Changes Proposed Under GST (Input Tax Credit): BUDGET 2022-23

Clause (ba) inserted under section 16 of CGST Act, 2017 in which ITC would be available only if such credit has not been restricted under GSTR 2B.
ITC for invoices issued in any financial year would be available till 30th November of the subsequent financial year instead of the due date of filing return for the month of September.
The recipient shall get an auto-generated statement regarding ITC details.
ITC claims on a provisional basis have been substituted to provide for availing of self-assessed ITC subject to certain restrictions and conditions.
ITC availed by the recipient in respect of supplies on which tax has not been paid by the supplier shall be reversed along with applicable interest thereon.
Interest payable on the wrong availment of ITC would be applicable only on ITC wrongly “availed and utilized.”

For any query/registration/advisory related to GST, Company, Taxation laws, and Updates, Kindly visit www.onfiling.com