Central Board of Indirect Taxes and Customs notified 9 provisions of Finance Act, 2020

Central Board of Indirect Taxes and Customs notified 9 provisions of Finance Act, 2020

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Created By Admin Last Updated Wed, 30-Dec-2020

The CBIC notified 9 Provisions of Finance Act, 2020 that will be enforced from 1 January 2021. The provisions of sections 119, 120, 121, 122, 123, 124, 126, 127 and 131 of the finance act, 2020 shall come into force.

Section 119 sought to insert the words “or services” after the words “of goods” in section 10 of the central goods and services tax act.

Section 120 omits “invoice relating to such” from section 16(4) of the central goods and services tax act.

Section 121 states that the person who is paying tax is no longer liable to be registered under section 22 or section 24 or intends to opt-out of the registration voluntarily made under subsection (3) of section 25.

Section 122 seeks to amend section 30 of central goods and services tax act, the provision which was substituted says, “provided that such period may, on sufficient cause being shown, and for reasons to be recorded in writing, be extended, by the additional the commissioner or the joint commissioner, as the case may be, for a period not exceeding thirty days: by the commissioner, for a further period not exceeding thirty days, beyond the period specified in clause (a).

Section 123 amends the provision of section 31 of the central goods services and goods act which relates to the time of the supply of goods.

Section 124 amends the provision of section 51 of the central goods and services act which relates to the provisions of TDS.

Section 126 amends the provisions of section 122 of central goods and services tax act which relates the offenses and penalties.

Section 127 seeks to amend section 132 of the central goods and services tax act which is related to the power of GST authorities to arrest the taxpayers.

Section 131 states that in schedule 2 to the central goods and services tax act, in paragraph 4, the words to schedule 2 “ whether or not for a consideration”, at both the places where they occur, it should omit and the change will come into effect from 1 July 2017.

These were all the 9 provisions of the finance act, 2020 that will be enforced from 2021, January 1.