Budget 2023 Has Introduced Few But Significant Changes To The GST Front: V Lakshmikumaran, Managing Partner, Lakshmikumaran And Sridharan
A major overhaul relates to the denial of the input tax credits on procurements made for fulfilling CSR obligations says the veteran tax lawyer
The Budget 2023 has introduced few but significant changes to the GST front. The Finance Bill, 2023 proposes some clarificatory amendments, aimed at aligning the text of the law with the operations of the GST Portal.
One Major Overhaul
A major overhaul relates to the denial of input tax credit on procurements made for fulfilling CSR obligations.
Penal consequenses for e-commerce
While certain offences are proposed to be decriminalised, new penal consequences loom large on e-commerce operators.
All eyes on next GST meeting
A three-year outer limit to file GSTR 1, 3B and 9 is proposed to be introduced in cases where a person does not file these returns. More clarity is required on the scope and applicability of these provisions. It is hoped that the next Council Meeting throws light on the much-awaited constitution of the GST Tribunal and a possible amnesty scheme.
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