Key highlights of changes in GST Proposed in Finance Act 2023
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Key highlights of changes in GST Proposed in Finance Act 2023: Composite Levy- Clause (d) of sub-section (2) and Clause (c) of sub-section (2A) in section 10 of the CGST Act is being amended so as to remove the restriction imposed on registered persons engaged in supplying goods through electronic commerce operators from opting to pay tax under the Composition Levy. Blocked or Denied credit - Explanation to sub-section (3) of section 17 of the CGST Act , the value of exempt supply to include certain transactions specified in para 8(a) of Schedule III of the said Act in additions to para 5 of Schedule III Blocked or Denied credit- Further, sub-section (5) of said section 17 is also being amended to deny ITC for corporate social responsibility referred to in section 135 of the Companies Act, 2013. Persons not liable to register- section 23 of the Central Goods and Services Tax Act relating to persons not liable for registration will have an overriding effect to over sub-section (1) o