GST Update (02-02-2023)

Important amendments proposed in Budget 2023 w.r.t. GST

1. Supplier of goods through Electronic Commerce operators will now be eligible to opt for composition Scheme.
2. Payment of tax along with interest u/s 50 in respect of ITC availed and payment not made to supplier within 180 days. Further third proviso to above sub-section also amended to specifically provide that upon payment made to supplier ITC can be availed.
3. Value of exempt supply for purposes of apportionment of credits shall include sale of warehoused goods to any person before clearance for home consumption.
4. ITC on CSR Expenses has now been specifically blocked u/s 17(5).
5. Persons exempt from registration u/s 23(1) i.e. persons engaged exclusively in the business of exempt supply of goods or services or an agriculturist, to the extent of supply of produce out of cultivation of land, need not take GST Registration u/s 22(1)/24 i.e. persons for compulsory registration.
6. Filing of belated GSTR-1/ 3B/ 9/ 9A/ 8 not beyond three years of due date.
7. Provisional refund eligible for provisionally accepted ITC so as to remove the reference to the provisionally accepted ITC to align the same with the present scheme of availment of ITC.
8. Manner will be prescribed for computing Interest on delayed refunds.
9. Penalty on Electronic Commerce Operators so as to provide for penal provisions applicable to Electronic Commerce Operators in case of contravention of provisions relating to supplies of goods made through them by unregistered persons or composition taxpayers.
10. Decriminalization of certain offences and increase in monetary threshold for launching prosecution.
11. Amendment in compounding of offences so as to simplify the language and procedure.
12. Consent based sharing of information furnished by taxable person.
13. Amendment in Schedule III to give retrospective applicability to Para 7, 8(a) and 8(b) of the said Schedule viz High seas Sale, Supply of warehoused goods before clearance and Supply by endorsement of documents of title before clearance for home consumption, with effect from 01st July, 2017, so as to treat the activities/ transactions mentioned in the said paragraphs as neither supply of goods nor supply of services.
14. Amendment in definition of non-taxable online recipient and online information and data base access or retrieval services.
15. Amendment in Place of Supply of services by way of transportation of goods.

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