Section 16 amended to allow taxpayers’ claim of input tax credit based on GSTR-2A and 2B. Hence forth, ITC on invoices and debit notes may be availed only when the details of such invoice or debit note have been furnished by the supplier in the statement of outward supplies, and such details have been communicated to the recipient of such invoice or debit note.
Section 50 of the CGST Act is being amended to provide for a retrospective charge of interest on net cash liability, with effect from 1st July 2017.
GST audit requirement by specific professionals such as CAs and CMAs has been removed from the GST law. Section 35 and 44 have been amended in this regard. As per the amendment, only GSTR-9 annual returns on a self-certification basis need to be filed on the GST portal by taxpayers, completely removing the requirement for GSTR-9C
New Updates On GST Regarding To Taxpayers
- GST authorities ask field units to ramp up collections, identify defaulting taxpayers.
- Govt releases Rs 2,104 crore as 19th installment of GST compensation shortfall to states.
- Govt extends last date for annual GST filling till march end for FY 20.
- GST officers to immediately suspend taxpayer’s registration for ‘significant anomalies’ in sales return.
- Budget 2021: FM does away with the need for GST Audit for a section of taxpayers.
- No GST on electricity charges recovered from tenants.
