IMPORTANT CHANGES APPLICABLE W.E.F. 1 st OCTOBER 2023 UNDER GST

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List  of important changes that takes effect from 1st October 2023 under the GST laws

1. Benefits of Composition levy extended to suppliers of goods under e- commerce model

2. Clarificatory amendment concerning payment to supplier within 180 days


3. Sale of warehoused goods before filing BOE includible in value of exempt supply for reversal of common ITC u/s 17(2) and (3) r.w. Rule 42/43

4. ITC blocked on CSR activities under Section 17(5) (fa)

5. Retrospective overriding effect of Sec. 23(2) on Sec. 22 and Sec.24

*6. Time limit on application for revocation of cancelled registration under Section 30 of CGST Act 2017:*

7. Limitation of 3 years on filing of returns under Section 37, 39, 44, 52 of CGST Act 2017

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

9. Penalty for certain offences on the E-Commerce Operators under Section 122(1b) of CGST Act 2017

10. Punishment of certain offences (Section 138)

11. Compounding of offences under Section 132 of CGST Act 2017

12. Consent based sharing of information furnished by taxable person Section 158 (A) inserted

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

14. Scope of OIDAR services widened in definition under Section 2(17) of IGST Act 2017

15. Place of Supply i.r.o. Transportation of Goods changes in Section 12(8) and 13 (9) of the IGST Act 2017

16. Zero-rated supplies to SEZ for authorized operations under Section (1)(b) of the IGST Act 2017

17. Zero-rated supplies not permitted with payment of IGST until notified under Section 16 (3) & (4) of IGST Act 2017

18. Notifications deleting the entries casting liability on importers on import ocean freight in CIF imports under RCM to align with the Supreme Court Judgement in UOI vs Mohit Minerals


R. SRIVATSAN

NACIN, Chennai

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