FINANCE BILL 2023 1
FINANCE BILL, 2023 (RELEVANT EXTRACTS)
i
Central Goods and Services Tax Amendment of section 10. 128. a d b c Amendment of section 16. 129. i ii Amendment of section 17. 130. a Explanation, i
Substitution of new section for section 23.
131.
Persons not liable for registration.—
Amendment of section 37.
132.
Amendment of section 39.
133.
ii ii a b f fa
a i ii b
Provided
Amendment of section 44. 134.
Amendment of section 52.
135.
Amendment of section 54.
136.
Amendment of section 56. 137.
iii Provided
Provided
Provided
Amendment of section 122.
138. i -
Amendment of section 132.
139.
g j k
c iii b
d iv g j
Amendment of section 138.
140.
iv
ii
iii
a
b l a k a f h i
a i
a f h i l ii b
a a
Insertion of new section 158A.
141.
Consent based sharing of information furnished by taxable person.—
v iii c c b iv e b
a bc a a b c b bc
Retrospective exemption to certain activities and transactions in Schedule III to the Central Goods and Services Tax Act.
142.
Explanation 2 vide
Integrated Goods and Services Tax
Amendment of section 2.
143.
a 16 16
Explanation
b 17
Amendment of section 12.
144.
MISCELLANEOUS
PART VI
AMENDMENT TO THE FINANCE, ACT, 2001
Amendment of Seventh Schedule to Act 14 of 2001.
153.
vi
vi
vii
See i ii iii iv v vi
THE SIXTH SCHEDULE
DIVISION ONE 1 GST Law Guide 1.i 1.3 1.24 1.42 1.60 1.79 1.93 1.107 1.127 1.134 1.144 1.146 1.164 1.213 1.216 1.236 1.249 1.262 1.271 I-5
I-6 1.301 1.306 1.320 1.331 1.338 1.351 1.355 1.361 1.370 1.374
2 Central Goods and Services Tax Act, 2017 Arrangement of Sections 2.3 Text of the Central Goods and Services Tax Act, 2017 2.13 Central Goods and Services Tax (Removal of Difficulties) Order, 2018 2.187 Central Goods and Services Tax (Second Removal of Difficulties) Order, 2018 2.188 Central Goods and Services Tax (Third Removal of Difficulties) Order, 2018 2.190 Central Goods and Services Tax (Fourth Removal of Difficulties) Order, 2018 2.191 Central Goods and Services Tax (Removal of Difficulties) Order, 2019 2.192 Central Goods and Services Tax (Second Removal of Difficulties) Order, 2019 2.194 Central Goods and Services Tax (Third Removal of Difficulties) Order, 2019 2.195 Central Goods and Services Tax (Fourth Removal of Difficulties) Order, 2019 2.196 Central Goods and Services Tax (Fifth Removal of Difficulties) Order, 2019 2.197
DIVISION TWO
I-7 Central Goods and Services Tax (Sixth Removal of Difficulties) Order, 2019 2.199 Central Goods and Services Tax (Seventh Removal of Difficulties) Order, 2019 2.200 Central Goods and Services Tax (Eighth Removal of Difficulties) Order, 2019 2.201 Central Goods and Services Tax (Ninth Removal of Difficulties) Order, 2019 2.202 Central Goods and Services Tax (Tenth Removal of Difficulties) Order, 2019 2.204 Central Goods and Services Tax (Removal of Difficulties) Order, 2020 2.205 Relevant Notifications Enforcing provisions of CGST Act, 2017 and amendments thereto 2.207 Text of provisions of Allied Acts referred to in Central Goods and Services Tax Act, 2017 2.211 Validation Provisions 2.233 Subject Index 2.237 DIVISION THREE 3 Integrated Goods and Services Tax Act, 2017 Arrangement of Sections 3.3 Text of the Integrated Goods and Services Tax Act, 2017 3.5 Relevant Notifications Enforcing provisions of IGST Act, 2017 and amendments thereto 3.33 Validation Provisions 3.35 Subject Index 3.39 DIVISION FOUR 4 Union Territory Goods and Services Tax Act, 2017 Arrangement of Sections 4.3 Text of the Union Territory Goods and Services Tax Act, 2017 4.5 Union Territory Goods and Services Tax (Removal of Difficulties) Order, 2019 4.27
Union Territory Goods and Services Tax (Second Removal of Difficulties) Order, 2019 4.29 Union Territory Goods and Services Tax (Third Removal of Difficulties) Order, 2019 4.30 Relevant Notifications Enforcing provisions of UTGST Act, 2017 and amendments thereto 4.31 Validation Provisions 4.33 Subject Index 4.37 DIVISION FIVE 5 Goods and Services Tax (Compensation to States) Act, 2017 Arrangement of Sections 5.3 Text of the Goods and Services Tax (Compensation to States) Act, 2017 5.5 Relevant Notifications Enforcing provisions of Goods and Services Tax (Compensation to States) Act, 2017 and amendments thereto 5.17 Subject Index 5.19 DIVISION SIX 6 GST Rules and Forms Central Goods & Services Tax Rules, 2017 6.3 Integrated Goods & Services Tax Rules, 2017 6.665 Goods and Services Tax Compensation Cess Rules, 2017 6.681 Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022 6.685 Union Territory Goods and Services Tax (Andaman and Nicobar Islands) Rules, 2017 6.689 Union Territory Goods and Services Tax (Chandigarh) Rules, 2017 6.693 Union Territory Goods and Services Tax (Dadra and Nagar Haveli) Rules, 2017 6.697 I-8
Union Territory Goods and Services Tax (Daman and Diu) Rules, 2017 6.701 Union Territory Goods and Services Tax (Lakshadweep) Rules, 2017 6.705 Goods and Services Tax Settlement of Funds Rules, 2017 6.709 Goods and Services Tax Appellate Tribunal (Appointment and Conditions of Service of President and Members) Rules, 2019 6.753 National Anti-Profiteering Authority : Procedure and Methodology 6.761 Tribunals Reforms Act, 2021 6.765 Conditions of Service of Chairperson and Members of Tribunals, Appellate Tribunals and other Authorities 6.784 Tribunal (Conditions of Service) Rules, 2021 6.788 DIVISION SEVEN 7 Notifications issued under CGST Act/IGST Act/UTGST Act CGST Notifications 7.3* Service Tax Notifications 7.159* IGST Notifications 7.161* UTGST Notifications 7.180* Compensation Cess Notifications 7.201* CGST (Rate) Notifications 7.224* IGST (Rate) Notifications 7.271* Compensation Cess (Rate) Notifications 7.318* Central Excise (N.T.) Notification 7.330* DIVISION EIGHT 8 Case Laws Digest Section Key to Landmark Rulings of Supreme Court/High Courts/AAAR/AAR/NAA 8.i* I-9 See
Alphabetical Key to Landmark Rulings of Supreme Court/ High Courts/AAAR/AAR/NAA 8.v* Case Laws Digest 8.3* DIVISION NINE 9 CBIC’s FAQs List of FAQs 9.3* CBIC’s FAQs 9.5* DIVISION TEN 10 Circulars and Clarifications Circulars and Clarifications 10.3* DIVISION ELEVEN 11 Constitutional Provisions Constitution (One Hundred and First Amendment) Act, 2016 11.3* Relevant provisions of Constitution of India 11.9* Date of enforcement of provisions of Constitution (One Hundred and First Amendment) Act, 2016 11.23* LIST OF NOTIFICATIONS i* LIST OF CIRCULARS & CLARIFICATIONS xxxiii* I-10 See
1.1 Background of GST
Introduction
1.1-1 Supreme Court extends various timelines in view of Covid-19 Supreme Court extends various timelines in view of Covid-19 suo motu
Cognizance for Extension of Limitation In re
1.2 What is Goods and Services Tax?
1.3
Overall structure of Goods and Services Tax including Para 1.2 1.4
GST is destination based consumption tax -
within the State.
Note
‘ ’ -
1.2-1 Dual GST for supply of goods and services within State
1.5 Para 1.2
1.2-2 IGST for inter-state transactions
Explanation
1.2-3 Input Tax Credit
1.2-4 Central Excise duty on petroleum and tobacco products
1.2-5 Sales tax on petroleum products and alcoholic liquor within State
Meaning of ‘petroleum products’
C form can be issued after 28-3-2021 for petroleum products only for resale or in manufacture -
versa
vice
Para 1.2 1.6
1.3 Rates of GST
vide-
1.7 Para 1.3
Relevant Notifications
for supply within State/Union Territory, 50% of IGST rate is CGST rate and 50% of IGST rate is SGST/UTGST rate
Nil -
frozen or provisionally preserved vegetables
Music (printed or manuscript) , Aquatic feed including shrimp feed and prawn feed, poultry feed and cattle feed, including grass, hay and straw, supplement and additives, wheat bran and de-oiled cake [other than rice bran] Husk of pulses including Chilka, Concentrates including chuni or churi, Khanda
Spaceage Syntex P. Ltd. In re Spaceage Syntex P. Ltd. In re
0.1%
0.25% Schedule VI Precious stones (other than diamonds), Semi-precious stones,
1.50% Schedule VII
3% Schedule Vcut and polished diamonds
i.e.
Para 1.3 1.8
5% [Schedule I], i.e. Natural cork Ethyl alcohol supplied to Oil Marketing Companies or Petroleum refineries for blending with motor spirit (petrol), Bran, sharps and other residues, whether or not in the form of pellets, derived from the sifting, milling or other working of cereals or of leguminous plants [other than aquatic feed including shrimp feed and prawn feed, poultry feed and cattle feed, including grass, hay and straw, supplement and additives, husk of pulses including chilka, concentrates including chuni or churi, khanda, wheat bran, de-oiled cake In case of many pre-packaged and labelled food items, GST rate will be 5% w.e.f. 18-7-2022, as explained later
12% Schedule II -
Bio-diesel , -
Fruit pulp or fruit juice based drinks [other than Carbonated Beverages of Fruit Drink or Carbonated Beverages with Fruit Juice], Mathematical boxes, geometry boxes and colour boxes
18% Schedule III -
1.9 Para 1.3
ores, , Ethyl alcohol and other spirits, denatured, of any strength [other than ethyl alcohol supplied to Oil Marketing Companies or Petroleum refineries for blending with motor spirit (petrol)]
Rashtriya Chemicals and Fertilisers In re
28% Schedule IV Carbonated beverages of fruit drink or carbonated beverages with fruit juice
Lottery ticketsGST Compensation Cess
Lower rate in case of handicraft goods
Tax rate on sale of old and used motor vehicles -
Rakhi ‘ ’ ‘puja samagri’ - M D Mohta In rePara 1.3 1.10
- CMS Info Systems Ltd. In re -
Margin in case of other taxable persons selling old motor vehicles which were their business assets -
Exemptions to goods supplied for petroleum operations - -
50% tax as Refund of ITC in case of goods supplied to canteen Stores Department of Defence
Motor vehicles purchased prior to 1-7-2017 and sold or given on financial lease after 1-7-2017 -
Supply of gold, silver or platinum by nominated agencies for exports silver and platinum
-
-
-
1.11 Para 1.3
Sale of Used vehicles, seized and confiscated goods, old and used goods, waste and scrap supplied by Government -
Imported Stores for use in Indian Naval ships are exempt
Reverse charge in case of sale of used vehicles, seized and confiscated goods, old and used goods, waste and scrap supplied by Government-
--
-
Para 1.3 1.12
1.3-1 GST Rate on services w.e.f. 1-1-2023
GST MANUAL
with GST Law Guide & Digest of Landmark Rulings
Set of 2 Volumes
AUTHOR : TAXMANN'S EDITORIAL BOARD
PUBLISHER : TAXMANN
DATE OF PUBLICATION : FEBRUARY 2023
EDITION : 19th Edition
ISBN NO : 9789356226548
NO.OF PAGES : 3312
BINDING TYPE : PAPERBACK
DESCRIPTION
Rs. 3495 USD 98
This book contains a compilation of amended, updated & annotated text of the following GST Act(s) & Rules:
• Central GST Act & Rules
• Integrated GST Act & Rules
• Union Territories GST Act & Rules
• GST (Compensation to States) Act & & GST Compensation Cess Rules
• GST Settlement of Funds Rules, 2017
What sets it apart is the presentation of the GST Act(s), along with Relevant Rules, Forms, Circulars, Notifications, Dates of Enforcement, and Allied Laws referred to in the Section. In other words, the Annotation under each Section shows:
• Relevant Rules & Forms (with Action Points)
• Relevant Circulars & Notifications
• Date of enforcement of provisions
• Allied Laws referred to in the Section
Along with the above, the readers also get a specially curated & comprehensive (370+ pages/25+ topics) Guide to GST Laws and a Section-wise digest of Landmark Rulings under the GST Law