CA Shruti Singhal
Quick Summary
1. Changes in Schedule III of the CGST Act, 2017 An explanation has been inserted vide the FA, 2023, w.e.f. 1-10-2023. It states that Para 7 and 8 of Schedule III and the Explanation 2 thereof shall be deemed to have been inserted therein w.e.f. 1-7-2017. However, no refund shall be made of all t
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FAQ :
The word 'goods' has been removed from Section 10(2)(d) and 10(2A)(c) of the CGST Act, allowing dealers and traders of goods to supply through e-commerce operators and opt for the composition levy, provided they do not make inter-state supplies.
Persons making supplies of goods through an ECO, who is required to collect TCS, are exempted from registration if their aggregate turnover in the preceding and current financial year does not exceed the threshold for mandatory registration. However, they must not make any inter-State supply of goods.
The period for filing an application for revocation of cancellation of registration has been extended from 30 days to 90 days from the order date. This can be further extended by the Commissioner for up to 180 days.
The monetary limit for an offence to be considered a criminal offence, punishable with imprisonment, has been increased to Rs. 2 crores. Previously, this limit was Rs. 1 crore, though it remains Rs. 1 crore for offences involving fake invoice input tax credit.
Compounding of offences is no longer available for individuals accused of taking input tax credit from fake invoices. However, the minimum and maximum amounts payable for compounding have been reduced to 25% and 100% of the tax involved, respectively.
Section 158A allows for the sharing of information furnished by a taxable person on the GST common portal with other notified systems, such as 'Account Aggregators', based on the taxpayer's consent. This streamlines the process of information exchange.
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