Bimal Jain
Quick Summary
The CBIC vide Notification No. 92/2020- Central Tax dated December 22, 2020, appointed January 1, 2021, as the date on which the following sections of the Finance Act, 2020 shall come into force: Section of the Finance Act, 2020 Amendment in Section of the C
Daily Limit Reached
You have reached your daily limit of 2 Free Articles
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Articles Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The new sections of the Finance Act, 2020, come into force on January 1, 2021.
The conditions for eligibility to opt for the composition levy have been harmonised across different sub-sections of Section 10 of the CGST Act.
The amendment delinks the availment of ITC on debit notes from the date of the original invoice. ITC on debit notes issued after six months from the end of the financial year can now be availed.
Yes, the amendments allow for the cancellation of voluntary registrations under Section 25(3) of the CGST Act.
Yes, a new sub-section (1A) has been inserted into Section 122 of the CGST Act, imposing penalties on individuals who retain the benefit of transactions conducted without proper invoicing or with excess ITC availment.
Section 132 of the CGST Act has been amended to make fraudulent ITC availment without an invoice cognizable and non-bailable, and to hold liable those who retain benefits from certain offences.
CAclubindia
