{"id":105,"date":"2023-02-28T12:30:00","date_gmt":"2023-02-28T12:30:00","guid":{"rendered":"https:\/\/akhilamitassociates.com\/blog\/?p=105"},"modified":"2023-11-16T12:33:53","modified_gmt":"2023-11-16T12:33:53","slug":"union-budget-2023-24-amendments-in-gst","status":"publish","type":"post","link":"https:\/\/akhilamitassociates.com\/blog\/union-budget-2023-24-amendments-in-gst\/","title":{"rendered":"Union Budget-2023-24 \u2013 Amendments in GST"},"content":{"rendered":"\n<p><strong>Here is a summary of&nbsp;amendments&nbsp;proposed by the Union Budget in GST :<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. ITC Denied on goods or services procured for Corporate Social Responsibility (CSR)<\/h2>\n\n\n\n<ul>\n<li>\u2981 Union budget, 2023-24 has proposed to restrict the ITC on goods and services procured for&nbsp;Corporate Social Responsibility.<\/li>\n\n\n\n<li>\u2981 However, so far, companies are entitled to take such ITC unless the same is restricted under any other clause.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">2. Amendments on offenses and Compounding provisions<\/h2>\n\n\n\n<ul>\n<li>\u2981 Following offenses has been decriminalized under section 132 of\u00a0CGST Act:\n<ul>\n<li>\u2981 obstructs or prevents any officer in the discharge of his duties under this Act;<\/li>\n\n\n\n<li>\u2981 tampers with or destroys any material evidence or documents;<\/li>\n\n\n\n<li>\u2981 fails to supply any information which he is required to supply under this Act<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>\u2981 The minimum and maximum amounts for compounding of offences reduced to 25 per cent and 100 per cent of tax involved, respectively.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">3. Penalties on e-commerce operators (Section 122 of CGST Act)<\/h2>\n\n\n\n<ul>\n<li>\u2981 Specific\u00a0penalty\u00a0provisions has been incorporated for e-commerce operator if it:\n<ul>\n<li>\u2981 Allows supply of goods or services by unregistered person through it, other than persons who are specially exempted, or<\/li>\n\n\n\n<li>\u2981 Allows&nbsp;<a href=\"https:\/\/web.archive.org\/web\/20230325075138\/https:\/\/akhilamitassociates.com\/blog\/\">inter-State supply<\/a>&nbsp;of goods or services or both by a person who is not eligible to make such supply; or<\/li>\n\n\n\n<li>\u2981 Fails to furnish correct&nbsp;<a href=\"https:\/\/web.archive.org\/web\/20230325075138\/https:\/\/akhilamitassociates.com\/blog\/category\/latest-gst-updates\/\" target=\"_blank\" rel=\"noreferrer noopener\">information<\/a>&nbsp;in TCS return<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Defaulting e-commerce operator shall be liable to pay penalty of higher of following amounts:\n<ul>\n<li>\u2981 INR 10,000; or<\/li>\n\n\n\n<li>\u2981 Amount of tax involved<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">4. Maximum time limit specified to file GST Returns<\/h2>\n\n\n\n<ul>\n<li>\u2981 Till date, a registered person is allowed to file pending&nbsp;<a href=\"https:\/\/web.archive.org\/web\/20230325075138\/https:\/\/akhilamitassociates.com\/GSTAdvisory.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">GST returns<\/a>&nbsp;(GSTR-1,&nbsp;GSTR-3B, GSTR-9, GSTR-9C or any other GST&nbsp;<a href=\"https:\/\/web.archive.org\/web\/20230325075138\/https:\/\/akhilamitassociates.com\/AuditingandAssuranceServices.aspx\">returns<\/a>) with applicable interest and&nbsp;penalties&nbsp;without any limit of period.<\/li>\n\n\n\n<li>\u2981 Union budget has proposed to impose time limit of 3 years from\u00a0due date\u00a0for filing of following returns:\n<ul>\n<li>\u2981 GSTR-1: Return of outward supplies<\/li>\n\n\n\n<li>\u2981 GSTR-3B: Return of summary of outward and&nbsp;inward supplies and corresponding tax payable<\/li>\n\n\n\n<li>\u2981 GSTR-9: Annual return<\/li>\n\n\n\n<li>\u2981 GSTR-9C:&nbsp;ITC&nbsp;Reconciliation<\/li>\n\n\n\n<li>\u2981 GSTR-8:&nbsp;TCS&nbsp;Return<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>\u2981 Such a period of 3 years can be further extended by the government.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">5. Extension of Composition Scheme to taxpayer selling through e-commerce operator<\/h2>\n\n\n\n<ul>\n<li>\u2981 As per Section 10(2) and (2A) of&nbsp;CGST&nbsp;Act, a registered person engaged in making&nbsp;supply&nbsp;of goods through&nbsp;e-commerce&nbsp;operators is not entitled to opt for&nbsp;composition scheme.<\/li>\n\n\n\n<li>\u2981 Union budget has proposed to extend the facility of composition scheme to such dealers as well.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">6. Other Amendments:<\/h2>\n\n\n\n<ol>\n<li>1. It has been clarified that Entry No. 7, High seas sales, and Entry No. 8, supply of goods from bonded warehouses before clearance for home consumption, are effective from 01.07.&nbsp;2017&nbsp;itself. Further, no refund shall be granted of tax collected in pursuance of such entries so far.<\/li>\n\n\n\n<li>2. In definition of \u201conline information and database access or retrieval services\u2019 (\u2018OIDAR\u2019), condition of \u201cessentially automated and involving minimal human intervention\u201d has been removed.<\/li>\n\n\n\n<li>3. Where both supplier and recipients are located in India, place of supply In case of transportation of goods to outside India was \u201cdesignation of goods\u201d. Such provision has been omitted and now in such case, place of supply will be:\n<ol>\n<li>a. B2B Supplies: Location of Recipient of service<\/li>\n\n\n\n<li>b. B2C Supplies: Place where goods are handed over for transportation<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n\n\n\n<ol start=\"4\">\n<li>4. Power granted to prescribe the manner and conditions for computation of interest in case of delayed refunds.<\/li>\n\n\n\n<li>5. Power is granted to the&nbsp;GST portal&nbsp;to share information provided by taxpayers with other systems notified by the Government. Such details to be shared post obtaining consent of supplier\/recipient as applicable.&nbsp;<\/li>\n<\/ol>\n\n\n\n<p><strong><em>The contents of this article are solely for informational purpose. It does not constitute professional advice or recommendation of firm. Neither the author nor firm and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here is a summary of&nbsp;amendments&nbsp;proposed by the Union Budget in GST : 1. ITC Denied on goods or services procured for Corporate Social Responsibility (CSR) 2. Amendments on offenses and Compounding provisions 3. Penalties on e-commerce operators (Section 122 of CGST Act) 4. Maximum time limit specified to file GST Returns 5. Extension of Composition [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3,18],"tags":[],"_links":{"self":[{"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/posts\/105"}],"collection":[{"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/comments?post=105"}],"version-history":[{"count":1,"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/posts\/105\/revisions"}],"predecessor-version":[{"id":107,"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/posts\/105\/revisions\/107"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/media\/106"}],"wp:attachment":[{"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/media?parent=105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/categories?post=105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/akhilamitassociates.com\/blog\/wp-json\/wp\/v2\/tags?post=105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}