There is 1 comment on this post
  1. Avatar
    Kamal Gupta
    August 23, 2022, 10:58 am

    The way your site summaries the notification is really impressive. Like your fairly got the idea about the notification before reading it all.

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