GST 2016 Taxation

List of Proposed Amendment in GST law

List of proposed amendment in GST Law:
Revision of return : It is proposed to allow filing of amendment return to correct inadvertent mistakes in the GST return for the earlier period

Procedure for recovery of ITC from the recipient where the transaction is reported but no tax is paid by the supplier

Credit Utilization pattern: Utilization of CGST / SGST for payment of IGST will be allowed only after exhausting the balance of IGST

Appeal Filling: A ceiling of INR 25 crores is provided for deposit for preferring any appeal before appellate authority and INR 50 crores for filing an appeal before appellate Tribunal

Goods sent for Job Work: The return period of one year for input and three years for capital goods can be extended by commissioner.

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