{"id":13398,"date":"2023-08-09T04:30:35","date_gmt":"2023-08-09T04:30:35","guid":{"rendered":"https:\/\/msassociates.pro\/articles\/?p=13398"},"modified":"2023-08-09T05:42:13","modified_gmt":"2023-08-09T05:42:13","slug":"finance-act-2023-gst-related-amendments","status":"publish","type":"post","link":"https:\/\/www.msassociates.pro\/articles\/finance-act-2023-gst-related-amendments\/","title":{"rendered":"Finance act, 2023 gst related amendments"},"content":{"rendered":"<style>\/*! elementor - v3.7.4 - 31-08-2022 *\/<br \/>\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style>\n<h3>Finance Bill, 2023<\/h3>\n<p><strong>Summary of Amendments \u2013 DIRECT TAXATION<\/strong><\/p>\n<p><strong>Individuals:<\/strong><\/p>\n<ol>\n<li>No change in old tax regime<\/li>\n<li>New tax regime is the default tax regime. However, individuals are free to change to old<br \/>\ntax regime, which is same as last year.<\/li>\n<li>Rebate under New Tax Regime increased from INR 12,500 to INR 25,000 (If total income<br \/>\nis less than 7 lakhs, no tax payable)<\/li>\n<li>Surcharge under New Tax Regime reduced from 37% to 25% &#8211; Effective tax rate will now be 39% in place of 42.74% other than capital gains more than 2 crores.<\/li>\n<li>New Tax Regime Slab Rates<br \/>\n<table>\n<tbody>\n<tr>\n<th>sl.no:<\/th>\n<th>Total Income<\/th>\n<th>Rate of<br \/>\ntax<\/th>\n<\/tr>\n<tr>\n<td>1<\/td>\n<td>Upto 3,00,000<\/td>\n<td>NIL<\/td>\n<\/tr>\n<tr>\n<td>2<\/td>\n<td>3,00,001 \u2013 6,00,000<\/td>\n<td>5%<\/td>\n<\/tr>\n<tr>\n<td>3<\/td>\n<td>6,00,001 \u2013 9,00,000<\/td>\n<td>10%<\/td>\n<\/tr>\n<tr>\n<td>4<\/td>\n<td>9,00,001 \u2013 12,00,000<\/td>\n<td>15%<\/td>\n<\/tr>\n<tr>\n<td>5<\/td>\n<td>12,00,001 \u2013 15,00,000<\/td>\n<td>20%<\/td>\n<\/tr>\n<tr>\n<td>6<\/td>\n<td>More than 15,00,000<\/td>\n<td>30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li>Presumptive Taxation Limits (provided total cash receipts is less than 5% of gross receipts<br \/>\n\/ turnover):<br \/>\nBusiness \u2013 3 crores<br \/>\nProfession \u2013 75 lakhs<\/li>\n<li>Exemption of Capital Gains under section 54 &amp; 54F is allowed with restriction cost of new<br \/>\nasset being house property to Rs.10 Crores or less.<\/li>\n<li>Any deductions claimed under Section 24(b) or under provision of Chapter VIA will be<br \/>\nreduced from cost of acquisition for the purpose of computation of capital gain.<strong>MSA Comments:<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>It is clear that an individual cannot add the interest component claimed<\/ul>\n<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>as deduction under House property income to cost of acquisition and repayment of<\/ul>\n<\/li>\n<\/ul>\n<ul>principal (claimed under section 80C) shall be reduced.<\/ul>\n<\/li>\n<li>Contribution to Agnipath Scheme on or after 01.11.2022 shall be allowed as deduction<br \/>\nfrom total income.<\/li>\n<li>Total contribution towards Agniveer Corpus Fund by Central Government Employees<br \/>\nthrough their monthly salary deducted, claimable as deduction under section 80CCH(2).<\/li>\n<li>TDS on PF withdrawals where PAN is not available is reduced from 39% to 10%.<\/li>\n<li>Exemption of maturity value of life insurance proceeds under section 10(10D) shall not<br \/>\nbe available if the total yearly premium paid on all the existing policies exceed Rs. 5 lakhs.<br \/>\nThis condition for claiming exemption would be applicable for policies obtained on or<br \/>\nafter 01.04.2023.<\/li>\n<li>Winnings from online games taxed at 30% as per computation mechanism to be notified.<\/li>\n<li>The authorized dealers (Banks) to collect Tax Collected at Source (TCS) on foreign<br \/>\noutward remittances @5% under Liberalized Remittance Scheme towards for the purpose<br \/>\nof education and medical treatment and amount of remittance exceeds Rs. 7 Lacs and<br \/>\n<strong>@20% in all other remittances irrespective of limits.<\/strong><\/li>\n<\/ol>\n<p><strong>Companies: <\/strong><\/p>\n<ol start=\"15\">\n<li>If shares are issued at a price above the fair market value to any person (Resident \/ Non-resident) the differential premium of total consideration and the fair market value would<br \/>\nbe taxed under Income from Other Sources in the hands of the Company.<\/li>\n<li>Special deduction for SEZ units under section 10AA shall be available only if the SEZs<br \/>\nfile the income tax return within the specified due date. Further, the special deduction for<br \/>\nSEZ would be available only if the entire proceeds from export of goods or services is<br \/>\nbrought into India within 6 months from the end of the previous year.<\/li>\n<li>Eligible start-ups in the event of change in shareholding can now set off and carry forward<br \/>\nlosses up to 10 years from the year of incorporation<\/li>\n<li>The incorporation period for eligible startup is increased from <strong>01st April 2023 to 01st April <\/strong><br \/>\n<strong>2024.<\/strong><\/li>\n<li>Any sum payable by the assesse to a Micro or Small enterprise beyond the time limit<br \/>\nspecified in Section 15 of the MSME Act, 2006 will disallowed under Section 43B.<\/li>\n<\/ol>\n<p><strong>Trusts:<\/strong><\/p>\n<ol start=\"20\">\n<li>If in case a trust is unable to appropriate 85% of the income towards its objects, it is now<br \/>\nrequired to communicate the said fact of non-appropriation in Form 10 at least <strong>2 months<\/strong><br \/>\nprior to the due date of filing income tax return.<\/li>\n<\/ol>\n<p><strong>Co-Operative Societies<\/strong><\/p>\n<ol start=\"21\">\n<li>Co-Operative societies which are engaged in manufacturing are have an option to pay<br \/>\nthe income tax at 15% if the Co-Operative Society set up and registered 01st April 2023<br \/>\nand has commenced manufacturing or production on or before 31st March 2024.<\/li>\n<li>Tax Deducted at Source on cash withdrawal limit increased from Rs.1 Crore to Rs.3<br \/>\nCrores where recipient is a Co-Operative Society.<\/li>\n<\/ol>\n<p><strong>Summary of Amendments \u2013 INDIRECT TAXATION<\/strong><\/p>\n<ol>\n<li>Composition dealers now allowed to make intra-state supply of goods through E-Commerce Operators i.e., Operations through e-Commerce is allowed;<\/li>\n<li>Input tax credit can <strong>either be added to Output tax or reversed from ITC<\/strong>, if consideration<br \/>\nfor supplies is not paid within 180 days;<\/li>\n<li><strong>No requirement to reverse<\/strong> proportionate input tax credit on supply of warehoused<br \/>\ngoods before clearance for home consumption;<\/li>\n<li>GST paid on Goods or services used to fulfil CSR Obligations is NOT eligible as input tax<br \/>\ncredit.<\/li>\n<li>Exempt suppliers \/ agriculturalists need not obtain GST registration (retrospectively),<br \/>\neven if they:<br \/>\n<strong>receive supplies liable under reverse charge;<\/strong><br \/>\n<strong>effect inter-state supplies; <\/strong><br \/>\n<strong>supply through E-commerce operators etc.,<\/strong><\/li>\n<li>Tax payers barred from filing GSTR 1, GSTR 3B, GSTR 9, GSTR 9C and GSTR 8 (TCS<br \/>\nReturn) after <strong>3 years from the respective due dates;<\/strong><\/li>\n<li>Penalty imposed on E-Commerce Operators (ECO) at Rs. 10,000 or tax component,<br \/>\nwhichever is higher if they:<\/p>\n<ul>\n<li>Allow an unregistered person to make supplies through them;<\/li>\n<li>Allow inter-state supplies even when unregistered supplier is not eligible to do so (For<br \/>\nExample, composition dealers as they are not allowed to supply outside their state)<\/li>\n<li>Fail to furnish details in GSTR 8<\/li>\n<\/ul>\n<\/li>\n<li>Below offences are decriminalized (No imprisonment):\n<ul>\n<li>Obstructing an officer;<\/li>\n<li>Failure to provide information and<\/li>\n<li>Tampering \/ Destroying documents.<\/li>\n<\/ul>\n<\/li>\n<li>Applicability of imprisonment if tax evaded is less than 250 lakhs:<br \/>\n<table>\n<tbody>\n<tr>\n<th>Particulars<\/th>\n<th>Imprisonment<\/th>\n<\/tr>\n<tr>\n<td>In case of &#8220;issuing invoice leading to ITC availment \/ utilization<br \/>\n\/ refund without underlying supply&#8221;.<\/td>\n<td>1 year with fine<\/td>\n<\/tr>\n<tr>\n<td>Any other case<\/td>\n<td>No Imprisonment or<br \/>\nfine<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li>Amount payable for compounding of offences:<br \/>\n<table>\n<tbody>\n<tr>\n<th>Time frame<\/th>\n<th>Minimum<\/th>\n<th>Maximum<\/th>\n<\/tr>\n<tr>\n<td>Earlier to Finance Act, 2023<\/td>\n<td>10,000 or 50% of tax,<br \/>\nwhichever is higher<\/td>\n<td>30,000 or 150% of tax,<br \/>\nwhichever is higher<\/td>\n<\/tr>\n<tr>\n<td>Subsequent to Finance Act,<br \/>\n2023 (Date not yet notified)<\/td>\n<td>25% of tax involved<\/td>\n<td>100% of tax involved<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/li>\n<li>Common Portal authorized to share these details to various other systems (such as<br \/>\nIncome Tax, RBI) after obtaining consent from parties involved \u2013<\/p>\n<ul>\n<li>Registration application details<\/li>\n<li>Details furnished in GSTR 3B, GSTR 1, GSTR 9 and GSTR 9C<\/li>\n<li>Details uploaded for E-invoice<\/li>\n<li>Details furnished for E-way Bill etc.,<\/li>\n<\/ul>\n<\/li>\n<li><strong>Retrospective applicability of the below supplies as neither goods nor services \u2013 <\/strong>\n<ul>\n<li>Supply of goods from non-taxable territory to another place in non-taxable territory<\/li>\n<li>Supply of warehoused goods before clearance for home consumption<\/li>\n<\/ul>\n<\/li>\n<li>Foreign vendors like Google \/ Facebook \/ Godaddy is now required to pay tax on online<br \/>\ninformation database access or retrieval services under forward charge (in place of RCM<br \/>\nby recipient involved in business) when supplied to unregistered persons.<\/li>\n<\/ol>\n<p><strong>This is for circulation purpose only. In case of any queries, contact +91 80 41633750\/751<\/strong><\/p>\n<p><a href=\"https:\/\/msassociates.pro\/articles\/wp-content\/uploads\/2023\/02\/Finance-Bill-2023_Taxation-Summary-1-1.pdf\"><strong>Click here to read the entire blog<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CBIC has notified that all the GST related amendments introduced vide Finance Act, 2023 shall be effective from 01.10.2023. Few of the important amendments introduced are as follows<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-13398","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Finance act, 2023 gst related amendments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.msassociates.pro\/articles\/finance-act-2023-gst-related-amendments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance act, 2023 gst related amendments\" \/>\n<meta property=\"og:description\" content=\"The CBIC has notified that all the GST related amendments introduced vide Finance Act, 2023 shall be effective from 01.10.2023. 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