Budget 2023-2024 Speech of Nirmala Sitharaman, Minister of Finance – February 1, 2023 Hon’ble Speaker, I present the Budget for 2023-24. This is the first Budget in Amrit Kaal.
Extract:
B. LEGISLATIVE CHANGES IN GST LAWS
B.1 Decriminalisation
Section 132 and section 138 of CGST Act are being amended, inter alia, to – · raise the minimum threshold of tax amount for launching prosecution under GST from ` one crore to ` two crore, except for the offence of issuance of invoices without supply of goods or services or both; · reduce the compounding amount from the present range of 50 per cent to 150 per cent of tax amount to the range of 25 per cent to 100 per cent; · decriminalize certain offences specified under clause (g), (j) and (k) of sub-section (1) of section 132 of CGST Act, 2017, viz.- o obstruction or preventing any officer in discharge of his duties; o deliberate tempering of material evidence; o failure to supply the information.
B.2 Facilitate e-commerce for micro enterprises
Amendments are being made in section 10 and section 122 of the CGST Act to enable unregistered suppliers and composition taxpayers to make intra-state supply of goods through E-Commerce Operators (ECOs), subject to certain conditions.
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Source Taxguru
