Goods and services tax amendment reshapes deemed supply, annual returns, interest liability, detention penalties, and information powers. The amendment inserts a deemed-supply clause for transactions between certain persons and their members or constituents, revises input tax credit conditions, substitutes the annual return provision, and modifies interest on delayed tax payment. It also changes provisional attachment, appeal requirements for detention or seizure orders, and the penalty and release framework for detained goods and conveyances. Further changes substitute the power to call for information, require an opportunity of hearing before use of proceedings material, and omit a Schedule II entry retrospectively.
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Goods and services tax amendment reshapes deemed supply, annual returns, interest liability, detention penalties, and information powers.
The amendment inserts a deemed-supply clause for transactions between certain persons and their members or constituents, revises input tax credit conditions, substitutes the annual return provision, and modifies interest on delayed tax payment. It also changes provisional attachment, appeal requirements for detention or seizure orders, and the penalty and release framework for detained goods and conveyances. Further changes substitute the power to call for information, require an opportunity of hearing before use of proceedings material, and omit a Schedule II entry retrospectively.
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