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The Union Budget 2023 was presented by the Hon’ble Finance Minister Smt. Nirmala Sitharaman in the Parliament on 1 February 2023. The Finance Bill, 2023 was subsequently passed by both the houses of Parliament and it received the President’s assent on 31 March 2023[1]. Consequently, the Government has issued Notifications[2] to give effect to various amendments in the Finance Act.
This Tax Alert summarizes Indirect tax related changes notified pursuant to the enactment of the Finance Bill.
Highlights:
Further, the time limit to issue order under Section 73(10) of the Central Goods and Services Tax Act, 2017 in respect of recovery of tax not paid or short paid or of input tax credit wrongly availed or utilized for any reasons other than fraud, has been extended[3] as follows:
Notifications[4] have also been issued to give effect to various recommendations made by the GST Council in its 49th meeting.
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EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
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This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.
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