Your email address will not be published. 03/2019 (dated 29th January 2019) • Central Tax Notification No. Central Tax; Central Tax (Rate) Integrated Tax ; Integrated Tax (Rate) Union Territory Tax; Union Territory Tax (Rate) Compensation Cess; Compensation Cess (Rate) Ordinance; Circular/Orders. Amending to state AR pronounced by the NAA shall be binding PAN wise. An Article By: – Pawan Arora. 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. 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. 13-10-2017 Seeks to amend notification No. As per this clause, A person can opt for composition scheme whose previous year turnover is equal to or less than 1.5 crore rupees. 2. 31 of 2018) which provides that section 140(1) of the CGST Act, 2017 be amended with retrospective effect to allow transition of CENVAT credit under the existing law viz. This will be a welcome move for taxpayers who, earlier, had to pay interest on the entire portion of unpaid taxes without allowing ITC, if taxes had not been paid within the due dates prescribed. BE it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows:— 1. Amendment proposed in CGST & IGST Act, 2017 as per the Union Budget 2021, and its Impact on professionals and Taxpayers of the country. The significant amendments proposed and its impact are described in this tax insight. Also new CGST Rules 59(5), 86B and Form GST REG 31 have been inserted. Attention is invited to sub-section (a) of section 28 of the CGST (Amendment) Act, 2018 (No. The Union Budget 2021 was presented in the parliament by FM Smt. ... Amendment in Rule - 59 of CGST Rules Vide Central Goods and Services Tax (Amendment) Rules 2021. 1. (i) in clause (b), after the words “or furtherance of a business;”, the word “and” are inserted and will always be deemed to have been inserted. The government has notified to make this effective from tomorrow vide notification no. © 2021 ‐ Defmacro Software Pvt. Previously, this tax could not. The Older CGST Rule Books for past references. 1. To amend Specified suppliers to mandatorily provide the option of electronic payment to the recipients of supply of goods or services or both made by them. amendment of certain provisions) act, 2020. Appointment of officers = Section – 4 3. Our take: 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. 31 of 2018) – Brought into force w.e.f. Customs Act 1962.pdf. 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. Central Excise and Service Tax law, only in respect of “eligible duties”. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. (. Top 4: New Functionalities Available at www.gst.gov.in, GST – Delhi Zone Arrest 25 People Till Now, Schedule 1, 2 and 3 of CGST Act Section 7, Tax Invoice, Credit and Debit Notes Rules, Central Goods and Services Tax (Amendment) Act 2018. Address 59/32, New Rohtak Road, New Delhi – 110005 Phone : 011-45562222 Fax : 011-45577111 Email : sales@taxmann.com SkypeId: taxmannindia Contact Details(Mumbai) 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. Important Changes in CGST ACT 2017. 5 Crore Last date can file GSTR-3B due in March, April and May 2020 by the last week of June 2020. 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 Finance Bill, 2018 also brings certain amendments to Securities Contracts (Regulation) Act, 1956 in Part VI of the Bill vide clause 143 to clause 156.. Commencement of the amendment. This applies only to those who are exclusive suppliers of goods.Â. To Provide for new return system and allow the composition scheme taxpayers to furnish annual return in GSTR 9A along with quarterly payment. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. To propose new return filing system envisages quarterly filing of return and tax payment for small taxpayers along with minimum paperwork. be utilised and would need to be paid again under the correct head. CHAPTER I PRELIMINARY 4 (a) by own labour, or (b) by the labour of family, or (c) by servants on wages payable in cash or kind or by hired labour under personal supervision or the personal supervision of any member … GST Act & Rules - Latest Amendments Found: 528 Result Amendment in Rule - 59 of CGST Rules Vide Central Goods and Services Tax (Amendment) Rules 2021. (, Integrated Goods and Services Tax (Amendment) Act 2018. (Amendment) Act, 2018 (No. To implement the new return filing system. New clause (e) has been inserted under rule 21 which will give more power to GST Department to cancel GST registration of a taxpayer availing ITC exceeding than permissible limit u/s 16 of the CGST Act, 2017 or rules made thereunder. 2) Act, 2019, which have become effective up to 31st October, 2020, including significant notifications and circulars issued and other legislative amendments made, up to 31st October, 2020, are applicable. 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. Dynamic/PIB1607942.pdf •Ministry of Finance Press release dated 24th March 2020 •Last Date for GSTR 3B: Those having aggregate annual turnover less than Rs. 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. This move will help in preventing the suppliers from using the benefit of input tax credit to reduce their tax costs while at the same time, not reduce prices for consumers. Powers of officers= Section – 5 4. 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. The CGST (Amendment) Act, 2018, SGST Amendment Acts of the respective States, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and the GST (Compensation to States) (Amendment) Act, 2018 (hereafter referred to as the GST Amendment Acts) have been brought in force with effect from 01.02.2019. took proactive step and allow it through CGST Amendment Act 2018 which was noti ed w.e.f. For sub-section (4), the following sub-section got added. Download ClearTax App to file returns from your mobile phone. The Bill provides for more than 40 amendments to the GST Act. may announce those through … • The Interest on late payment of tax will get calculate on net cash liability (gross liability less credit available), and not on gross tax liability. How to File Invoice Furnishing Facility(IFF) on GST portal? 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. Here is the CGST Section wise, quick summary of these changes. Income Tax Act.pdf. The Government has now introduced the annual filing of returns for Composition Taxpayers, however, the tax will still need to be paid on a quarterly basis.Â. CGST Act, 2017 also includes Goods and Services Tax (Extension to Jammu and Kashmir) Act, 2017. This article have updated Central Goods and Services Tax Rules, 2017 / CGST Rules, 2017, which were initially released on 19th June 2017 and amended by various notifications issued from time to time. An Act further to amend the Integrated Goods and Services Tax Act, 2017. The Government may, on the recommendations of the Council, by notification, specify a class of registered persons who shall, in respect of supply of specified categories of goods or services or both received from an unregistered supplier, pay the tax on reverse charge basis as the recipient of such supply of goods or services or both, and all the provisions of this Act shall apply to such recipient as if he is the person liable for paying the tax in relation to such supply of goods or services or both.”. CGST Act Amendments comes into effect Read the changes and updates in detail here: Latest GST Updates These announcements which will be in effect from Jan 2021 need to be analysed by businesses to determine the changes that The Latest CGST Rule Book. GST Act & Rules - Latest Amendments. Amendment) Act was enacted March 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 May 2017 GST Launched 1st July 2017 1st GST Council Meeting Sep 2016 30th June 2017 GST Council recommends all the rules SGST Act passed by J&K; CGST and IGST … CGST Rules are updated with notifications issued till 03rd April 2020.Details of Initial and Subsequent Notifications is as follows :- (ii) 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, to determine the value of turnover in a particular State or Union Territory. Discussing the amendments made in the CGST and IGST Act 2017. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 30th August, 2018. the CGST (Amendment) Act, 2018 to provide for “Suspension” of registration. Ltd. ClearTax offers taxation & financial solutions to individuals, businesses, organizations & chartered accountants in India. 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. 50 lacs per year. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. Here are all the major updates, along with our take on how this affects  GST-registered taxpayers-. 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. (Download pdf) Goods and Services Tax (Compensation to States) Amendment Act 2018. 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