The Government of Maharashtra issued a notification on 19 July,2023 introducing a bill to further amend the Maharashtra Goods and Services Tax Act, 2017. The following changes are proposed:
Input tax credit: Taxpayers can now claim input tax credit along with interest payable under the said act , instead of adding it to their output tax liability. Additionally, the input tax credit must be linked to the supplier. Furthermore, businesses can claim input tax credit on goods or services used for corporate social responsibility obligations under the Companies Act, 2013.
Registration Exemption: The Government now has the authority to exempt certain categories of persons from obtaining registration under the Act. This decision will be based on recommendations from the Council and will be subject to specific conditions and restrictions.
Time Limit for Furnishing Details of Outward Supplies: A new provision limits registered persons from furnishing details of outward supplies for a tax period after three years from the due date. However, exceptions may be granted by the Government based on the Council’s recommendations and subject to specific conditions and restrictions.
Time Limit for Furnishing Returns: After the due date of furnishing the return for a financial year, a registered person shall not be permitted to submit the return after a period of three years has elapsed. However, this has been amended where the Government, based on the recommendations of the Council, holds the authority to issue a notification allowing a registered person or a specific class of registered persons to furnish the return for a financial year, even after the three-year period has lapsed. This allowance will be subject to any conditions and restrictions specified in the notification.
Time Limit for Furnishing Annual Return: After the due date of furnishing the annual return for a financial year, a registered person shall not be permitted to submit the annual return after a period of three years has elapsed. However, this has been amended where the Government, based on the recommendations of the Council, holds the authority to issue a notification allowing a registered person or a specific class of registered persons to furnish the return for a financial year , even after the three-year period has lapsed.
