§ Clause (c) of Section 110 of the Finance Act 2022 through
Section 49(10) of the CGST Act, provides for any amount of tax, interest,
penalty, fee or any other amount in an Electronic Cash Ledger can be
transferred to a distinct person.
§ Extended time for issuing any demand orders for non-fraud cases
for the Financial Year 2017-18 upto September 30, 2023.
§ Value of duty credit scrip’s shall be not included in the
aggregate value of exempt supplies for the reversal of common credits in
respect of inputs or inputs services or capital goods.
§ A formula amended to consider utilization of ITC on account of
inputs and input services on the pro-rata ratio basis.
§ The registered person shall report non-GST supply separately and
shall have an option to either separately report his supplies as exempted and
nil-rated supply or report consolidated for the two heads in the exempted
column.
§ Six-digit HSN code is mandatory for taxpayers having annual
turnover in the preceding year upto 5 Cr for both inward and outward supplies
and four-digit HSN Code for taxpayers having annual turnover in the preceding year
upto 5 Cr.
§ Scope of ITC is being widened and would now be made available in
respect of goods or services which are obligatory for an employer to provide to
its employees, under any law for the time being in force.
§ Balance in the electronic credit ledger can be used for making
payment of any tax under the GST Law
§ Balance in electronic credit ledger cannot be used for making
payment of any liability other than tax under the GST Laws.
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