Notification Number – 92/2020 – Central Tax

Notification Number – 92/2020 – Central Tax

 

The following section of the Finance Act, 2020 has been made effective from 01/01/2021 by this notification.

  • Section 119 – Restrictions introduced in sub-section 2 of 10 seconds to include “services” with “goods” are included by amending section 10 of the CGST Act.
  • Section 120 – Amendment 16 (4) to omit the words “relating to invoices” due to which, at that time – the limit mentioned in such sub-section shall apply to the debit note, the date of the original invoice relating to the debit note.
  • Section 121 – Amendment of section 29 (1) to allow persons
    voluntarily under sec 25 (3) to apply for cancellation.
  • Section 122 – Amendment Section 30 (1) allows extension of 30-day period to apply for cancellation of registration in certain cases.
  • Section 123 – Amendment Section 31 (2) to allow the Government to specify, through notification, the categories of services or supplies in respect of which a tax invoice will be issued, within such time and may be determined in such a manner is .
  • Section 124 – Abandonment of Section 51 (3) and Section 51 (4).
  • Section 126 – To punish any person who inserts section 122 (1A) under clause (i), (ii), (vii) or clause (ix) under sub (1) of section 122 Retains the benefit of the covered transaction and at whose instance such a transaction is performed.
  • Section 127 – Amending section 132 (1), which punishes whoever, or which causes to reduce and maintain the benefits arising, any specified offense in section 132.
  • Section 131 – Schedule II to CGST Act w.e.f. Accepting the term “for consideration or not,” by 1/7/2017.

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