With a plethora of amendments being made effective w.e.f. 01st October 2022, the changes in GST law have once again rued the business community. The main gist of those changes is being listed as follows for your easy understanding:
-> E-Invoicing becomes mandatory for all entities having turnover exceeding INR 10 crores in any financial year from 2017-18 onwards.
->The exemption on the following services which was applicable till 30th September 2022 has not been extended and accordingly stands taxable unless an official notification for the same is issued:
a) Services by way of transportation of goods by an aircraft from India to a place outside India
b) Services by way of transportation of goods by a vessel from India to a place outside India
Thus, ocean export freight billed to customers in India to be charged @ 5% & air freight export billed to customers in India to be charged @ 18%.
-> Clause (ba) has been inserted in Section 16(2) to restrict availability of ITC strictly on the basis of data auto populating in GSTR-2B.
-> Availment of Input Tax Credit, Issuance of Credit Note and any rectification in return can be done till 30th November of subsequent year or Annual Return whichever is earlier.
-> Amendment in Section 41: Input tax credit to be reversed with interest in case where the tax thereon is not deposited by the supplier/vendor with Government exchequer and re-availment thereof in future shall be allowed without any time limit upon supplier/vendor depositing the tax with Government exchequer.