The GST Council’s 47th meeting was held in Chandigarh on June 28th and 29th, 2022 under the chairmanship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman. The GST Council has inter-alia made recommended to notify amendment in Section 49(10) of the Central Goods and Services Tax Act, 2017 (“the CGST Act”) of the Finance Act, 2022 to be notified by Central Government at the earliest:
Effect: Amendment in Section 49(10) of CGST Act to provide for transfer of balance in electronic cash ledger of a registered person to electronic cash ledger of CGST and IGST of a distinct person.
Amended Section 49(10) of the CGST Act reads as under:
“49. Payment of tax, interest, penalty and other amounts.
(10) A registered person may, on the common portal, transfer any amount of tax, interest, penalty, fee or any other amount available in the electronic cash ledger under this Act, to the electronic cash ledger for,––
(a) integrated tax, central tax, State tax, Union territory tax or cess; or
(b) integrated tax or central tax of a distinct person as specified in sub-section (4) or, as the case may be, sub-section (5) of section 25,
in such form and manner and subject to such conditions and restrictions as may be prescribed and such transfer shall be deemed to be a refund from the electronic cash ledger under this Act:
Provided that no such transfer under clause (b) shall be allowed if the said registered person has any unpaid liability in his electronic liability register
The Press release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1838020
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