GST Notification 92/2020-Central Tax ,dt. 22-12-2020
GST Notification 92/2020 – Central Tax
Central Government hereby appoints 1 January 2021 as the date on which provisions of Section 119, 120, 121, 122, 123, 124, 126, 127 and 131 of the Finance Act 2020 thereby amending the provisions of CGST Act shall come into effect.
Key points are summarised below:
• Taxpayers providing exempt services, inter-state supply of services and services through e-commerce operators are also excluded u/s 10 i.e. opting for composition scheme i.e. they cannot opt for composition scheme
• Voluntary registrations u/s 25(3) of the CGST Act can be cancelled u/s 29(1)(c)
(Section 25(3) – A person, though not liable to be registered u/s 22 or 24 may get himself registered voluntarily, and all provisions of this Act, as are applicable to a registered person, shall apply to such person)
- Delinked availment of ITC on debit notes with the date of issuance of the original invoice. Thus, ITC can be availed on debit notes issued after 6 months from the end of the financial year to which invoice pertains
- The powers to condone the delay u/s 30 in applying for revocation of cancellation of registration by the proper officer has been granted to jurisdictional Assistant / Joint Commissioner and to Commissioner for further extending such period.
- The requirement to issue TDS certificate u/s 51 has been discarded with new rules and accordingly, the provision for fees (penalty) for the delay in issuance of such certificate has been omitted.
- Any person who retains benefit or at whose instance a supply has been made without issuance of an invoice, or invoice has been issued without supply, or excess ITC has been availed/distributed shall be held liable to the same degree of offence as actual supplier/recipient as per newly inserted sub section (1A) to section 122
- Availing ITC on fake invoices or fraudulent availment of ITC without any invoice have been made cognizable and non-bailable u/s 132 for anyone who commits or causes committing of such offence or retains benefits arising therefrom.
