Major GST Update i.r.t Section 100 to 114 of the Finance Act

The Central Government has appointed 1st October 2022 as the date on which the provisions of sections 100 to 114 of the Finance Act, 2022 shall come into force.

Precisely, the amendments in section 16(2), 29(2), 34, 37, 38, 39, 41, 47, 48, 49, 52, 54, and 168, and omission of sections 42, 43, 43A of the CGST Act, 2017 will come into force. 

Clause (c) of section 110 and section 111 of FA, 2022 are already in force since 5th July 2022.

Key takeaways:

• The input tax credit can be availed up to 30/11 of the following FY (applicable for ITC of 2022-23 onwards).
• GSTR-2B would significantly drive the admissibility of ITC. Constitutional Courts would be at rescue [refer to Arise India - Delhi HC, Bharti Airtel - SC]
• GST credit notes for instances covered u/s 34 can be issued up to 30/11 of the following FY (applicable to Invoices of 2022-23 onwards). 
• Transfer of balance lying in the e-cash ledger among district persons would be allowed.

Following are the Key highlights under Sections 100 to 114 of the Finance Act. If you need any assistance or clarification with the GST, feel free to contact the ASC Group.

Govt. notification for your reference: No.18/2022–Central Tax
 

Leave a Reply

Your email address will not be published. Required fields are marked *

Post Comment