10 GST Related Amendments proposed in Union Budget 2021




Loading

 10 GST Related Amendments proposed in Union Budget 2021

 

1.   Exporter liable for penalty equal to 500% of refund claimed if Input taken on invoice obtained by fraud, collusion, wilful misstatement*

 

2.  Input Tax credit can be availed when supplier furnished the details of invoice in GSTR-1 and such details communicated to recipient (as shown in GSTR-2A/2B)

 

3. GST audit shall be omitted

 

4.  GST Annual return may include a self-certified reconciliation statement reconciling value of supplies b/w GST returns and audited annual financial statement

 

5.  Interest on delayed payment of GST shall be payable on that portion of GST which is paid in cash*

 

6.  Recovery of GST when registered person filing GSTR-1 not GSTR-3B in any of following modes*

 

(i) by detaining and selling the goods belonging to defaulter or

 

(ii) recovery from any other person who owes money to defaulter or

 

(iii) attachment of immovable property belonging to defaulter

 

7.   Seized or detained goods shall be released on payment of following penalty :-

 

(a)    Where owner of goods comes forward – penalty equal to *200% of tax payable

 

(b)   Where owner of goods does not come forward – penalty equal to 50% of value of goods

 

8.  Where person fails to pay penalty within 15 days, goods shall be *sold or disposed and conveyance (truck etc*) shall be released on payment of *penalty or Rs 1 lakh whichever is less

 

9.  New section 151 proposed where Commissioner  or any officer authorized by him direct any person  to furnish information relating to any matter dealt with in connection with GST act.

 

10.  Exporters liable to deposit the refund received along with interest in case of non-receipt of sale proceeds* within the time limit prescribed under Foreign Exchange Management Act, 1999

 

 

 

 

 

 




Menu