CBIC Announces Due Date Extension and Relief Measures for GST Compliance

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.