Top 7 Recent GST amendments from Jan 1, 2022
Summary
21.12.2021 – Inserting 16(2)(aa) of CGST Act ] Change(s) – Input Tax Credit (ITC) can now be claimed only in relation to invoices furnished by supplier in GSTR-1 effective from January 1, 2022. If your supplier is filing quarterly GSTR-1, then it would result in more funds getting locked up in your GST input electronic credit ledger at-least for a minimum period of 3 months. Impact – All these recent GST changes in vehicle transport from 1st Jan 2022 would result in huge cash outflows, if you are stuck in such detentions or seizures. Exemptions will be system generated GST e-way bill and such other govt documents Impact – Businesses will become more transparent to their customers for Food Safety Standards compliance. Gofrugal POS/ERP has always pioneered in addressing the challenges caused by GST changes with timely product updates for compliance requirements like GSTR 2B auto-reconciliation, E-commerce integration, etc.
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