Certainly, the following is the summary of the press release issued by the Central Board of Indirect Taxes and Customs (CBIC) on 18th January 2023:
- Extension of Due Dates: The due date for filing GSTR-3B for the tax period October 2022 has been extended to 28th February 2023 for taxpayers with an aggregate turnover of up to Rs. 5 crores. For taxpayers with a turnover exceeding Rs. 5 crores, the due date remains unchanged on 20th February 2023.
- GSTR-1 Late Fee Waiver: The CBIC has announced a one-time waiver of late fees for the non-filing of GSTR-1 returns for the period from July 2017 to December 2022. This will provide relief to taxpayers who have not been able to file their returns due to various reasons.
- Export-Related Changes: The CBIC has allowed exporters to furnish a self-declaration instead of a certificate from a Chartered Accountant (CA) for claiming a refund of the input tax credit on exports. Also, the requirement of furnishing a certificate from a CA for claiming drawback has been removed.
- E-invoicing Relief: The requirement of generating dynamic QR codes for B2C transactions has been deferred till 1st April 2023. The requirement of generating an e-way bill for the intra-state movement of goods has been deferred till 1st July 2023 for certain states.
- Other Announcements: The CBIC has also extended the due date for filing GSTR-9 (annual return) and GSTR-9C (reconciliation statement) for the financial year 2020-21 to 31st March 2023. The due date for furnishing Form ITC-04 (goods sent for job work) for the quarter October-December 2022 has been extended to 31st January 2023.
These are the key announcements made by the CBIC in the press release dated 18th January 2023.