•Section 29(1) of the CGST Act, for clause (c), the following clause shall be substituted, namely:–– •“(c)the taxable person is no longer liable to be registered under section 22 or section 24 or intends to opt out of the registration voluntarily made under sub-section (3) of section 25: Ltd. This applies only to those who are exclusive suppliers of goods.Â. An Act further to amend the Integrated Goods and Services Tax Act, 2017. Supply of services not liable to GST; 2. Click on below links to download Specific GST Amendment Act 2018 in pdf format. This amendment is beneficial especially for small and medium taxpayers who do not need to get themselves registered under GST unless their turnover exceeds Rs 40 lakhs. This provision will also be applicable in cases where registration is being granted for the first time. Amendments To The Central Goods And Services Tax Act, Under The Finance Bill, 2019, (i) Value of exempt supplies of services provided by way of extending deposits, loans or advances, with interest or discount as the consideration shall. Here are the Top GST amendment Act 2018 updates, which are going to be applicable from tomorrow i.e 01.02.2019. Till then Reverse charge mechanism will not be applicable to the registered person for receiving goods or services from UN-registered person. Taxes will need to be paid monthly. Therefore, the government will notify in future, which class of taxpayers will need to pay GST on a Reverse charge basis. 31 of 2018) – Brought into force w.e.f. Clarification: Earlier the RCM mechanism was postponed till 30.09.2019. through the electronic cash ledger. 1st Feb 2019. Rule 80 - Annual return. CBIC notifies the CGST (14th Amendment) Rules, 2020, to amend CGST Rules 8(4A), 9, 21, 21A, 22, 36, 138, 138E. For sub-section (4), the following sub-section got added. What’s New Introduction of retrospective amendment to CGST Rules to specify the last date to avail ITC and imposition of credit restrictions where invoices are not uploaded in GSTR-1 The CGST Rules, 2017 (Rules) have been amended by notification no. Union Territory Goods and Services Tax (Amendment) Act 2018. The Finance Bill, 2019 saw some important amendments made to the Central Goods and Services Tax Act. 392 KB. But many of us refer the bare Act only to see the provisions of law. 01st February, 2019. 32/2017-Central Tax,dt. Supply of services through E-commerce operator. Further, any amount that has been transferred to the electronic cash ledger under this Act, shall be deemed to be deposited in the said ledger. Discussing the amendments made in the CGST and IGST Act 2017. This brings clarity for taxpayers who were worried about including such supplies while estimating aggregate turnover and whether they will have higher GST composition liability on account of such services. Amendments made vide Section 8 of the CGST (Amendment) Act, 2018: GOI Notification dt. (i) Value of exempt supplies of services provided by way of extending deposits, loans or advances, with interest or discount as the consideration shall not be considered as part of the aggregate turnover, for determining eligibility into the scheme. This benefit will not extend to those cases where proceedings have been initiated under Section 73 and Section 74, i.e if there is a pending investigation and tax is due, interest shall have to be paid on the gross tax liability. For definition of “associated enterprises” under section 92A of the Income-tax Act, 1961, see Appendix. Section 54 of the CGST Act read with Rule 96 of the CGST Rules provides the mechanism for claiming refund on account of export of goods. Small and Medium Businesses, as well as Composition dealers, had found the compliance under GST to be cumbersome and costly. The proper officer MAY in his or her DISCRETION, before servicing notice u/s Section 73(1) or Section 74(1) of CGST Act to a Registered Person, Communicate the details of any tax, interest and penalty as ascertained by the said officer, in Part A of FORM GST DRC-01A. Corrigenda to Notification No. B. Here is the CGST Section wise, quick summary of these changes. This applies only to those who are exclusive suppliers of goods.Â. This will greatly reduce the cost and burden of compliance to these small businesses, who had to file as many as 24 monthly returns in the past. Your email address will not be published. employees' provident fund act latest amendments 2018 pdf An Article By: – Pawan Arora. In addition to this, the Aadhaar number of the authorized signatory such as Karta, Managing Director, Board of Trustees, etc as per the list specified by the Government, shall also need to be authenticated. 2. 8,199 KB. Seventh amendment to the CGST Rules, 2017. Amendment) Bill was introduced in the Lok Sabha 2014 Aug 2016 The Constitution (One Hundred and First Amendment) Act was enacted March 2017May 2017 GST Council Recommends the CGST, SGST, IGST, UTGST and Compensation Cess Act April 2017 CGST, IGST, UTGST and Compensation Cess Acts passed All States except J&K passed their SGST ACT The threshold limit for Registration under GST has been increased from Rs 20 lakhs to Rs 40 lakhs for a supplier of goods only.Â, Our take: The GST Council has proposed this change in the 32nd Council Meet, to come into force from the 1st of April, 2019. Seeks to notify certain supplies as deemed exports under section 147 of the CGST Act, 2017. A new sub-section has been introduced to bring in a similar Composition Scheme for Service Providers, as well as suppliers of both goods and services (mixed suppliers), having an annual turnover of up to Rs 50 lakhs in the preceding financial year. In this Article, published in Tax Management India (TMI), an effort has been made to sum-up the Changes related to Refund under CGST Rules amended vide Notification No. The key amendments are as follows: 1. (Download pdf) Advertisement. The significant amendments proposed and its impact are described in this tax insight. The provisions of income-tax law, as amended by the Finance Act, 2020, including significant circulars, notifications, press releases issued and legislative amendments made upto 31 st October, 2020, are applicable for May, 2021 examination.The relevant assessment year for income-tax is A.Y. Refund under GST – Amendment in CGST Rules w.e.f. • Union Finance Minister is the Chairman of the Council. Aadhaar Number authentication for new and existing GST registrants. You may also download the pdf file for quick reference for these amendments from the top section on this page. The Union Budget 2021 was presented in the parliament by FM Smt. CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. CGST (Amendment) Act, 2018. 68/2020 - Central Tax issued. Two further explanations have been added to this section-. The mandatory disclosure of the Aadhaar number, first under the Income Tax Act, and now under the Central Goods and Services Act, shows the importance the Government has now placed on the Aadhaar Card. This was a long-standing problem that causes grievances amongst taxpayers who have mistakenly paid taxes under the wrong head of tax, in the past. This is for amending to Empower the “Commissioner or Joint Secretary posted in the Board” to extend due date of monthly/ annual statement of TCS payer. Amending section 101, to introduce provisions relating to ‘National Appellate Authority (NAA) for Advance Ruling’. amendment of certain provisions) act, 2020. 67/2020 - Central Tax and Notification No. Also, they are allowed to opt for services (except restaurant service) under composition scheme for a turnover up to a value not exceeding ten percent in the previous financial year, or five lakh rupees, whichever is higher. E-payment charges for such suppliers shall also not be borne by them, Giving cashless economy an essential push.Â. 88/07/2019-GST Page 3 of 8 worker. Under this new section, these registered suppliers will have to mandatorily give their recipients the option of making electronic payments. 1. E-payment charges for such suppliers shall also not be borne by them, Giving cashless economy an essential push.Â. 31 OF 2018) [29th August, 2018] An Act further to amend the Central Goods and Services Tax Act, 2017. CGST (Amendment) Act, 2018. Cost and Works Accountants Act, 1959 [As Amended By The Cost And Works Accountants (Amendment) Act, 2006].pdf. Goods and Services Tax (Compensation to States) Amendment Act 2018. Under this new section, these registered suppliers will have to mandatorily give their recipients the option of making electronic payments. To Provide for new return system and allow the composition scheme taxpayers to furnish annual return in GSTR 9A along with quarterly payment. (, Integrated Goods and Services Tax (Amendment) Act 2018. The intent of the said amendment is to ensure that a taxpayer is freed from the routine compliances, including filing returns, under GST Act during the pendency of the proceedings related to cancellation. This move will also help prevent the evasion of taxes. Below are some of the important changes made in CGST ACT 2017 through CGST Amendment ACT 2018, which is going to be effective from 01st February 2019. 16/2019- Central Tax dated 23.03.2020, effective from 23.03.2020. The government has published below amendment acts through official Gazette on 30.08.2018. This is line with announcements made in the GST Council meetings. In addition, any supplies made from 1st April of the year till the date the taxpayer becomes liable for registration shall not be taken into account. CGST_Rules_23.03.2018.pdf. You must have lest gst updates to keep your business smoothly. However, it is going to be applicable from 01st February 2019. Amending to state AR pronounced by the NAA shall be binding PAN wise. BE it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows:— Short title and commencement. However, this has now been passed in Parliament. A new sub-section has been introduced to mandate authentication using Aadhaar number for every registered person under GST. THE CENTRAL GOODS AND SERVICES TAX (AMENDMENT) ACT, 2018 (NO. 30 Aug. 2018, followed with CBIC Notification on commencement date of 1st Feb. 2019 vide Notification 2/2019 Central Tax dt. Download CGST Act with amendments, With FB 2021 updates Feb 01, 2021 by CA Shafaly Girdharwal in GST Consultancy CGST Act amended till Fb 2021Changes introduced by FB- 2021 To implement the new return filing system. 6.1 With the amendment made to the definition of Supply vide the CGST Amendment Act, 2018 the transactions mentioned in Schedule II were not de-facto considered as supply. 33/2017-Central Tax,dt. However, with the amendment in this section, taxpayers now only need to pay on that portion of tax which is paid by cash or in other words, through the electronic cash ledger, thus reducing their tax burden. Likewise, the sub-section prescribes the time limit for Composition taxpayers to file their returns, which as per the Act, formerly need to have been filed every quarter. BE it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows:–– 1. GST Fraud Case: High Court denies Bail in Case of Pankaj Agarwal Vs UOI, Extension of GST Refund Application filing Period, GST Migration Window Reopens | Till 31st August, 2018, How to register for e way bill SMS facility | Step by Step Guide. Section 128 of Finance act 2020 related to amendments made in Section 140 of CGST with retrospective effect from 1st … Late Fee Waiver for GSTR 4 7. Goods and Services Tax (Compensation to States) Amendment Act 2018. Advertisement
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