Key-highlights of GST Proposals in Finance Bill 2022 –
- ⦁ Time-limit to avail ITC u/s 16 (4) extended till 30th November of next year from 30th September.
- ⦁ Additional Condition for availing of ITC u/s 16 (2)- ITC can be availed only if the same is not restricted to GSTR-2B.
- ⦁ Composition Tax Payer’s Registration can be canceled suo-moto if they have not filed their GSTR-4 return of 3 months from the due date.
- ⦁ Credit Notes in respect of a supply made in a financial year can be issued by 30th November of next financial year (currently allowed till 30th September).
- ⦁ Any rectification of an error in GSTR-1/ GSTR-3B is now permitted until 30th November of the next financial year (currently allowed till 30th September).
- ⦁ The two-way communication process in filing GST returns is scrapped.
- ⦁ The due date for filing a return by a non-resident taxable person is prescribed as the 13th day of next month.
- ⦁ Section 41 of the CGST Act is being substituted so as to do away with the concept of “claim” of ITC on a “provisional” basis.
- ⦁ Section 47 of the CGST Act is being amended to provide for a levy of late fees for delayed filing of TCS returns.
- ⦁ Section 49 of the CGST Act is being amended so as to provide for restrictions for utilizing the amount available in the electronic credit ledger.
- ⦁ Section 49 of the CGST Act is being amended so as to allow transfer of amount available in the E-cash ledger of a registered person to the E-cash ledger of a distinct person;
- ⦁ Section 49 of the CGST Act is being amended so as to provide for prescribing the maximum proportion of output tax liability which may be discharged through the electronic credit ledger.
- ⦁ Section 50 (3) of the CGST Act is being substituted retrospectively, with effect from the 1st July 2017, so as to provide for levy of interest on input tax credit wrongly availed and utilized. (Meaning, thereby, interest will not be levied if ITC is not utilized).
- ⦁ Refund claim of any balance in the electronic cash ledger shall be made available.
- ⦁ Rate of interest u/s 50 (3) prescribed as 18% in all cases.
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Category: Latest GST Updates
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