Table of Contents
New Changes in Goods and Services Tax Law which come to be effective from 01.10.2023
- ITC for Corporate social responsibility Expenses has been restricted.
- Time Limit to generate E-Invoice with effect from 01 Nov 2023.
- Govt may share the information of assessee by taking prior consent.
- New condition has been inserted for Supply of services/goods to A special economic zone Unit./ Developer
- No Integrated Goods and Services Tax shall be payable on Ocean Freight by goods importer.
- 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.
- ITC Reversal under Rules 42 & 43 of the CGST regulations has to be carried out with respect to Supplies from Bonded Warehouse.
- Goods and Services Tax appropriate Offences decriminalized & threshold amount for prosecution has been raised under Goods and Services Tax Law.
- Registration requirement is exempted for certain persons supplying goods through E-commerce operator.
- Time limit of thirty days has been prescribed for reporting invoices on the IRP, known as the Invoice Registration Portal with respect to annual Aggregate Turnover greater than Rs 100 Cr..
- GST Range for compounding of offences has been reduced.
- Location of the registered recipient shall be the place of supply for transportation of goods outside India, where supplier & recipient both are located in India.
- Filing GST statements or GST return namely GSTR 3B, GSTR 1, Tax Deduction at Source Statement & Annual GST Return have been restricted after expiry of 3 Years.
- Suppliers of goods via E-Commerce platform are eligible to opt for composition scheme.
