Finance (No.2) Act, 2024

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..... Finance (No.2) Act, 2024
Query (Issue) Started By: - Subbarao PV Dated:- 17-8-2024 Last Reply Date:- 27-9-2024 Goods and Services Tax - GST
Got 5 Replies
GST
Section 150 of the Finance (No.2) Act, 2024 relating to the CGST Act, 2017 reads as follows:- '150. No refund shall be made of all the tax paid or the input tax credit reversed, which would not have been so paid, or not reve .....

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..... rsed, had section 118 been in force at all material times.' Are we to read this as part of III Schedule, which has no relevance to the above issue or is it a new section or is it part of any other section? May kindly be clarified. Reply By Shilpi Jain: The Reply: Section 118 of FA 2024 refers to the amendment done in section 16(4) for the periods up to 20-21 extending the time limit to ava .....

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..... il credit up to 30-11-2021 Reply By Subbarao PV: The Reply: Good morning and thank you madam But my query is Are we to read this as part of III Schedule, which has no relevance to the above issue or is it a new section or is it part of any other section Reply By KASTURI SETHI: The Reply: W.r.t. query at serial no. 2 above, my reply is, 'NO'. Govt.'s intention is not to allow refu .....

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..... nd. Do you want to treat IT as equal to Negative List existed in Service Tax era ? Reply By KASTURI SETHI: The Reply: In continuation of my above post, it is relevant to mention that no reversal of Cenvat Credit was required in respect of input services covered in Negative List in Service Tax law. Reply By Emmar Walker: The Reply: It's amazing how sharing our personal journeys and lessons .....

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..... can make a real difference in someone else's life. By offering insights and advice based on our experiences, we help others navigate their own paths more effectively. If you're looking for additional resources or tools to enhance your guidance, click here for some valuable information. Embracing the role of a mentor not only helps others but also reinforces our own growth and understandin .....

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..... g. Let's continue to support and uplift each other by sharing what we've learned along the way.
Discussion Forum - Knowledge Sharing .....

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