Key-highlights of GST Proposals in Finance Bill 2022:


🍉 1. Time-limit to avail ITC u/s 16(4) *extended till 30th November* of next year from 30th September.


🍒 2. Additional Condition for availment of ITC u/s 16(2)- *ITC can be availed only if the same is not restricted in GSTR-2B.*


🌶️ 3. Composition Tax Payer’s Registration can be *cancelled suo-moto* if they have not filed their GSTR-4 return *beyond 3 months from the due date.*


🫑 4. Credit Notes in respect of supply made in a financial year can be issued by *30th November* of next financial year (currently allowed till 30th September)


🍓 5. Any rectification of error in GSTR-1/ GSTR-3B is now permitted till *30th November* of next financial year (currently allowed till 30th September).


🥜 6. The two-way communication process in filing GST returns is *scrapped.*


🍏 7. The due date for filing return by non-resident taxable person is prescribed as *13th day of next month*


🍍 8. Section 41 of the CGST Act is being substituted so as to do away with the concept of “claim” of ITC on a *“provisional” basis.*


🍉 9. Section 47 of the CGST Act is being amended so as to provide for levy of *late fee for delayed filing of TCS returns.*


🍊 10. Section 49 of the CGST Act is being amended so as to provide for restrictions for utilizing the amount available in the *electronic credit ledger.*


 🍎 11. Section 49 of the CGST Act is being amended so as to allow transfer of amount available in E- cash ledger of a registered person to the *E- cash ledger of a distinct person;*


🌽 12. Section 49 of the CGST Act is being amended so as to provide for prescribing the *maximum proportion of output tax liability* which may be discharged through the electronic credit ledger


🍐 13. Section 50(3) of the CGST Act is being substituted *retrospectively,* with effect from the 1st July, 2017, so as to provide for *levy of interest on input tax credit wrongly availed and utilized.* (Meaning  thereby Interest will not be levied if ITC is not utilized)


🥒 14. Refund claim of any balance in the electronic cash ledger shall be made *available.*


🥭 15. Rate of Interest u/s 50(3) prescribed as *18% in all cases.*

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