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of <h1>Finance Act 2022 amends Section 49 of CGST Act, revises cash ledger rules, and limits credit ledger use.</h1> Section 49 of the Central Goods and Services Tax Act has been amended by the Finance Act, 2022. Changes include the removal of references to section 43A in sub-section (2), and the addition of '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, subject to conditions, with transfers deemed as refunds. A new sub-section (12) allows the government to specify the maximum proportion of output tax liability that can be discharged through the electronic credit ledger, based on Council recommendations.
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