• Registered Users :
  • 161415
  • Current Active Users :
  • 102486

News GST

  • Jan 12, 2022
  • GST: Is recovery proceeding justified for differences in outward supply in GSTR-1 vs. GSTR 3B

    Finance Minister Nirmala Sitharaman, in Union Budget 2021-22, proposed changes vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 with respect to recovery of self- assessed tax, which is now notified vide Notification No. 39/2021–Central Tax dated December 21, 2021, by insertion of Explanation to Section 75(12) of the CGST Act with effect from January 01, 2022.

    The Explanation reads as under
    “Section 75. General provisions relating to determination of tax (12) Notwithstanding anything contained in section 73 or section 74, where any amount of self-assessed tax in accordance with a return furnished under section 39 remains unpaid, either wholly or partly, or any amount of interest payable on such tax remains unpaid, the same shall be recovered under the provisions of section 79.