Vide Notification No. 18/2022-Central Tax dated 28.09.2022, the Central Government has appointed 01.10.2022 as the date on which the provisions of sections 100 to 114, except clause (c) of section 110 and section 111, of the Finance Act, 2022 shall come into force.
Thereby, the time limit for the following compliances in respect of a particular financial year has been extended and fixed as 30th November of the next financial year, or furnishing of the relevant annual return, whichever is earlier:
| Relevant section of the
Finance Act, 2022 |
Corresponding provision
of the CGST Act, 2017 |
Corresponding compliance requirements |
| Clause (b) to Section 100 | Section 16(4) | Claiming of ITC in respect of any invoice or debit note in the return |
| Section 102 | Section 34(2) | Declaration of the details of credit notes in the return |
| Clause (c) to Section 103 | Proviso to Section 37(3) | Rectification of particulars in details of outward supplies |
| Clause (c) to Section 105 | Proviso to Section 39(9) | Rectification of particulars furnished in a return |
| Section 112 | Proviso to Section 52(6) | Rectification of particulars in the statement furnished by a TCS operator |
Substituted Provisions of:
Section16(4)- A registered person shall not be entitled to take input tax credit in respect of any invoice or debit note for supply of goods or services or both after the thirtieth day of November following the end of financial year to which such invoice or debit note pertains or furnishing of the relevant annual return, whichever is earlier.
Section 34(2)- Any registered person who issues a credit note in relation to a supply of goods or services or both shall declare the details of such credit note in the return for the month during which such credit note has been issued but not later than the thirtieth day of November following the end of the financial year in which such supply was made, or the date of furnishing of the relevant annual return, whichever is earlier, and the tax liability shall be adjusted in such manner as may be prescribed.
Provided that no reduction in output tax liability of the supplier shall be permitted, if the incidence of tax and interest on such supply has been passed on to any other person.” Ads by Ads by
Proviso to Section 37(3)- Provided that no rectification of error or omission in respect of the details furnished under sub-section (1) shall be allowed after the thirtieth day of November following the end of the financial year to which such details pertain, or furnishing of the relevant annual return, whichever is earlier.”
Proviso to Section 39(9)- Provided that no such rectification of any omission or incorrect particulars shall be allowed after the thirtieth day of November following the end of the financial year to which such details pertain, or the actual date of furnishing of relevant annual return, whichever is earlier.”
Proviso to Section 39(9)- Provided that no such rectification of any omission or incorrect particulars shall be allowed after the thirtieth day of November following the end of the financial year to which such details pertain, or the actual date of furnishing of relevant annual return, whichever is earlier.
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