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TMI BlogAMENDMENTS IN THE CGST ACT, 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... ensure levy of tax on activities or transactions involving supply of goods or services by any person, other than an individual, to its members or constituents or vice-versa, for cash, deferred payment or other valuable consideration. [99] 2. A new clause (aa) to sub-section (2) of the section 16 of the CGST Act is being inserted to provide that input tax credit on invoice or debit note may be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the annual return. [102] 5. Section 50 of the CGST Act is being amended, retrospectively, to substitute the proviso to sub-section (1) so as to charge interest on net cash liability with effect from the 1st July, 2017. [103] 6. Section 74 of the CGST Act is being amended so as make seizure and confiscation of goods and conveyances in transit a separate proceeding from recovery of tax. [10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 129, unless a sum equal to twenty-five per cent. of penalty has been paid by the appellant. [107] 10. Section 129 of the CGST Act is being amended to delink the proceedings under that section relating to detention, seizure and release of goods and conveyances in transit, from the proceedings under section 130 relating to confiscation of goods or conveyances and levy of penalty. [108] 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing amended to enable the jurisdictional commissioner to exercise powers under section
151 to call for information. [112]
15.
Consequent to the amendment in section 7 of the CGST Act paragraph 7 of Schedule II to the CGST Act is being omitted retrospectively, with effect from the 1st July, 2017.
[113]
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Budget 2021-22 + FINANCE Bill, 2021 X X X X Extracts X X X X X X X X Extracts X X X X
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