As per amended Section 41 of CGST Act, which provide regarding claiming Input Tax Credit to dissolve the concept of \u201cclaim\u201d of eligible Input Tax Credit on a provisional basis & provided for availing self-assessed Input Tax Credit as per specified terms & conditions.<\/li>\n<\/ul>\nSections removed \u2013 42, 43,43A under CGST Act, \u00a0<\/strong><\/span><\/p>\nFollowing sections of CGST Act are deleted which are mentioned as below:<\/p>\n
\n- Section-42 regarding matching, reversal & reclaim of Input Tax Credit<\/li>\n
- Section \u2013 43A regarding the procedure for furnishing returns and availing ITC of the CGST Act. and<\/li>\n
- Section-43 regarding matching, reversal and reclaim of reduction in output tax liability<\/li>\n<\/ul>\n
<\/span>Some miscellaneous amendments<\/span> <\/strong><\/span><\/h3>\n\n- The reference of section 38 was removed relating to the provision of the resignation of the director.<\/li>\n
- Some changes in the provision of levy late fees for delay in filing GSTR-8.<\/li>\n
- No interest charged on Input tax Credit claimed wrongly but not utilize under section 50 of the CGST Act, Some changes in the provision will Applicable retrospectively with effect from 1st<\/sup> July 2017<\/li>\n
- The time limit extended up to the 30th of November of the following financial year for the rectification of errors in Tax Collected at Source (TCS) values in GSTR-8.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"
The Union Budget of India 2022 was presented by the Finance Minister As on 1st February 2022. Now, herein, the changes that were proposed in the Budget, shall come into effect from the date, when the Central Board of Excise and Customs shall come up with a notification. Amendments in the provisions in GST law …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[903],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/4575"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=4575"}],"version-history":[{"count":4,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/4575\/revisions"}],"predecessor-version":[{"id":6572,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/4575\/revisions\/6572"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=4575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=4575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=4575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"Amendments](\"https:\/\/www.caindelhiindia.com\/blog\/wp-content\/uploads\/2022\/06\/Amendments-in-the-provisions-in-GST-law-in-the-Union-Budget-2022...jpg\")
<\/p>\n