1. Time Limits u/s 16(4), Section 34 & Section 37, Section 52 has been extended by two months.
Impact: ITC can be claimed by November of next financial year instead of September of next financial year.

2. Section 42, 43 & 43A of the CGST Act are omitted to do away with two-way communication in the filing of GST Returns.
Impact: GSTR 2 and GSTR3 is now finally buried.

3. Section 41 has been substituted to do away with the concept of the provisional claim of ITC and to provide for ITC claim based on a self-assessment basis.
Impact consequential amendment due to removal of Section 42, 43 and 43A.

4. Late fee has been provided for filing of GST Returns u/s 52.
Impact: Late fees shall apply for a delay in filing TCS (tax collected at source) return.

5. Levy of interest u/s
50(3) is provided for the incorrect claim of ITC availed and utilised.
Impact: No interest for mere wrong availment of ITC. Interest to be charged only if wrong ITC is availed and utilised.

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