Notification No: 28/2023 – Central Tax dated 31-07-2023 – Download pdf

Seeks to notify the provisions of sections 137 to 162 of the Finance Act, 2023 (8 of 2023).

Summary:
Effective Dates:
1. August 1, 2023: Sections 149 to 154 (related to GST Appellate Tribunal).
2. October 1, 2023: Sections 137 to 162 (excluding 149–154).
Key Points:
1. Composition Scheme (Sec 137): Now includes small e-commerce sellers.
2. Input Tax Credit (Sec 138, 139): ITC reversal required if payment delayed >180 days; CSR expenses ineligible for ITC.
3. Registration (Sec 140): Govt may exempt certain persons retrospectively.
4. Return Filing (Sec 142–145): 3-year limit for filing returns.
5. Refunds (Sec 146, 147): Streamlined process; clear interest rules for delay.
6. Penalties (Sec 155): ECOs liable for allowing unauthorized supplies.
7. Prosecution (Sec 156): Threshold raised to ₹2 crore; some offenses decriminalized.
8. Data Sharing (Sec 158A): Info sharing allowed with consent.
9. Schedule III (Sec 159): Retrospective exemption for certain offshore supplies.

Full Content of the Notification

S.O. …..(E).—In exercise of the powers conferred by clause (b) of sub-section (2) of section 1 of the Finance Act, 2023 (8 of 2023), the Central Government hereby appoints,-

(a) the 1st day of October, 2023, as the date on which the provisions of section 137 to 162 (except sections 149 to 154) of the said Act shall come into force;

(b) the 1st day of August, 2023, as the date on which the provisions of section 149 to 154 of the said Act shall come into force.