Following the recommendation of the GST Council, changes have been made in the GST Act from November 1. Tax professionals gathered and discussed this in Indore. In this, everyone discussed the new sections of GST along with returns.
On the recommendation of the GST Council, some changes in the GST Act have come into effect from November 1. Tax professionals gathered on Friday to discuss these. The Tax Practitioners Association (TPA) also spoke on the implications of the new sections on the new system of GST return filing and invoice management.
Speaking in the TPA discussion, CA Umesh Goyal said that the government will provide interest to taxpayers on the demand of tax deducted under section 73 from the year 2017-18 to 2019-20 by including a new section 128-A in the GST law. And exemption in penalty has been provided. For this, you will have to fill the form on the portal and pay tax by March 31, 2025.
Now the bills have to be reconciled
Giving information about the invoice management system implemented on the portal, CA Yash Khandelwal said that the invoice management system has been introduced seven years after the implementation of GST. Till now the total amount of credit was matched but now each bill will have to be matched. CA Krishna Garg said that for any kind of demand, action was taken under section 74 for tax evasion and under section 73 in other circumstances.
the time limit was also different
The time limit for action in these two sections was also different. Now, after the notification implemented from November 1, a new section 74-A has been implemented by combining both the conditions, according to which notice can be issued only within 42 months from the last date of filing the annual return of the concerned year.
Penalty will be imposed for non-compliance
Its effect is such that the time limit under Section 73 has increased from 33 months to 42 and under Section 74 it has decreased from 54 months to 42 months. CA Sunil P. Jain said that under reverse charge, the government has now made it mandatory to prepare self-invoice within 30 days of receipt of services or goods. If this is not followed the department can impose penalty. CA Sunil Khandelwal, Govind Goyal, SN Goyal, Deepak Maheshwari, Palakesh Asawa were present in the discussion.
