Bimal Jain
Quick Summary
1. Raising the minimum threshold for launching prosecution under GST from Rs. One Crore to Rs. Two Crores, except for the offence of issuance of invoices without supply of goods or services or both; 2. Decriminalize certain offences specified u/s 132(1) (g), (j) and (k) of CGST Act, 2017, viz.-
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FAQ :
The minimum threshold for launching prosecution under GST has been raised from Rs. One Crore to Rs. Two Crores, with an exception for issuing invoices without supply of goods or services.
Certain offences specified under sections 132(1)(g), (j), and (k) of the CGST Act, 2017, such as obstructing officers, tampering with evidence, and failure to supply information, are being decriminalised.
The compounding amount will be reduced from the current range of 50% to 150% to a new range of 25% to 100%.
This facility for intra-state supply of goods by unregistered suppliers or composition taxpayers through e-commerce operators will be implemented from 1st October 2023.
Schedule III of the CGST Act, 2017, concerning third-country exports, HSS, and in-bond sales, will be amended to apply retrospectively from 1st July 2017. However, no refunds will be available for tax already paid between 1st July 2017 and 31st January 2019.
The time limit for filing GST statements and returns like GSTR-1, GSTR-9, GSTR-9C, and GSTR-8 will be amended to restrict filing to a maximum period of three years from the due date.
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