On 31st July, 2023, CBIC issued Notification no. 28/2023-Central Tax. It was mentioned in the said notification that the provisions of sections 137 to 162 (except sections 149 to 154) of the Finance Act, 2023 shall come into force w.e.f. 01st of October, 2023.
Also, it specified that the provisions of sections 149 to 154 of the said Act shall come into force w.e.f. 01st of August, 2023.
Let's discuss section 137 to 139 of the Finance Act, 2023 in this part!
Section 137 deals with the following amendments in section 10 of the CGST Act, 2017:
(a) in sub-section (2), in clause (d), the words "goods or" shall be omitted;
(b) in sub-section (2A), in clause (c), the words "goods or" shall be omitted.
Section 138 deals with the following amendments in section 16 of the CGST Act, 2017.
Section 16 of the CGST Act deals with Eligibility and conditions for taking input tax credit.
Section 139 deals with following amendments in section 17 of the CGST Act, 2017.
Section 17 deals with Apportionment of credit and blocked credits.
It has following amendments:
This change will be in respect to para 8(a) of Schedule III of the CGST Act, which includes the supply of warehoused goods to any person before clearance for home consumption within the meaning of exempted supply for the purpose of reversal of common ITC under Section 17(2) and (3) read with Rule 42 and 43 of the CGST Rules. It means ITC will be reversed on supply of warehoused goods to any person before clearance for home consumption.
Goods suppliers through e-commerce can now opt for composition levy from October 1, 2023, as the term "goods" is omitted from Section 10(2) of the CGST Act, 2017. Changes in Section 16(2) alter the treatment of Input Tax Credit (ITC) reversal. The ITC amount is now required to be paid along with interest under Section 50, providing clarity on the process.
Section 17(5) is amended to exclude Input Tax Credit on goods or services used for Corporate Social Responsibility (CSR) activities as per Section 135 of the Companies Act, 2013. Stay updated for more insights on evolving GST regulations.
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