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of <h1>Finance Bill 2025: Updates to CGST Act, New Penalties, SEZ Clarifications, and Mandatory Pre-deposits for Appeals</h1> The Finance Bill, 2025 introduces several amendments to the Central Goods and Services Tax Act, 2017, effective from April 1, 2025, unless stated otherwise. Key changes include the explicit provision for the distribution of input tax credit by Input Service Distributors for inter-state supplies under reverse charge, the deletion of sub-sections related to the time of supply for vouchers, and amendments to clarify terms like 'local fund' and 'municipal fund.' New sections introduce penalties for contraventions related to the Track and Trace Mechanism, and changes to Schedule III clarify the treatment of certain supplies in Special Economic Zones. Additionally, mandatory pre-deposits for penalty appeals have been established.
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