Important GST Technical Updates and Circulars In Mar 2023

Important Key Updates Regarding GST In March 2023

The circular are been released and some key Highlights Of GST Notifications and Clarification Circulars In March 2023

In the 49th meeting of the GST Council, it was suggested that a 5% GST rate be informed on Rab from March 1, 2023, if sold in labelled and pre-packaged form. Furthermore, if the product is not labelled and pre-packaged, there will be Nil GST (02/2023 and 03/2023 dated 28 February 2023).

However, the Central Board of Indirect Taxes and Customs (CBIC) made it clear that the rate applicable in the past period would remain the same as that used by the taxpayer before taking note of the prevailing divergent interpretations and legitimate doubts related to the applicability of the GST rate on Rab for the previous time.

Read: GST Circular No. 191/03/2023 On 27 March 2023

Latest GST Technical Updates in March 2023

Below are some major GST-related updates in March 2023:

Advisory: The GSTN provides e-invoice registration services through private IRPs

Multiple private Invoice Registration Portals (IRP) have been introduced by GSTN. The taxpayers can now register their e-invoices using more than one IRP (before, there was only one NIC portal available to them). This significantly increases the single e-invoice registration portal's capacity and redundancy. You may get information about the new and current IPRs here.

Read: GST e-invoice registration services process via private IRPs

One-person company advisory for taxpayers who wish to register for GST

The choice of selecting One Person or Company does not come in Form REG-01, stated in the CGST/SGST Acts. So, it does not take part in the GSTN portal either.

Whereas GSTN has recommended that if the taxpayer wishes to register for GST as a "One Person Company,” the assessee may choose the option “Others”. To do this go to Constitution of Business under the ‘Business Details’ tab through the dropdown. After that, the applicant has to choose the option "Others," add "One Person Company" to the text field, and then for completing the process they have to follow the standard registration application procedures.

Read: Advisory for taxpayers to register in One Person Company

Invoices with HSN codes on the IRPs Portal

It has been made necessary for taxpayers to describe a six-digit valid HSN code at the minimum for their outward supplies with Aggregate Annual Turnover (AATO) exceeding INR 50 million in any previous financial year, and applicable reporting criteria are successfully carried out in the GST System. However, on the IRP portal, the necessary implementation for e-invoices is still under process. Therefore, it is recommended that an equivalent genuine eight-digit HSN code be provided whenever a valid six-digit HSN code is not available, instead of creating a six-digit HSN code artificially.

Read: GST e-invoice HSN Codes on IRP Portal

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