The key highlights from the Finance Bill, 2022 pertaining to the CGST Act have been briefed below for reference purpose-
- Two way communication process in terms of return filing has been done away with. Previously, the Act called for furnishing details of outward supplies by the supplier and details on inwards supplies by the recipient, and the subsequent matching of the two. Now, the Act has absolved the recipient from the requirement of furnishing details of inward supplies.
- Period-wise sequential filing of details of outward supplies has been proposed by the Finance Bill, 2022.
- Introduction of late fees on GSTR-5.
- Transfer of amount in E-cash ledger under the CGST major head (irrespective of the minor head) to the E-cash ledger of a distinct person under CGST/IGST Head has been proposed to be allowed subject to the restriction that no liability for the relevant period should remain unpaid in the E-Liability Ledger of the transferor.
- Provision proposed to be made in the Act for the maximum proportion of the output tax liability that could be discharged using ITC available in the E-Credit Ledger.
- Relevant date now clarified for the purpose of applying for refund in case of supplies made to SEZ Developer/Unit.
- UIN Holders can claim refund of tax paid on inward supplies by making an application within 2 years from the end of the relevant quarter instead of a period of 6months.
- Any type of refund under the Act due to a registered person can be withheld or adjusted if the registered person has defaulted in return filing or in terms of tax/interest/penalty payment. Earlier the same could be done only in relation to refund of ITC.
- Option to registered persons to meet their output tax liability either on self assessment basis or by paying such amount as may be prescribed.
- Furnishing details of outward supplies made a prerequisite to file return under CGST Act.
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