Amendment of Section 29 of the Central Goods and Services Tax Act
Section 29 of the Central Goods and Services Tax Act has been amended to modify the conditions under which a taxpayer's registration can be canceled. Previously, clause (b) allowed for cancellation if returns were not filed for three consecutive tax periods. This has been changed to allow cancellation if the return for an entire financial year is not filed within three months of the due date. Additionally, clause (c) previously referred to a continuous period of six months for non-compliance, which has now been updated to refer to a "continuous tax period" as prescribed by new regulations. This provides more flexibility in determining the specific duration that constitutes non-compliance, allowing for adjustments based on regulatory updates.
Note: It is an AI generated summary for reference purpose only.
Amendment of section 29.
101. In section 29 of the Central Goods and Services Tax Act, in sub-section (2),––
(a) in clause (b), for the words “returns for three consecutive tax periods”, the words “the return for a financial year beyond three months from the due date of furnishing the said return” shall be substituted;
(b) in clause (c), for the words “a continuous period of six months”, the words “such continuous tax period as may be prescribed” shall be substituted.
