Latest GST Updates

he CBIC vide Notification no. 18/2022- Central Tax dated September 28, 2022 notified the verious changes vide Finance Act, 2022 in the Central Goods and Services Tax Act, 2017 (“the CGST Act”) read with Central Goods and Services Tax (Second Amendment) Rules, 2022 notified vide Notification No. 19/2022- Central Tax dated September 28, 2022 both w.e.f. October 01, 2022:

1️⃣ Compulsory Reversal of GST Credit by Buyers for Non-Payment of GST by Suppliers w.e.f October 1, 2022

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2️⃣ Stringent Conditions to avail GST Credit w.e.f. October 1, 2022

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3️⃣ Know your Supplier – GST credit now dependent on Tax Compliant Supplier w.e.f October 1, 2022

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4️⃣ Cancellation of registration on non-filing of GST return for specified period w.e.f October 1, 2022

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5️⃣ Allowed refund claim of any balance in the e-cash ledger w.e.f. October 1, 2022

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6️⃣ Sequential filing of GST Returns w.e.f. October 1, 2022

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7️⃣ Time Limit to avail GST ITC extended till 30th November of Next FY

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8️⃣ Miscellaneous changes in GST vide Finance Act, 2022 notified w.e.f. October 1, 2022

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