GST Payment through IMPS and UPI Allowed

· Businesses with aggregate annual turnover of up to Rs 2 crore in the fiscal ended March 31, 2022 are exempt from filing annual returns for 2021-22, as per the amended rules.

With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes

The government has notified certain procedural changes in the GST rules, including those related to threshold, for filing annual returns for the 2021-22 fiscal, a move that will help ease the compliance burden on small players.

The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week.

With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.

Businesses with aggregate annual turnover of up to Rs 2 crore in the fiscal ended March 31, 2022 are exempt from filing annual returns for 2021-22, as per the amended rules.

However, no extensions have been provided for any other financial year.

Delayed filing of refund applications during the COVID period (March 1, 2020 to February 28, 2022), suitable extension has been granted that will enable numerous exporters to encash the refunds stuck in litigation.