Key Updates: Notification No. 7/2024-Central Tax and S.O. 1621(E)

Simplified Explanation of Notification No. 7/2024-Central Tax

Purpose of the Notification:

This notification addresses situations where registered persons faced difficulties in filing their GST returns due to technical glitches on the GST portal. It provides relief by waiving the interest on late payment of tax for certain registered persons who were unable to file their returns on time due to these technical issues.

Details of the Notification:

1. Interest Waiver:
   • The notification states that the interest rate on delayed GST returns for specific registered persons will be considered as ‘Nil’ if the delay was caused by technical problems with the GST portal.
2. Applicable Conditions:
   • The waiver applies to those who had sufficient balance in their electronic cash ledger or credit ledger, or who had already deposited the required amount through a challan, but could not file the return by the due date due to technical issues on the portal.
3. Specific Registered Persons and Periods Affected:

Example:

• Scenario: A registered person with GSTIN 19AAACI1681G1ZM was supposed to file their GSTR-3B return for June 2018 by the due date. Due to a technical glitch on the GST portal, they were unable to file the return on time, even though they had sufficient funds in their electronic ledger.
• Relief Provided: For this registered person, the interest typically charged for late filing will be waived from the due date of the return (i.e., July 20, 2018) until the actual date they managed to file the return.

Summary:

• What: Interest on late GST returns is waived for certain registered persons who faced technical issues with the GST portal.
• Who: Applies to specific GSTINs and periods as mentioned.
• When: From the due date of the return until the actual filing date, provided there was no shortfall in their ledger or payment.

This notification helps those who faced technical difficulties and ensures they are not penalized with interest for circumstances beyond their control.

Simplified Explanation of Notification No. S.O. 1621(E)

Purpose of the Notification:

This notification announces the appointment of a new Presiding Officer for the Securities Appellate Tribunal (SAT). It details the appointment terms and the official responsible for overseeing this tribunal.

Details of the Notification:

1. Appointment of Presiding Officer:
   • Name: Justice (Retd.) Sh. P. S. Dinesh Kumar
   • Position: Presiding Officer of the Securities Appellate Tribunal (SAT)
   • Previous Position: Former Chief Justice, High Court of Karnataka
   • Term: He will serve as Presiding Officer for four years or until he reaches the age of seventy, or until further orders are issued—whichever occurs first.
2. Legal Basis:
   • This appointment is made under the Tribunals Reforms Act, 2021, and the Tribunal (Conditions of Service) Rules, 2021. These laws govern the appointment and conditions of service for members and presiding officers of tribunals.

Example:

• Scenario: If Justice (Retd.) Sh. P. S. Dinesh Kumar assumes the role of Presiding Officer on June 1, 2024, he will serve until May 31, 2028, unless he reaches the age of seventy before then or is replaced sooner.

Summary:

• What: Appointment of a new Presiding Officer for the Securities Appellate Tribunal.
• Who: Justice (Retd.) Sh. P. S. Dinesh Kumar.
• Term: Four years or until age seventy, or until further notice.

This notification ensures that the Securities Appellate Tribunal has a qualified leader in place to oversee its operations and make decisions related to securities laws and disputes.