All GST amendments in Budget 2023 • All GST amendments in Budget 2023 |GS...
In this video, we bring you a comprehensive overview of the significant changes in the Goods and Services Tax (GST) regime that are set to take effect from October 1st, 2023. These changes cover a wide range of areas, including composition scheme, input tax credit provisions, supply of goods for home consumption, registration criteria, return filing, and much more.
Here's a breakdown of the key changes discussed in this video:
•Allowing persons registered under the composition scheme to sell goods through ecommerce operators.
•Alignment of ITC provisions in the Act as amended by NN 26/2022 – CT dated December 26th, 2022.
•Inclusion of supply of uncleared warehoused goods for home consumption in GST reversal and blocking of ITC for CSRrelated expenditures.
•Substitution of Section 23 – "Persons not liable for registration" with a new provision.
•Restrictions on furnishing details of outward supplies after the specified time period.
•Restrictions on furnishing returns for tax periods and financial years after the specified time period.
•Removal of provisional ITC clause in refund provisions.
•Specifying the delay period for payment of interest in delayed refund cases.
•Assessment of nonfilers of returns.
•Introduction of penal provisions for Ecommerce operators.
•Decriminalization of certain offenses under GST Law.
•Alignment of compounding provisions with changes in punishment for certain offenses.
•Insertion of new Section 158A in The CGST Act, 2017 for sharing of information.
•Retrospective exemption to certain activities and transactions in Schedule III to the Central Goods and Services Tax Act.
•Revision in the definition of nontaxable online recipients and OIDAR services.
•Omission of Section 12(8) of The IGST Act, 2017.
•Omission of Section 13(9) of IGST Act.
Stay informed about these crucial GST changes and understand how they may impact your business. Make sure to like, share, and subscribe for more updates on tax and financial matters.
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Disclaimer Although all provisions, notifications, updates, and live demos are analyzed indepth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither Fintaxpro Advisory LLP nor its designated partner is liable for any consequence that arises on the basis of YouTube videos.
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