14 Changes in the GST Law – Effective from 01.10.2023
Here is a short compilation of the new amendment in the GST law which is effective from 1st October 2023.
The same is summarized as under:
- Filing returns/statements namely GSTR 1, GSTR 3B, TDS Statement and Annual Return have been restricted after expiry of Three Years.
- Tax evasion due to certain non-compliances by the suppliers making supplies through E-Commerce operators will result into penalty in the hands of E-Commerce operators.
- Time limit of 30 days has been specified for reporting invoices on the IRP Portal with respect to AATO greater than 100 crores.
- Input Tax Credit for CSR Expenses has been restricted.
- Input Tax Credit reversal under Rule 42 & Rule 43 has to be carried out with respect to Supplies from Bonded Warehouse.
- New condition has been inserted for Supply of services/goods to SEZ Developer/Unit.
- The Government may share the information of assessee by taking prior consent.
- No IGST shall be payable on Ocean Freight by importer of goods.
- Location of the registered recipient shall be the place of supply for transportation of goods outside India, where supplier and recipient both are located in India.
- Suppliers of goods through E-Commerce platform are eligible to opt for composition scheme.
- Registration requirement exempted for certain persons supplying goods through E-commerce operator.
- Offences decriminalized and threshold amount for prosecution has been raised under GST Law.
- Range for compounding of offences has been reduced.
- Time Limit to generate E-Invoice w.e.f. 01.11.2023
