CBIC commences CGST amendments provided under Finance Act, 2022

The Central Board of Indirect Taxes and Customs vide notification dated 28th September, 2022 has commenced the amendments made in Finance Act 2022 w.e.f 1st Oct 2022. The following amendments are made to CGST Act:

1. Last date to claim ITC has been extended till 30 day of November following the end of the FY to which such ITC pertains.
2. Cancellation of registration for non filing of GST return for specified taxpayers.
3. Last date to report & avail tax adjustment of credit note has been extended till 30 day of November following the end of the FY to which such credit note pertains.
4. Last date for rectification or error in respect of outward supplies can be made till 30 day of November following the end of the FY to which such invoice pertains.
5. Only the eligible ITC which is available in the GSTR-2B (Auto generated statement) can be availed by the recipient. Now, GSTR-2B will become the main document relied upon by the tax authorities for verification of the accurate ITC claims.
6. Rectification in respect of particulars can be made till 30 day of November following the end of the FY to which such particulars pertains.
7. Provision claim of ITC done away hence, the provisional ITC claim process, matching and reversal are eliminated.