Delegated legislation expanded: new rulemaking powers to prescribe forms, books, audit, valuation, returns and GST procedural mechanisms.

The Finance Bill, 2022 authorises delegated rulemaking to prescribe form, manner and place for books and records, audit report content and verification, statements for exempt entities, mandated books and audit for certain trusts, valuation methodology for accreted income, form and verification for updated and modified returns, procedures for refund claims where the payer bears tax deduction liability, and multiple procedural measures under the Central GST framework including auto generated statements, self assessed input tax credit conditions, limits on electronic credit ledger usage, and interest calculation for wrongly availed credit.

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