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The Finance Minister presented the Union Budget of 2022 in the wake of highest recorded tax collections of 1.38 lakh crores through GST revenues. The Union Budget has proposed certain changes in GST law by making amendments in the GST laws to propel the lofty goals of ‘Aatmnirbhar Bharat’ and ‘Make in India’. Following is the list of changes in GST law that were presented through the Finance Bill, 2022.
The Finance Bill, 2022 has made following changes under indirect taxation:
For those taxpayers who are not covered under the above mentioned composition scheme, the current period of six months consecutive default in filing of annual returns has been replaced with such consecutive tax period that shall be prescribed.
The Finance Minister announced the budget with buoyant tax collections and applauded the taxpayers for contributions made to the coffers. However, the changes in GST law reflect stricter compliances and attempts have been made that possible loopholes are plugged. Though facilitation has been provided to the taxpayers in deploying their funds, but at the same time it is ensured that taxpayers follow compliances strictly.
Read our Article:All you need to know about GST emSigner
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