https://www.taxtmi.com/article/detailed?id=9330 Finance Act, 2020 amends GST law to (i) update the definition of union territory, (ii) narrow composition scheme eligibility to exclude certain services and inter State supplies, (iii) delink debit note timing from underlying invoices for input tax credit claim, (iv) prescribe retrospective power to set time and manner for transitional credits, (v) strengthen penalty and criminal provisions to hold beneficiaries and facilitators liable for fraudulent invoices and wrongful ITC, and (vi) empower jurisdictional commissioners and extend removal of difficulties order period. en-us Tue, 07 Jul 2020 11:13:22 +0530 Tue, 07 Jul 2020 11:13:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9330 Finance Act, 2020 amends GST law to (i) update the definition of union territory, (ii) narrow composition scheme eligibility to exclude certain services and inter State supplies, (iii) delink debit note timing from underlying invoices for input tax credit claim, (iv) prescribe retrospective power to set time and manner for transitional credits, (v) strengthen penalty and criminal provisions to hold beneficiaries and facilitators liable for fraudulent invoices and wrongful ITC, and (vi) empower jurisdictional commissioners and extend removal of difficulties order period. Articles Goods and Services Tax - GST Tue, 07 Jul 2020 11:13:22 +0530 https://www.taxtmi.com/article/detailed?id=9330