AMENDMENTS IN THE CGST ACT 2017:

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....n the Finance Bill, 2020 will come into effect from the date when the same will be notified, as far as possible, concurrently with the corresponding amendments to the similar Acts passed by the States & Union territories with legislature. S.No. Amendment Clause of the Finance Bill, 2020 1. The definition of "Union territory" in clause (114) of section 2 of the CGST Act is being amended to upd....

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....ice for purposes of availing input tax credit. [118] 4. Clause (c) of sub-section (1) of section 29 of the CGST Act is being amended to provide for cancellation of registration which has been obtained voluntarily under sub-section (3) of section 25. [119] 5. A proviso to sub-section 1 of section 30 of the CGST Act is being inserted to empower the jurisdictional tax authorities to extend the ....

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....ssing on or availing fraudulent Input Tax Credit liable for penalty similar to the penalty leviable on the person who commits such specified offences. [124] 10. Section 132 of the CGST Act is being amended to make the offence of fraudulent availment of input tax credit without an invoice or bill a cognizable and non-bailable offence; and to make any person who commits, or causes the commission,....