Goods and Services Tax articles

Retrospective Amendments In GST vide Finance Bill, 2022

Finance Bill, 2022 has proposed certain changes in Goods and Services Tax laws through proposals contained in its clauses 99 to 123. While these amendments shall come into force from a notified date after enactment of Finance Bill, 2022, there are specific proposals which upon enactment, shall come into force from retrospective effect or ...

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Implications under GST on Supply of Crypto or Digital Assets

Crypto has become a parallel currency, allowing transfer of value held in digital wallet, from one person to another, without going through a central authority or bank and to allow the digital asset, as consideration for purchase of goods and services.  This maxim, is most relevant to the context we discuss herein, as we understand the i...

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Budget 2022-23 – 18 Changes in GST you must Know

The Budget for infrastructure, connectivity and vision but lacks growth-invigorating proposals. A budget with big hopes for streamlining the GST Law, GST Rate balancing but received only Retrospective amendments. Budget for scrapping self-assessment for availing Input Tax Credit (ITC), ending constitutional right under self-assessment to ...

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BUDGET 2022 analytical view of GST amendments

Analysis of changes in GST provisions in Budget 2022 and suggestions & Recommendations Sr No. Changes in Budget Analysis Recommendation Reason 1 Section 16(2)(ba) introduced as “ the detail of input tax credit on said supply communicated to such registered person under section 38 has not been restricted. 16(2) (ba) imposes an additi...

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Input Tax Credit and proposal in Finance Bill 2022

At the inception of GST, it was envisaged that there would be a seamless flow of input tax credit. But with the lots of conditions attached with availment of ITC, it doesn’t seem to be correct. There were the following four conditions primary to avail the ITC. 1. The recipient should have a tax invoice […]...

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Analysis of GST amendments proposed in Finance Bill, 2022

Omission of proviso (b) & (c) in sub-section (4) of Section 29: This amendment proposes that if the person registered as composite dealer fails to furnish GSTR-4 beyond 3 months from the due date, the proper officer may proceed suo-motu for cancellation of registration. This has been done to make co-ordination between law and its complian...

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Major Changes in Goods & Service Tax Act, 2017 – Budget 2022

The Budget -2022 has brought many changes in the Goods and Services Tax (GST). We are going to discuss those important changes in this article. 1. Clause 99 of the Finance Bill -2022 seeks to amend section 16 of the Central Goods and Services Tax Act, 2017 – SECTION 16 DEALS WITH INPUT TAX CREDIT;...

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Finance Bill, 2022: Highlights of Direct Taxes & GST Proposals

UNION BUDGET 2022-2023 HIGHLIGHTS OF THE FINANCE BILL, 2022 The fourth Union Budget presented by the Finance Minister Smt. Nirmala Sitharaman on 1st February 2022; was like a booster dose for the economy in the endemic/post-pandemic era wherein the Government has chosen to lead the path by heavily increasing the capital expenditure to cre...

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Key proposed amendments to CGST Act, 2017 vide Budget 2022

Key proposed amendments to CGST Act, 2017, which would be effective from the date to be notified, upon enactment of Finance Bill, 2022, unless otherwise specified Customs & SEZ Key Update 1. Inclusion of officers under DRI, audit and preventive formation as the “proper officer” under Customs law, retrospectively. Once the proposed...

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Budget Highlights on Indirect Taxes by ICAI

Amendments proposed in the CGST Act, 2017 To be effective from the date of enactment of Finance Bill, 2022 ♦ Amendment in Section 50 Sub-section (3) of section 50 of the CGST Act is proposed to be substituted retrospectively, with effect from the 01.07.2017, so as to provide for levy of interest on input tax […]...

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June 2022