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GST Relates Changes in

Finance Bill 2022

1.Time Limits u/s 16(4), Section 34 & Section 37 , Section 52 has been extended by two months

Impact: ITC can be claimed by November of next financial year instead of September of next financial year

2. Section 42, 43 & 43A of CGST Act are omitted to do away with two way communication in filing of GST Returns

Impact: GSTR 2 and GSTR3 is now finally burried

3. Section 41 has been substituted to do away with concept of provisional claim of ITC and to provide for ITC claim based on self assessment basis

Impact consequential amendment due to removal of Section 42, 43 and 43A

4. Late fee has been provided for filing of GST Returns u/s 52

Impact: late fees shall apply for delay in filing TCS (tax collected at source) return

5.  Levy of interest u/s

 50(3) is provided for incorrect claim of ITC availed and utilised

Impact: No interest for mere wrong availment of ITC. Interest to be charged only if wrong ITC is availed and utilised

All these amendments shall apply only from date to be notified.