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TMI BlogMeghalaya Goods and Services Tax (Amendment) Ordinance, 2022X X X X Extracts X X X X X X X X Extracts X X X X ..... pleased to promulgate in the Seventy-Third Year of the Republic of India, the following Ordinance, namely:- Short title and commencement. 1. (a) This Ordinance may be called the Meghalaya Goods and Services Tax (Amendment) Ordinance, 2022. (b) It shall extend to the whole of Meghalaya. (c) It shall come into force with effect from a date to be notified in the Official Gazette. Amendment of Section 16. 2. 1n section 16 of the Meghalaya Goods and Services Tax Act, 2017 (hereinafter referred to as the Principal Act), - (a) in sub-section (2), - (i) after clause (b), the following clause shall be inserted, namely:- (ba) the details of input tax credit in respect of the said supply communicated to such registered person under section 38 has not been restricted; ; (ii) in clause (c), the words, figures and letter or section 43A shall be omitted; (b) in sub-section (4), for the words and figures due date of furnishing of the return under section 39 for the month of September , the words thirtieth day of November shall be substituted. Amendment of Section 29. 3. In section 29 of the principal Act in sub-section (2), - (a) in cla ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not furnished the details of outward supplies for one or more previous tax periods. . Substitution of new section for Section 38. 6. For section 38 of the principal Act, the following section shall be substituted, namely:- Communication of details of inward supplies and input tax credit. 38. (1) The details of outward supplies furnished by the registered persons under sub-section (1) of section 37 and of such other supplies as may be prescribed, an auto-generated statement containing the details of input tax credit shall be made available electronically to the recipients of such supplies in such form and manner, within such time, and subject to such conditions and restrictions as may be prescribed. (2) The auto-generated statement under sub-section (1) shall consist of- (a) details of inward supplies in respect of which credit of input tax may be available to the recipient; and (b) details of supplies in respect of which such credit cannot be availed, whether wholly or partly, by the recipient, on account of the details of the said supplies being furnished under sub-section (1) of section 37, - (i) by any registered person within such period of taking r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... period has not been furnished by him: Provided that the Government may, on the recommendations of the Council, by notification, subject to such conditions and restrictions as may be specified therein, allow a registered person or a class of registered persons to furnish the return, even if he has not furnished the returns for one or more previous tax periods or has not furnished the details of outward supplies under sub-section (1) of section 37 for the said tax period. . Substitution of new section for Section 41. 8. For section 41 of the principal Act, the following section shall be substituted, namely:- Availment of input tax credit. 41. (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed, be entitled to avail the credit of eligible input tax, as self-assessed, in his return and such amount shall be credited to his electronic credit ledger. (2) The credit of input tax availed by a registered person under subsection (1) in respect of such supplies of goods or services or both, the tax payable whereon has not been paid by the supplier, shall be reversed along with applicable interest, by the said person in suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lectronic credit ledger by a registered person or a class of registered persons, as may be prescribed . Amendment of Section 50. 13. (1) In Section 50 of the principal Act, - (a) in sub-section (1), after the existing proviso, the following proviso shall be inserted: Provided further that the State Government shall have and shall be deemed to have the power to amend the notification issued under this sub-section with retrospective effect (b) for sub-section (3), the following sub-section shall be substituted and shall be deemed to have been substituted with effect from the 1st day of July, 2017, namely:- (3) Where the input tax credit has been wrongly availed and utilized, the registered person shall pay interest on such input tax credit wrongly availed and utilized, at such rate not exceeding twenty-four per cent, as may be notified by the Government, on the recommendations of the Council, and the interest shall be calculated, in such manner as may be prescribed. Provided that for the purposes of this sub-section, the State Government shall have and shall be deemed to have the power to amend the notification issued under this sub-section with retrospectiv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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