𝓜𝓟𝓝𝓒

The registered person is eligible to claim input tax credit only if it is being reflected in GSTR-2A and the respective invoice or debit notes are in his possession.

No need to get one's accounts audited by Chartered Accountant or Cost Accountant even if the turnover during a financial year exceeds the specified limit.

Every registered person shall furnish an Annual return that includes a self certified reconciliation statement reconciling the values declared in returns and audited financial statements. (Exception - Input Service Distributor, Casual Taxable Person, Non-Resident Taxable Person, Person paying tax under Sec.51(TDS) and Sec. 52(TCS) of The CGST Act, 2017).

Interest is to be paid on Net liability i.e., liability after utilising ITC and it was made effective from 01 September 2020. Now it is proposed to make effective from 01 July 2017.

If the proceedings under Sec.73 or Sec.74 of The CGST Act, 2017 are concluded against the main person then only the proceedings under Sec. 122 and Sec. 125 get concluded but not the proceedings under Sections 129 and 130.

Number of circumstances are increased under which Provisional attachment of properties can be made.

Appeal can be filed against the order on detention or seizure of goods or conveyances only after paying the sum equal to 25% of the penalty levied.

Officer detaining or seizing the goods or conveyance has to issue notice within 7 days of such action specifying the penalty and has to pass order within 7 days from the date of serving notice.

The above officer shall give opportunity of heard only for determining penalty but not for tax and interest.

If the registered person making zero rated supplies without payment of tax under LUT or bond has already received refund of unutilised input tax credit (ITC) but could not realise sale proceeds then he would be liable to deposit the refund along with applicable interest within 30 days after the expiry of time limit prescribed under FEMA.

NOT all the registered persons can claim refund of integrated tax paid on zero rated supplies made without LUT or bond. Government will specify class of persons or class of goods / services for which refund can be claimed.

Zero rated supply means any one of the - (i) export of goods or services or both; or (ii) supply of goods or services or both Authorised Operations to a Special Economic Zone developer or a Special Economic Zone unit.