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of <h1>Finance Bill 2022 Amends CGST Act: Input Tax Credit Rules Tightened, New Deadlines, and Interest Rates Updated.</h1> The Finance Bill, 2022 introduces several amendments to the Central Goods and Services Tax (CGST) Act, 2017. Key changes include the insertion of a new clause to restrict input tax credit unless communicated under section 38, and extending the time for availing input tax credit and issuing credit notes to November 30 of the following financial year. Amendments also address registration cancellation criteria, modify return filing processes, and remove the provisional claim of input tax credit. Additionally, the bill prescribes restrictions on utilizing electronic credit ledger amounts and sets an 18% interest rate for wrongly availed input tax credit.
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