The Central Government has notified the Finance Act, 2023 as the Parliament has approved the amended Finance Bill, 2023 applicable with effect from 1st April.
The Rajya Sabha had given its approval to the Finance Bill, 2023, presented by the Union Finance Minister Nirmala Sitharaman.
During the Budget session on 1st February, the Union Finance Minister Nirmala Sitharaman has he Finance Bill 2023 has proposed some amendments to the Income Tax Act that taxpayers and investors need to look out for. The Parliament during the budget session, has proposed 64 amendments to the Finance Bill.
A total of 125 amendments are proposed to the Income Tax Act, 1961, along with some income tax rate/slab changes. Customs and Customs Tariff A total of 9 amendments were proposed to the Customs and Customs Tariff Rates.
With regard to the GST changes, the government proposes to amend Section 30(1) of the Central Goods and Services Tax Act, which deals with revocation of cancellation of Goods and Services Tax registration. The proposed amendment would remove the restriction on the registered person to apply for revocation of cancellation of its GST registration within 30 days from the date of service of the cancellation order.
It has been proposed to amend Section 62(2) of the CGST Act, which deals with assessment of unregistered persons. The proposed amendment would provide the time period of 60 days instead of 30 days for furnishing return Form GSTR 3B or Form GSTR 10 (Final Return) where the proper officer has assessed tax liability on a best judgment assessment basis.
There are certain specified persons already exempt from compulsory registration, such as a person making outward supplies exclusively covered under reverse charge mechanism (RCM), a person making supplies of services through an E-Commerce Operator with an aggregate turnover not exceeding INR 20L in a FY, a person supplying handicraft goods with an aggregate turnover not exceeding INR 20L in a FY, and a person making inter-state supplies of taxable services with an aggregate turnover not exceeding INR 20 Lakhs in a FY.
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