9911796707
TMI BlogAMENDMENTS IN THE CGST ACT, 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... NDMENTS IN THE CGST ACT, 2017: S.No. Amendment Clause of the Finance Bill, 2022 1. A new clause (ba) to sub-section (2) of section 16 of the CGST Act is being inserted to provide that input tax credit with respect to a supply can be availed only if such credit has not been restricted in the details communicated to the taxpayer under section 38. Further, sub-section (4) of section 16 of the CGST Act is being amended so as to provide for an extended time for availment of input tax credit by a registered person in respect of any invoice or debit note pertaining to a financial year upto thirtieth day of November of the following financial year. [99] 2. Clause (b) and (c) of sub-section (2) of section 29 of the CGST Act are being amende ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of an auto-generated statement and to do away with two-way communication process in return filing. [103] 6. Section 39 of the CGST Act is being amended so as to: (i) provide that the non-resident taxable person shall furnish the return for a month by thirteenth day of the following month; (ii) provide an option to the persons furnishing return under proviso to sub-section (1), to pay either the self-assessed tax or an amount that may be prescribed; (iii) provide for an extended time upto thirtieth day of November of the following financial year, for rectification of errors in the return furnished under section 39; (iv) provide for furnishing of details of outward supplies of a tax period under sub-section (1) of section 37 as a cond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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. [110] 13. Sub-section (6) of section 52 of the CGST Act is being amended so as to provide for an extended time upto thirtieth day of November of the following financial year for rectification of errors in the statement furnished under subsection (4). [111] 14. Section 54 of the CGST Act is being amended so as to: (i) explicitly provide that refund claim of any balance in the electronic cash ledger shall be made in such form and manner as may be prescribed; (ii) provide the time limit for claiming refund of tax paid on inward supplies of goods or services or bo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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