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of <h1>Finance Bill 2020 Amends CGST Act: New Definitions, Penalties, and Procedures for Tax Credits and Registrations.</h1> The Finance Bill, 2020 introduces several amendments to the Central Goods and Services Tax (CGST) Act, 2017, effective upon notification. Key changes include updating the definition of 'Union territory' due to recent legislative changes, excluding certain taxable persons from the Composition scheme, and delinking the issuance date of debit notes from invoices for input tax credit. The amendments also address voluntary registration cancellation, extend revocation application deadlines, and modify invoice issuance procedures. Additionally, the Bill removes the TDS certificate requirement, introduces penalties for fraudulent input tax credit, and makes certain offences cognizable and non-bailable. Transitional credit procedures and jurisdictional powers are also revised.
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