AMENDMENTS IN GOODS AND SERVICES TAX

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..... otified concurrently, unless specified otherwise, as far as possible, with the corresponding amendments to the similar Acts passed by the States & Union territories with legislature. I. AMENDMENTS IN THE CGST ACT, 2017: S. No. Amendment Clause of the Finance Bill, 2025 1 Clause (61) of section 2 of the Central Goods and Services Tax Act is being amended to explicitly provide for distribution .....

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..... on of Unique Identification Marking for implementation of Track and Trace Mechanism. [116] 4 Sub-section (4) of Section 12 relating to time of supply in respect of Vouchers is being deleted. Sub-section (4) of Section 13 relating to time of supply in respect of Vouchers is being deleted. [117, 118] 5 Clause (d) of sub-section (5) of section 17 is being amended to substitute the words "p .....

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..... ing amended to explicitly provide for requirement of reversal of corresponding input tax credit in respect of a credit-note, if availed, by the registered recipient, for the purpose of reduction of tax liability of the supplier in respect of the said credit note. [121] 8 Section 38(1) is being amended to omit the expression "auto generated" with respect to statement of input tax credit in the s .....

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..... penalty amount for appeals before Appellate Authority in cases involving only demand of penalty without any demand for tax. [124] 13 Section 112(8) is being amended to provide for 10% mandatory pre- deposit of penalty amount for appeals before Appellate Tribunal in cases involving only demand of penalty without any demand for tax. [125] 14 New section 122B is being inserted to provide penalt .....

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..... 7.2017 to clarify that the said explanation would be applicable in respect of clause (a) of paragraph 8 of the said Schedule. [128] 18 It further seeks to amend Schedule III of CGST Act, w.e.f. 01.07.2017 by inserting Explanation 3 to define the terms 'Special Economic Zone', 'Free Trade Warehousing Zone' and 'Domestic Tariff Area', for the purpose of the proposed clause (aa) in paragraph 8 of .....

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