GST – Amendments made in Finance Act 2022 notified w.e.f. 01 October 2022
Brief Summary ofrelevantchanges
relaxations
Amendments made in Finance Act 2022 notified w.e.f 1st Oct 2022 vide Notification No. 18/2022 –Central Tax, F.No.CBIC-20013/1/2022-GST, Dated 28th September, 2022
Finance Act 2022 made around fifteen amendments which include omissions, insertions, and substitutions made in the CGST Act 2017.
They were covered by section 100 to section 114 of the Finance Act, 2022 (6 of 2022). All the amendments made in the Finance Act, 2022 have been notified.
The following notifications have been issued by the Ministry of Finance in order to notify the applicability and the effective date of the amended/introduced sections.
Notify Date as 01-10-2022 of Section 16, 29, 34, 37, 38, 39, 41, 47, 48, 49, 52, 54, 168 and omitted 42, 43, 43A, of CGST Act 2017
Since 1995 01
/
Brief Summary ofrelevantchanges
relaxations
Section of Finance Act, 2022
Section of CGST Act, 2017
Brief highlight of the amendment Notification
100 Section 16(2)(ba) –inserted Section16(2)(c)amended Section 16(4)amended
A new sub-section has been inserted i.e. Section 16(2)(ba) to restrict the ITC to the extent available in lines with Section 38 (i.e. auto generated statement or GSTR 2B). Further, Last date to claim ITC has been extended till 30 day of November following the end of the FY to which such ITC pertains.
Ntf – 18/2022
101 Sec 29(b) amended Sec 29(c) amended
Cancellation of registration for non filing of GST return for specified taxpayers.
Ntf – 18/2022
102 Sec 34(2) amended
Last date to report & avail tax adjustment of credit note has been extended till 30 day of November following the end of the FY to which such credit note pertains.
Ntf – 18/2022
01
/
Since 1995
Brief Summary ofrelevantchanges
relaxations
Section of Finance Act, 2022
Section of CGST Act, 2017 Brief highlight of the amendment Notification
103 Sec 37(1) –amended
Sec 37(1) 1st proviso
– omitted
Sec 37(1)
2nd proviso –amended
Sec 37(1)
3rd proviso –amended
Sec 37(2) – omitted
Sec 37(3) –amended
Sec 37(3) 1st proviso – amended
Sec 37(4) – inserted
Last date for rectification or error in respect of outward supplies can be made till 30 day of November following the end of the FY to which such invoice pertains.
Ntf – 18/2022
104 Sec 38 – substituted Only the eligible ITC which is available in the GSTR-2B (Auto generated statement) can be availed by the recipient. Now, GSTR-2B will become the main document relied upon by the tax authorities for verification of the accurate ITC claims
Ntf – 18/2022
01
/
Since 1995
Brief Summary ofrelevantchanges
relaxations
Section of Finance Act, 2022
Section of CGST Act, 2017
Brief highlight of the amendment Notification
105 Sec 39(5) –amended Sec 39(7) 1st proviso – substituted Sec 39(9) –amended Sec 39(10) –amended
106 Sec 41 – substituted
Rectification in respect of particulars can be made till 30 day of November following the end of the FY to which such particulars pertains.
Ntf – 18/2022
The amendment has put concept of availing input tax credit on a “provisional” basis” to an end. Going forward, ITC availment shall be restricted to the conditions provided under section 16 of the CGST Act read with Section 38.
107 Sec 42,43, 43A omitted Provision claim of ITC done away hence, the provisional ITC claim process, matching and reversal are eliminated.
Ntf – 18/2022
Ntf – 18/2022
01
/
Since 1995
Brief Summary ofrelevantchanges / relaxations
Section of Finance Act, 2022
Section of CGST Act, 2017 Brief highlight of the amendment Notification
108 Sec 47(1) –amended
Section 47 is amended to provide for a late fee levy for delayed filing of return under Section 52 (TCS return GSTR-8 ) and Section 38 reference has been removed.
Ntf – 18/2022
109 Sec 48(2) –amended
Provisions related to GST practitioners has been modified
Ntf – 18/2022
110 Sec 49(2) –amended Sec 49(2) –amended
The restriction shall be imposed by the government apart from the conditions which are mentioned in section 16 of the CGST Act including the amended provision of section 38 of the CGST Act.
112 Sec 52(6) –amended Rectification in respect of any omission or incorrect particulars can be made till 30 day of November following the end of the FY to which such particulars pertains.
Ntf – 18/2022
Ntf – 18/2022
01
Since 1995
Brief Summary ofrelevantchanges
relaxations
Section of Finance Act, 2022
Section of CGST Act, 2017 Brief highlight of the amendment
Notification Effective Date
113 Sec 54(1) 1st proviso – amended Sec 54(2) –amended Sec 54(10) –amended Sec 54 Explanation clause (ba) –inserted
Refund of tax provisions has been amended Ntf – 18/2022
1st Oct 2022
114 Sec 168(2) –amended Power to issue instructions or directions has been modified Ntf – 18/2022
1st Oct 2022
01
/
Since 1995
THANK YOU Read More