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CBIC commences relaxations provided by Finance Act, 2023

The CBIC vide notification dated the 31st July, 2023 has given effect to following amendments made under Finance Act, 2023:

The income tax act provides that every person who is the liquidator of any company which is being wound up, whether under the orders of a court or otherwise or who has been appointed the receiver of any assets of a company, shall, within thirty days after he has become such liquidator, give notice of his appointment as such to the Assessing Officer who is entitled to assess the income of the company. With effect from 1st October, 2023, non-compliance with this requirement is decriminalized.

The Central government is empowered to provide relaxation to the bar against filing GST returns after 3 years from due date. The Government shall, on the recommendations of the Council, by notification, establish with effect from such date as may be specified therein, an Appellate Tribunal known as the Goods and Services Tax Appellate Tribunal for hearing appeals against the orders passed by the Appellate Authority or the Revisional Authority.

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