You can relax as we have read the whole Budget and summarised it for you: 📢 FM proposes a common time limit for demand notices and orders, affirming the Council’s proposal on ceding/re-insurance premium. This is a significant step towards simplifying the GST tax structure.

🚀 FM envisions India as 'Viksit Bharat' by 2047, focusing on overhauling the GST system. Key law-related amendments in the CGST Act include a new Section 74A, setting a common time limit for issuing demand notices from FY 2024-25 onwards.

⏰ The new Section 74A requires the proper officer to issue notices within 42 months from the due date for furnishing the annual return. Sections 73 and 74 will be amended to limit their applicability to demands up to FY 2023-24.

📜 Schedule III to the CGST Act will be amended to state that apportionment of co-insurance premium by the lead insurer to the co-insurer is neither a supply of goods nor services.

🔍 Similarly, ceding commission or reinsurance commission deducted from reinsurance premium will also be treated as neither supply of goods nor services. This amendment clarifies the tax treatment of such transactions.

🚫 The budget proposes prohibiting the refund of unutilized ITC or IGST on zero-rated supply of goods subject to export duty. This aims to streamline the refund process and reduce misuse.

📝 An amendment regarding the invoice to be issued by the recipient of services in case of RCM is proposed. This aims to bring clarity and uniformity in the invoicing process under RCM.

🔒 Another amendment involves restricting ITC, ensuring that input tax credits are appropriately claimed and utilized, aligning with the objective of minimizing tax evasion.

🔧 These budget proposals reflect a comprehensive approach towards transforming the GST framework, aiming for a simplified, transparent, and efficient tax system.