GST – Imp Amendments proposed in Budget 2021

1. Exporter liable for penalty equal to 500% of refund claimed if Input taken on invoice obtained by fraud, collusion, wilful misstatement

2. Input Tax credit can be availed when the supplier furnished the details of the invoice in GSTR-1 and such details communicated to the recipient (as shown in GSTR-2A/2B)

3. GST Audit is not required as Govt. Scraps GST Audit and filing of 9C Requirement.

4. GST Annual return may include a self-certified reconciliation statement reconciling the value of supplies b/w GST returns and audited annual financial statement

budget 2021

5. Interest on delayed payment of GST shall be payable on that portion of GST which is paid in cash

6. Recovery of GST when registered person filing GSTR-1 not GSTR-3B in any of following modes

  • By detaining and selling the goods belonging to defaulter or
  • Recovery from any other person who owes money to defaulter or
  • Attachment of immovable property belonging to defaulter

7. Seized or detained goods shall be released on payment of following penalty :-

  • Where the owner of goods comes forward – penalty equal to 200% of tax payable
  • Where the owner of goods does not come forward – penalty equal to 50% of the value of goods

8. Where a person fails to pay penalty within 15 days, goods shall be sold or disposed and conveyance (truck, etc) shall be released on payment of a penalty of Rs 1 lakh whichever is less

9. New section 151 proposed where Commissioner or any officer authorized by him direct any person to furnish information relating to any matter dealt with in connection with GST act.

10. Exporters liable to deposit the refund received along with interest in case of non-receipt of sale proceeds within the time limit prescribed under the Foreign Exchange Management Act, 1999

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