47th GST Council meeting chaired by Hon’ble Union Minister of Finance Nirmala Sitaraman has concluded today in Chandigarh which was attended by Union Minister of State for Finance Shri Pankaj Chaudhary besides Revenue Secretary Shri. Tarun Bajaj, Chairman of the CBIC Shri. Vivek Johri, Member of the CBIC Shri. D P Nagendra Kumar, Sandeep Kumar and Sanjay Agarwal and other senior officers from the Finance Ministry and the CBIC with Finance Ministers of States & UTs and Senior officers from Union Government & States.\n<\/p>\n
As per Press release, The GST Council has made the following recommendations relating to notify amendment in Section 49(10) of the CGST Act 2017:\n <\/p>\n
Amendment in sub-section (10) of section 49 of CGST Act to provide for transfer of balance in electronic cash ledger of a registered person to electronic cash ledger of CGST and IGST of a distinct person.<\/p>\n
This will provide for transfer of balance in CGST and IGST cash ledgers between distinct persons, thereby improving liquidity and cash flows of such taxpayers.<\/strong><\/p>\n Clause (c) section 110 of the Finance Act, 2022 has amended section 49(10) of CGST Act as- \n <\/p>\n "(10) A registered person may, on the common portal, transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash ledger under this Act, to the electronic cash ledger for,
\n (a) integrated tax, central tax, State tax, Union territory tax or cess; or
\n (b) integrated tax or central tax of a distinct person as specified in sub-section (4) or, as the case may be, sub-section (5) of section 25,
\n in such form and manner and subject to such conditions and restrictions as may be prescribed and such transfer shall be deemed to be a refund from the electronic cash ledger under this Act:<\/p>\n