Magazine on Tax Update Month of Feb-2023 || Online Publication-01.03.2023

• Amendment of section 10: - Electronic commerce operators under the composition levy
• Amendment of section 16: - Amendment in ITC reversal disclosure of 180 days to align the sub-sections with return filing status
• Amendment of section 17: -Restrict Availment of input tax credit- in case of supply of warehouse goods before clearance for home consumption- (section 17(3)
• Input tax credit not allowed for goods or services or both used for corporate social responsibility expenditures (section 17 (5)
• Substitution of new section for section 23: -Persons exempt from registration under section 23(1) need not take GST Registration under section 22(1)/24
• Amendment of section 37.
• Amendment of section 39
• Amendment of section 44.
• Amendment of section 52.
• Filing of belated GSTR-1, GSTR-3B, GSTR-5, GSTR-6, GSTR-7, GSTR-9, GSTR-9C, GSTR-8 NOT ALLOWED TO FILE AFTER EXPIRY OF THREE YEARS- (Section 37, Section 39, Section 44, Section 52)
• Amendment of section 54: - Refund: - Provisional refund eligible for provisionally accepted Input Tax Credit
• Amendment of section 56: -Interest on Refund Interest on delayed refunds
• Amendment of section 122:-New Section for penalty on Electronic Commerce Operator
• Amendment of section 132:- decriminalise of Offences: -
• Amendment of section 138:- Compounding of the offences: - section 138
• Insertion of Section 158A:- Consent Based Sharing of Information Furnished by Taxable Person on GST Portal

Income tax Law

• Cases in which sum of money received without consideration, i.e., monetary gift received by an individual or HUF is not charged to tax
• Taxability of monetary gifts received from friends
• Monetary gifts received from abroad
• Once the aggregate value of gifts received during the year exceeds Rs. 50,000 then all gifts are charged to tax
• When immovable property received by an individual or HUF without consideration (i.e. by way of gift) is not charged to tax
• Marriage of individual is the only occasion when gift received by him will not be charged to tax