Amendments Update: Tax Exemption for Extra Neutral Alcohol, New Penalties, and Input Credit Adjustments for 2023-24.

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Full Text of the Document

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....Section 9 is being amended to exclude Extra Neutral Alcohol used in alcoholic liquor manufacture from central tax. Section 10(5) is amended to refer to new section 74A. Section 11A empowers government to regularize non-levy or short levy of central tax. Section 13(3) provides time of supply for reverse charge services. Section 16 allows input tax credit for certain periods with conditions. Section 17(5) restricts non-availability of credit for demands up to 2023-24. Sections 21, 30, 31, 35, 39, 49, 50, 51, 54, 61-66, 70, 73-74 are amended. New section 74A provides for tax determination from 2024-25 with limitation period and penalties. Section 75 is amended for re-determination of penalty. Sections 104, 107, 109, 112, 122, 127, 128A, 140, 171 and Schedule III are amended. Transitional provisions and restrictions on refunds are also included.....