Meghalaya GST amendments revise definitions, reverse charge scope, composition thresholds, registration rules and ITC verification procedures. The Ordinance amends definitions and institutional references, clarifies that services include facilitating securities transactions, revises taxable supply classification and adds Schedule III supplies. It expands Government power to notify recipients liable under the reverse charge mechanism, alters composition thresholds and eligibility, requires separate SEZ registration, allows suspension during cancellation proceedings, permits quarterly returns for notified classes, and inserts Section 43A prescribing procedures for furnishing outward supply details, recipient verification, ITC limits and joint liability for tax or wrongly availed credit. Sections 49-49B prioritise integrated tax utilisation before State tax.
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The Ordinance amends definitions and institutional references, clarifies that services include facilitating securities transactions, revises taxable supply classification and adds Schedule III supplies. It expands Government power to notify recipients liable under the reverse charge mechanism, alters composition thresholds and eligibility, requires separate SEZ registration, allows suspension during cancellation proceedings, permits quarterly returns for notified classes, and inserts Section 43A prescribing procedures for furnishing outward supply details, recipient verification, ITC limits and joint liability for tax or wrongly availed credit. Sections 49-49B prioritise integrated tax utilisation before State tax.
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