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 […]
CA Palash Sharma Article explains Changes in GST Proposed by Union Budget 2022 related to Section 16: Input Tax Credit, Section 29: Cancellation or suspension of registration, Section 34: Credit and debit notes, Section 37: Furnishing details of outward supplies, Section 38: Furnishing the details of Inwards supplies, Section 39: Furnishing of Returns, Section 41: […]
Articles explains Explanatory Memorandum To Notification Nos. 02 To 15-Customs Dated 1st February, 2022, Notification Nos. 07/2022-Customs (N.T.) dated the 1st February, 2022, Notification Nos. 5 to 7-Customs (ADD) dated 1st February, 2022, Notification No 1/2022-Customs (CVD) dated the 1st February, 2022, Notification Nos. 01/2022-Central Excise dated the 1st February, 2022 and Notification No.-01/2022-Central Excise […]
GST has been a landmark reform of Independent India showcasing the spirit of Cooperative Federalism. While aspirations were high, there were huge challenges too. These challenges were overcome deftly and painstakingly under the guidance and oversight of the GST Council. The right balance between facilitation and enforcement has engendered significantly better compliance. GST revenues are […]
The Finance Minister has introduced the Finance Bill, 2022 in Lok Sabha today, that is 1st February, 2022. Changes in Customs, Central Excise, GST law and rates have been proposed through the Finance Bill, 2022. To prescribe effective rates of duty, following notifications are being issued: Notification /Circular Nos. Date Customs (Tariff) 02/2022-Customs to 15/2022-Customs […]
Key Highlights of Union Budget 2022 – Changes under the Income Tax Law Following amendments have been proposed under Income Tax Laws in the Finance Bill, 2022 vide Clause 2 to 84 which shall be effective from April 01, 2022 as per Clause 1(2)(a) of the Finance Bill, 2022: 1. Levy of surcharge @ 12% in […]
Memorandum Explaining the Provisions in Finance Bill, 2022 (Budget 2022-23) related to Amendments In The Fourth Schedule, Change In Effective Rate Of Additional Basic Excise Duty On Unblended Petrol And Diesel, Amendments In The Schedule VII Of The Finance Act, 2001 (NCCD SCHEDULE) an d other Changes [Including Certain Clarifications/Technical Changes]. EXCISE Note: (a) “Basic […]
Memorandum Explaining the Provisions in Finance Bill, 2022 (Budget 2022-23) Relating To Amendments in the CGST Act, 2017, Amendments in the IGST Act, 2017, Amendments in the UTGST Act, 2017 and Retrospective Amendments of GST Rate Notifications. Goods and Service Tax Note: (a) CGST Act means Central Goods and Services Tax Act, 2017 (b) IGST […]
17 GST Proposals on 01.02.2022 The Amendments carried out in the Finance Bill, 2022, vide clause 99 to 113 will come into effect from a date to be notified and clause 114 to 123 will come into effect on the date of its enactment. 1. Additional Condition for availment of ITC u/s 16(2)- ITC can […]
Provisions of Finance Bill, 2022, relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as ‘the Act’), to continue reforms in direct tax system through tax-incentives, removing difficulties faced by taxpayers and rationalization of various provisions.
