{"id":7718,"date":"2022-07-06T03:23:14","date_gmt":"2022-07-06T02:23:14","guid":{"rendered":"https:\/\/www.klickongstworld.com\/blog\/?p=7718"},"modified":"2022-07-06T03:34:44","modified_gmt":"2022-07-06T02:34:44","slug":"cbic-notifies-the-provisions-of-finance-act-2022-to-come-in-force","status":"publish","type":"post","link":"https:\/\/www.klickongstworld.com\/blog\/cbic-notifies-the-provisions-of-finance-act-2022-to-come-in-force\/","title":{"rendered":"CBIC notifies the provisions of Finance Act 2022 to come in force"},"content":{"rendered":"

CBIC has issued Notification No. 09\/2022-Central Tax<\/a> dated 5th July 2022 to appoint 5th day of July, 2022, as the date on which the provisions of clause (c) of section 110 and section 111 of the said Act shall come into force. <\/p>\n

Clause (c) section 110 of the Finance Act, 2022 has amended section 49(10) of CGST Act as- <\/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,<\/p>\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

Provided that no such transfer under clause (b) shall be allowed if the said registered person has any unpaid liability in his electronic liability register.”<\/p>\n

Amendment in sub-section (10) of section 49 of CGST Act provides 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.<\/p>\n

Whereas, Section 111 of the Finance Act, 2022 has amended Section 50(3) of the CGST Act 2017 as- <\/p>\n

“(3) Where the input tax credit has been wrongly availed and utilised, the registered person shall pay interest on such input tax credit wrongly availed and utilised, at such rate not exceeding twenty-four per cent. as may be notified by the Government, on the recommendations of the Council, and the interest shall be calculated, in such manner as may be prescribed.”<\/p>\n

The amendment provides retrospective amendment in section 50(3) of CGST Act, with effect from 01.07.2017, to provide that interest will be payable on the wrongly availed ITC only when the same is utilized.<\/p>\n

Klick here for the copy of the Notification<\/a><\/strong> <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

2022\/06\/cbic-logo-new-1.jpg<\/p>\n","protected":false},"author":1,"featured_media":7535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts\/7718"}],"collection":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/comments?post=7718"}],"version-history":[{"count":5,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts\/7718\/revisions"}],"predecessor-version":[{"id":7728,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/posts\/7718\/revisions\/7728"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/media\/7535"}],"wp:attachment":[{"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/media?parent=7718"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/categories?post=7718"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.klickongstworld.com\/blog\/wp-json\/wp\/v2\/tags?post=7718"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}