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ARTICLE · 05 MAY 2022

Union Budget 2022 - Tax Insights

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The Hon'ble Finance Minister Ms. Nirmala Sitharaman presented the Finance Bill, 2022 on February 1, 2022 in the Parliament. We are enumerating key policy initiatives and changes under the specified Indirect and Direct Tax Laws.

IndiaTax

The Hon'ble Finance Minister Ms. Nirmala Sitharaman presented the Finance Bill, 2022 ("the Finance Bill") on February 1, 2022 in the Parliament. We are enumerating key policy initiatives and changes under the specified Indirect and Direct Tax Laws.

INDIRECT TAX

1. Amendment in Goods & Services Tax

1.1 The Central Goods and Services Tax Act, 2017 (CGST Act)

Changes in relation to input tax credit (ITC)
  • Auto generated inward statement to be referred for availing ITC under the CGST Act which will include details of available and restricted ITC basis the details furnished by the supplier.
  • ITC liable to be reversed wherein the supplier has not paid the tax. Such ITC can be re-availed on payment of tax by the supplier.

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