Скачать или смотреть Clause by Clause analysis of Budget Proposals on GST

Clause by Clause analysis of Budget Proposals on GST - by Abhishek Raja Ram (ARR)

1️⃣ Definition Updates: ISD can now distribute ITC for RCM transactions; Track & Trace introduced with “Unique Identification Marking” (UIM).
2️⃣ Time of Supply for Vouchers: Taxable only upon redemption; issuance date no longer determines tax liability.
3️⃣ ITC on Plant & Machinery: Clarified retrospectively that ITC is not available for plant construction.
4️⃣ ITC Reversal on Credit Notes: Recipients must reverse ITC upon credit note issuance, removing past ambiguities.
5️⃣ ITC Statement (Section 38): Removed “auto-generated” term, allowing manual verification of ITC claims.
6️⃣ Pre-deposit for Appeals: Taxpayers must pre-deposit 10% of penalty amount (earlier only for tax disputes).
7️⃣ Track & Trace Mechanism: UIM introduced for specified goods (QR Code, RFID, Barcodes) to prevent tax evasion.
8️⃣ Penalties for Track & Trace Violations: New Section 122B imposes fines and goods confiscation for non-compliance.
9️⃣ SEZ & Free Trade Warehousing Zone (FTWZ) Clarity: Goods warehoused before export not considered a supply.
🔟 No Refund for Retrospective Exemptions: Past tax payments cannot be refunded even if later exempted.