GST Rule Amendments for April-May 2021: Simplifying Compliance
New Rule Implementation:
Government introduces amendments through the Central Goods and Services Tax (Third Amendment) Rules, 2021.
Cumulative Input Tax Credit Adjustment:
Rule 36(4) amended to apply conditions cumulatively for April and May 2021. GSTR-3B for May 2021 must reflect the cumulative adjustment.
IFF Filing Window Extended:
In rule 59(2), a proviso is added allowing registered persons to furnish April 2021 details using IFF from May 1 to May 28, 2021.
Effective Date:
Rules come into effect upon publication in the Official Gazette.
Facilitating April 2021 Reporting:
IFF extension aids businesses in providing details for April 2021, easing compliance.
Government's Timely Response:
Amendments align with changing business dynamics, showcasing adaptability.
Background:
Original rules issued on June 19, 2017, and last amended on April 27, 2021.
Government amends GST rules, streamlining compliance for businesses by introducing provisions for cumulative input tax credit adjustment and extending the IFF filing window for April 2021 details.