GST UPDATE

Desk of CA. Praveen Sharma

Series- 406

Budget 2023 Proposals in GST

1) Composition dealers can now supply goods inter-state and through e-commerce operators also.

2) ITC to be reversed pertaining to the supply of warehoused goods before clearance for home consumption.

3) ITC blocked CSR done by the company.

4) Big Relief: Section 23 has been given overriding effect on section 24 retrospectively.

This means that persons making only exempt supplies and agriculturists are now not liable to take registration even though required under section 24.

5) GSTR-1, 3B, 8, 9, cannot be filed after 3 years from the due date. (Exceptions to be notified)

6) 90% of refund to be granted considering provisionally accepted ITC also. (Earlier it was not allowed) 

7) Penalties for e-commerce operators introduced u/s 122.

8) Some offenses are decriminalized. (As covered under CPC also)

9) Compounding fees reduced.

10) Supply of goods from a nontaxable territory to a non-taxable territory, Supply of warehoused goods before clearance of home consumption and high seas sales not be treated as Supply RETROSPECTIVELY.(no refund to be made if tax deposited).

Regards

CA. Praveen Sharma

https://chat.whatsapp.com/FmAfpAUsnyc0WoiFUv5cSh