https://www.taxtmi.com/article/detailed?id=13471 The Finance Bill, 2025 amends the CGST Act to: permit ISDs to pay tax under reverse charge and distribute ITC for inter state common input services (effective 1 April 2025); define unique identification marking and empower a Track and Trace Mechanism with attendant penalties under new Section 122B; omit voucher time of supply provisions; require recipient reversal of ITC for supplier credit note adjustments; enable an Invoice Management System by revising Section 38; impose conditions/restrictions for return filing; mandate 10% pre deposit of penalty-only demands for appeals; and retrospectively exclude certain SEZ/FTWZ warehousing transactions from supply. en-us Tue, 04 Feb 2025 10:19:24 +0530 Tue, 04 Feb 2025 10:19:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13471 The Finance Bill, 2025 amends the CGST Act to: permit ISDs to pay tax under reverse charge and distribute ITC for inter state common input services (effective 1 April 2025); define unique identification marking and empower a Track and Trace Mechanism with attendant penalties under new Section 122B; omit voucher time of supply provisions; require recipient reversal of ITC for supplier credit note adjustments; enable an Invoice Management System by revising Section 38; impose conditions/restrictions for return filing; mandate 10% pre deposit of penalty-only demands for appeals; and retrospectively exclude certain SEZ/FTWZ warehousing transactions from supply. Articles Budget - Tax Proposals Tue, 04 Feb 2025 10:19:24 +0530 https://www.taxtmi.com/article/detailed?id=13471