Key Changes In Gst As Proposed In Finance Bill 2022

Today, on Feb 01 2022 Finance minister Smt Nirmala Sitaram proposed the Budget for 2022, where there are many changes made in the Goods & service tax Act or GST, below are the key highlights of the proposed GST changes in budget 2022

GST changes in Budget 2022

1. The last date to avail input tax credit (ITC) for a particular F.Y is 30Th November of next F.Y

2. ITC is available only if it isn’t restricted in GSTR-2B. & many new restrictions are imposed

3. Officer can cancel registration suo-moto if GSTR-4 is not filled in 3 months from the due date

4. Credit notes for supplies in an F.Y can be declared by 30th November of next F.Y

5. Any rectification of error or omission of an F.Y can be done by 30th November of next F.Y

6. GSTR-1 for a particular month can be filed only if all previous GSTR-1 is filled

7. ITC claimed is required to be reversed along with interest if tax is not paid by the supplier

8. Balance in E-cash ledger can be transferred to distinct persons

9. Power to restrict the use of input tax credit to pay outward taxes

10. Interest @ 18% if ITC is wrongly availed and utilized

These were the key highlights of the GST changes in Budget 2022

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