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GST Updates for the month of May 2023

GST Updates for the month of May 2023

A detailed summery of May 2023 GST updates

In this post, We will discuss the updates happened in GST during the month of April 2023.

1. GST Return Due Dates


Return

Type

Period

Due Date

GSTR 1 (Outward Supplies)

Monthly

April 2023

11th May 2023

GSTR 1 (IFF)

QRMP

April 2023

13th May 2023

GSTR 3B (Monthly Return)

Monthly

April 2023

20th May 2023

PMT 06 (Monthly Payment Quarterly)

QRMP

April 2023

25th May 2023

GSTR 5 (NRTP)

Monthly

April 2023

13th May 2023

GSTR 5A (NR OIDAR)

Monthly

April 2023

20th May 2023

GSTR 6 (ISD)

Monthly

April 2023

13th May 2023

GSTR 7 (TDS)

Monthly

April 2023

10th May 2023

GSTR 8 (TCS)

Monthly

April 2023

10th May 2023

2. Summary of latest Circulars / Notifications

Extension of time for Submission of Annexure V by GTA who opts to pay Tax under Forward Charge
  • The GTA can submit the declaration in Annexure V to exercise the option to pay tax in FCM for the FY 2023-24 on or before 31st May 2023.
  •  The GTA supplier, who commences the new business or crosses the threshold for registration and opts to pay tax under FCM, has to submit the declaration in Annexure V within 45 days from Date of Application for the Registration or 1 Month from the Date of Registration whichever is later.
[05/2023-CT dated 09.05.20

3. GST Portal Updates

  1. Time limit for Reporting Invoices on the IRP Portal
  • Taxpayers with AATO greater than or equal to 100 crores will not be allowed to report invoices older than 7 days on the date of reporting.
  • This restriction will only apply to the document type invoice, and there will be no time restriction on reporting debit/credit notes. 
  • It is further to clarify that there will be no such reporting restriction on taxpayers with AATO less than 100 crores, as of now.
  1. Bank Account Validation
  • This feature is introduced to ensure that the bank accounts provided by the Taxpayer is correct. 
  • The bank account validation status can be seen under the Dashboard – My Profile – Bank Account Status tab in the FO portal.
  1. New Facility to Verify Document Reference Number (RFN) mentioned on offline communications issued by State GST authorities
  • The State Tax office can generate a RFN for the physically generated correspondence sent to the taxpayer, which can be validated by the taxpayer (both pre-login and post-login).
  • To verify a Reference Number mentioned on the offline communications sent by State GST officers that are being sent to you, navigate to Services – User Services – Verify RFN option and provide the RFN to be verified. 
  • In case the RFN is of an offline communication generated by the State GST officer, the details with the valid RFN will be displayed. 
  • The limited details will be provided pre-login also for verification, while greater details will be provided when the taxpayer logs in and verifies RFN mentioned on an offline communication issued to him/her. 
  • This facility is for offline correspondence issued by State GST authorities. For documents issued by Central GST officers, CBIC DIN facility may by used.

“Written by”

GST Team VnV (Venu and Vinay)