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of <h1>Finance Bill 2022 amends CGST Act Section 49: Ledger Transfers, Restrictions Added, New Output Tax Rules Introduced.</h1> Clause 109 of the Finance Bill, 2022, proposes amendments to section 49 of the Central Goods and Services Tax Act. It omits references to section 43A in sub-section (2) and adds 'and restrictions' to sub-section (4). Sub-section (10) is replaced to allow registered persons to transfer amounts from their electronic cash ledger to various tax categories, with conditions and restrictions. Transfers are deemed refunds unless there are unpaid liabilities. A new sub-section (12) is introduced, allowing the government to specify the maximum proportion of output tax liability dischargeable through the electronic credit ledger, based on Council recommendations.
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