Page 38 - DHC Budget Book 2021-22 Final
P. 38
books of account are subject to audit by
CAG or an auditor appointed for auditing the accounts of local authorities under any law for the time being in force, will not be required to furnish Annual Return. [Sec. 44]
Amendment in Interest Provision (retrospectively w.e.f. 01-07-2017)
The proviso to Section 50 to be amended retrospectively w.e.f. 01-07-2017 to charge interest only on that portion of the tax which is paid by debiting the Electronic Cash Ledger.
Amendments relating to assessments
Amount of tax payable in respect of details of outward supplies furnished in Form GSTR-
1, but not furnished in Form GSTR-3B to be included in Self-assessed tax [Sec. 75(12)]
Government may attach provisionally, any property, including bank account, belonging to the taxable person or any person specified under Section 122(1A) after initiation of any proceeding under Chapter XII, Chapter XIV or Chapter XV of the CGST Act. [Sec. 83(1)]
Appeal against order specifying tax and penalty, issued in cases of detention or seizure of goods, to be filed only after prior payment of 25% of penalty by the appellant. [Sec. 107(6)]
Section 74 of the CGST Act to be amended to make detention and seizure of goods a separate proceeding from recovery of tax.
Amendments relating to detention, seizure and release of goods under Section 129 of the CGST Act
whichever is less or upon furnishing a security equivalent to the amount payable.
Time limits of 7 days from date of detention or seizure of goods specified for issuance of notice and 7 days from the date of service of notice specified for issuance of order.
Recovery Proceedings to be initiated on failure of payment of penalty - Where the person transporting any goods or the owner of such goods fails to pay the amount of penalty payable within 15 days from the date of receipt of the copy of the order, the goods or conveyance so detained or seized shall be liable to be sold or disposed of, to recover the amount of penalty payable.
The conveyance seized may also be released on payment of penalty specified above or one lakh rupees, whichever is less by the transporter.
Amendments relating to Confiscation of Goods
Section 130 of the CGST Act to be amended to delink the proceedings relating to confiscation of goods or conveyances from levy of penalty under Section 129 relating to detention, seizure and release of goods and conveyances in transit.
Other amendments in CGST Act
The Commissioner or an officer authorised by him is being empowered to direct any person to furnish information relating to any matter dealt with in this act, as may be specified therein. [Sec. 151]
Section 152 of the CGST Act to be amended to provide that no information obtained under Sections 150 and 151 shall be used for any proceedings under the Act without giving
an opportunity of being heard to the person concerned.
Amendment in Section 16 of the IGST Act
A supply of goods or services to a Special Economic Zone developer or a Special Economic Zone unit shall be zero-rated only when the said supply is for authorised operations.
A registered person making zero rated supply shall be eligible to claim refund of unutilised input tax credit, subject to the
36
Building a Resilient and Confident India
Goods detained to be released upon payment of penalty equal to 200% of the tax payable on such goods or in case of exempted goods 2% of the value of goods or H 25,000/-, whichever is less or upon furnishing a security equivalent to the amount payable in cases where the owner of the goods comes forward for payment of penalty.
Where the owner of the goods does not come forward for payment of penalty, goods detained to be released upon payment of penalty equal to 50% of the value of goods or 200% of the tax payable on such goods, whichever is higher or in case of exempted goods 5% of the value of goods or H 25,000/-,
INDIA BUDGET 2021-22
