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Amendments applicable with effect from 01st October 2023 under the GST

Highlights

1. Benefits of Composition Levy Extended to E-commerce Suppliers.

2. Clarity on Payment to Suppliers Within 180 Days

3. Impact on Supply of Warehoused Goods.

4. ITC blocked on CSR activities under Section 17(5) (fa) of CGST Act 2017.

5. Retroactive Impact of Section 23(2) on Section 22 and Section 24.

6. Time Limit for Revoking Cancelled GST Registrations Extended

7. Limitation of 3 Years for Filing Returns

8. Assessment of unregistered persons under Section 62 of CGST Act 2017

9. Penalty for E-commerce Operators

10. Punishment of certain offences (Section 132)

11. Compounding of offences under Section 138 of CGST Act 2017

12. Consent-Based Information Sharing

13. Retrospective applicability of Para 7, 8(a) and 8(c) of Schedule III

14. Widening Scope of OIDAR Services

15. Changes in Place of Supply for Transportation of Goods

16. Zero-rated Supplies to SEZ.

17. Zero-rated Supplies with Payment of IGST.

18. Import Ocean Freight Under Reverse Charge Mechanism (RCM).

Important points or check list for GST compliances for the year end closing - Financial year2022-2023
Legal status of notices issued under Section 148 for assessment/re-assessment for Assessment year 2013-14 and subsequent years after the prescribed time elapsed.
Whether Distribution of Medicines, Surgical items, etc on behalf of Government is exempted supply
Printing of Pre examination items and Post examination items are exempted supply
Manner of achieving Minimum Public Shareholding "MPS": SEBI has issued Circular No. SEBI/HO/CFD/PoD2/P/CIR/2023/18 dated 03 February 2023 to facilitate listed entities, achieve MPS compliance, few of the existing methods have been reviewed and rationalized and two additional methods have been introduced. Accordingly, a listed entity shall adopt any of the following methods in order to achieve compliance with the MPS requirements mandated under rules 19(2)(b) and 19A of the SCRR read with regulation 38 of the LODR Regulations.
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Proposed amendments in the GST Law under the Union Budget 2023

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