Following is a summary of changes proposed in GST regime –

• Scope of ‘supply’ widened by inserting such transactions or activities carried out between club or association and its members –Section 7 & Schedule – II of CGST Act;
• Availment of ITC is proposed to be restricted to the value shown in GSTR-2A of the recipient of supply – Section 16 of CGST Act;
• Scrapping of requirement of getting accounts and reconciliation statement Audited (GSTR-9C) and allowing filing of Annual Return (GSTR-9) on self-certification basis – Section 35(5) and 44 of CGST Act;
• Interest on Net tax liability from Retrospective effect – Section 50 of CGST Act;
• Zero Rated Supply to be considered when supply made to SEZ and used for authorized operations only – Section 16 of IGST Act;
• Refund of integrated tax paid on zero rated supplies allowed only to notified class of taxpayers and notified supplies of goods or services Section 16 of IGST Act;
• Direct recovery proceedings to be initiated in case of tax shown as paid in GSTR-1 but not paid in GSTR – 3B – Section 75 of CGST Act;
• Proceedings of detention and confiscation u/s 129 and 130 are made separate proceedings from recovery of tax u/s 73 and 74 – Section 74 of CGST Act;
• For getting goods & conveyance released as detained or seized u/s 129, only penalty is required to be paid which is proposed to be enhanced & time limits for passing of notice & order u/s 129 provided – Section 129 of CGST Act;
• If the penalty is not paid with 15 days of date of receipt of order determining penalty u/s 129(1), proper officer can instead of initiating confiscation proceedings under Section 130, directly sell off goods or conveyance so detained or seized to recover penalty – Section 129 & 130 of CGST Act;
• Release of goods and conveyance on provisional basis on either furnishing of bond and security or payment of tax, interest and penalty, is proposed to be omitted – Section 129 of CGST Act;
• 25% of penalty in dispute to be paid as mandatory pre-deposit where first appeal is to be filed against Order passed u/s 129 – Section 107 of CGST Act;
• Scope of ‘provisional attachment’ increased – Section 83 of CGST Act;
• Miscellaneous Amendments in Section 151, 152 and 168 of CGST Act.

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