After reading my eBook on the Companies Act 2013, many of you have requested for this digital book.Therefore, I have created GST Act eBook in PDF for you all and very confident that it will help you lot in your studies as well as professional career in real term. Our take: 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. 31 OF 2018) [29th August, 2018] An Act further to … This section has been amended to empower the National Anti-profiteering Authority to impose a penalty that is equivalent to 10% of the profiteered amount. The amendment would require reconsideration of tax position taken on many transactions especially on the activities which have been considered as taxable under the entry “agreeing to obligation to refrain from an act or to tolerate an act or a situation or to do an act”. Income Tax Act.pdf. 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. 29 Jan. 2019 (except for clause (b) below … Do visit again this page for rest changes in GST Amendment ACT 2018. Our take The Government is moving towards a cashless economy, and one such measure is the introduction of electronic modes of payment for certain payment and certain registered persons. The government has notified to make this effective from tomorrow vide notification no. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. (. amendments to GST Laws for public comments July 10, 2018 In brief The GST Council has released a set of draft amendments in the CGST Act, IGST Act and GST (Compensation to the States) Act for public comments, which are requested to be submitted by 15 July, 2018. 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. Amendment in CGST Section 2 – Definitions: be utilised and would need to be paid again under the correct head. Amending section 101, to introduce provisions relating to ‘National Appellate Authority (NAA) for Advance Ruling’. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. 1st Feb 2019. 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. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. © 2021 ‐ Defmacro Software Pvt. This applies only to those who are exclusive suppliers of goods.Â. THE CENTRAL GOODS AND SERVICES TAX (AMENDMENT) ACT, 2018 (NO. (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. 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. The following Act of Parliament received the assent of the President on the 29th August, 2018, and is hereby published for general information:— THE CENTRAL GOODS AND SERVICES TAX (AMENDMENT) ACT, 2018 (No. 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. The GST Council has proposed this change in the 32nd Council Meet, to come into force from the 1st of April, 2019. ADMINISTRATION – Officers under this Act = Section – 3 2. ... Amendment in Rule - 59 of CGST Rules Vide Central Goods and Services Tax (Amendment) Rules 2021. These amendments aim to simplify the GST law and to ensure administra-tive convenience for the Small and Medium Enterprises. However, this has now been passed in Parliament. As we are aware that the CGST Act is amended via CGST Amendment Act 2018. To amend and introduce composition scheme for service providers Up to a limit of Rs. 2. ClearTax serves 2.5+ Million happy customers, 20000+ CAs & tax experts & 10000+ businesses across India. Sections of any act is the main base for the system, put to be in use. 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 … 23.03.2020. RCM shall be applicable only on notified registered persons for supplies made by unregistered persons 1. An amendment to CGST Act, 2017 has been introduced on 29th August, 2018 with the following objective by The Central Government:- To remove the certain difficulties faced by the tax payers. Under this new section, these registered suppliers will have to mandatorily give their recipients the option of making electronic payments. amendments are as follows: 1. GST Act & Rules - Latest Amendments Found: 528 Result Amendment in Rule - 59 of CGST Rules Vide Central Goods and Services Tax (Amendment) Rules 2021. 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. Appointment of officers = Section – 4 3. Union Territory Goods and Services Tax (Amendment) Act 2018. This is line with announcements made in the GST Council meetings. Amendments module on GST MT EDUCARE CA INTERMEDIATE Segment - 1 Introduction to GST GST Council to become Government Entity: • The decision making body of GST is GST Council, which is constituted as per Article 279A of Constitution. THE INTEGRATED GOODS AND SERVICES TAX (AMENDMENT) ACT, 2018 NO. Our take: As committed by the GST Council this amendment brings into effect the composition scheme for mixed suppliers. • Union Finance Minister is the Chairman of the Council. The government has published below amendment acts through official Gazette on 30.08.2018. 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. An Act further to amend the Integrated Goods and Services Tax Act, 2017. 33/2017-Central Tax,dt. Discussing the amendments made in the CGST and IGST Act 2017. How to File Invoice Furnishing Facility(IFF) on GST portal? This is line with announcements made in the GST Council meetings. (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. 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. Section 128 of Finance act 2020 related to amendments made in Section 140 of CGST with retrospective effect from 1st … Our take: Small and Medium Businesses, as well as Composition dealers, had found the compliance under GST to be cumbersome and costly. 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. Giving Power to NAA to rectify any error apparent on the face of the record. This section has been amended to levy interest on unpaid taxes only to the extent of that portion paid in cash i.e. Note: This updated version of the Central Goods and Services Tax Act, 2017 as amended upto 1 st January, 2021 has been prepared for convenience and easy reference of the trade and 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. 18-10-2017 Tenth Amendment to the CGST rules, 2017. Central Excise and Service Tax law, only in respect of “eligible duties”. Important Changes in CGST ACT 2017. 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. 40 lacs per year. ‘Adjudicating Authority’ amendment to exclude ‘the National Appellate Authority for Advance Ruling’, Advertisement (adsbygoogle=window.adsbygoogle||[]).push({});
. 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. 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. Authorisation of officers of State tax or Union territory tax as proper 5. officer in certain circumstances = Section – 6 You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. Corrigendum For definition of “associated enterprises” under section 92A of the Income-tax Act, 1961, see Appendix. Our take: 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. These restrictions are in line with the current provisions that impos… This rule was made and amended vide the following notifications • Central Tax Notification No. The major … The key amendments are as follows: 1. While making a GST application, an applicant may now get the same authenticated with his Aadhaar Number. 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. Amending to state AR pronounced by the NAA shall be binding PAN wise. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. CGST Act, 2017 also includes Goods and Services Tax (Extension to Jammu and Kashmir) Act, 2017. Amendment To define the “National Appellate Authority (NAA)” for Advance Ruling. This is pertaining to Section 91 to 111 of Finance Bill, 2019. 31 OF 2018) An Act further to amend the Central Goods and Services Tax Act, 2017. 67/2020 - Central Tax and Notification No. CGST; IGST; 101st Constitution Amendment Act, 2016; GST (Compensation to the States) Act; Rules. Check out our home page to read regular gst news and updates in India. 3. However, in the 31st GST council meeting, it was decided to make this applicable for a specific class of registered person and not for everyone. 01st February, 2019. Ltd. This move will also help prevent the evasion of taxes. To insert Section 53A for providing consequential transfer of amount between Centre and States, due to section 49 (Transfer of an amount from one head to another head in the electronic cash ledger, To insert the statement “Provides that the Central Govt may disburse refund amount to taxpayers in respect of refund of State taxes i.e disbursement of refund by single authority”. Advisory No.08/2020 dated 14.07.2020 by DGS, Bengaluru on Appeal Functionalities: Issue of APL-02 for APL-01: Issue of APL-04 and :Cause List is issued. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. The government plans to administer both direct and indirect taxes via Aadhaar while PAN may continue to be in use for routine compliances. (Amendment) Act, 2018 (No. Previously, this tax could not. However, it is going to be applicable from 01st February 2019. 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. However, no penalty shall be levied if the profiteered amount is deposited within thirty days of the date of passing of the order by the Authority. Only those suppliers of goods whose turnover exceeds Rs 40 lakhs will now come under the purview of GST registration. Latest gst amendment bill and gst amendment articles. Proposal to amend CGST section 105 so that, NAA will have powers of Civil Court under the Code of Civil Procedure, 1908. CGST Rules, 2017-Part-A; CGST Rules, 2017-Part-B; IGST Rules, 2017; Notifications. search Tags: See gst amendment act 2017,2018 and 2019. Attention is invited to sub-section (a) of section 28 of the CGST (Amendment) Act, 2018 (No. New Delhi, Dated the 1st February, 2019 To, ... CGST Act, 2017 vide section 29 of the CGST (Amendment) Act, 2018 empowering the Commissioner to extend the period for return of inputs and capital goods from the job . The National Anti-profiteering Authority examines whether the benefit of input tax credit has been passed on to the recipient by way of reduction in prices, and that no supplier unlawfully benefits from the same. Rule 61 of the Rules has been amended retrospectively with effect from 1 July 2017 to notify that the return furnished in Form GSTR-3B would be considered as a return specified in section 39(1) of the CGST Act, 2017 (Act). As discussed earlier, exporter has an option for export goods under LUT or he may export goods on payment of IGST. For definition of “associated enterprises” under section 92A of the Income-tax Act, 1961, see Appendix. New Additions to Schedule III of the CGST Act 2. You may get your copy of latest amended and updated eBook on GST Act with rules in PDF at reasonable price. Also new CGST Rules 59(5), 86B and Form GST REG 31 have been inserted. 3,900 KB. 4. Cost and Works Accountants Act, 1959 [As Amended By The Cost And Works Accountants (Amendment) Act, 2006].pdf. As committed by the GST Council this amendment brings into effect the composition scheme for mixed suppliers. 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. CBIC has issued Notification No 62/2020 - Central Tax dated 20th August, 2020 modifying the process for grant of GST Registration. The Older CGST Rule Books for past references. 5 Crore Last date can file GSTR-3B due in March, April and May 2020 by the last week of June 2020. The Finance Bill, 2019 saw some important amendments made to the Central Goods and Services Tax Act. 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 To propose new return filing system envisages quarterly filing of return and tax payment for small taxpayers along with minimum paperwork. The National Anti-profiteering Authority examines whether the benefit of input tax credit has been passed on to the recipient by way of reduction in prices, and that no supplier unlawfully benefits from the same. The Latest CGST Rule Book. This move will also help prevent the evasion of taxes. Address 59/32, New Rohtak Road, New Delhi – 110005 Phone : 011-45562222 Fax : 011-45577111 Email : [email protected] SkypeId: taxmannindia Contact Details(Mumbai) No interest, late fee, and penalty to be charged. (Download pdf) Sections of CGST Act. What is QRMP Scheme and How to apply for it? Refund under GST – Amendment in CGST Rules w.e.f. Supply of services through E-commerce operator. To understand more about the latest amendments to CGST is also important as knowing GST.. Taxes will need to be paid monthly. Words “Central Board of Excise and Customs” gets replace with words “Central Board of Indirect Taxes and Customs”. This applies only to those who are exclusive suppliers of goods.Â. 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. To remove inconveniences for taxpayers, a new sub-section has been added to facilitate the transfer of amounts paid under tax, interest, penalty, fee or any other amount that is available in the electronic cash ledger to the correct head under integrated tax, central tax, State tax, Union territory tax or cess in the electronic cash ledger, as applicable. • 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. There are two parts to CGST Rules, 2017. 15-09-2017: View : देखें: Notifying section 51 of the CGST Act, 2017 for TDS. Just upload your form 16, claim your deductions and get your acknowledgment number online. Do not forget to subscribe gst news letters receive latest gst news in your mailbox. 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. 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. 2. 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. 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. E-payment charges for such suppliers shall also not be borne by them, Giving cashless economy an essential push.Â. The introduction of this sub-section means that henceforth, all taxes that are incorrectly paid under the wrong heads of tax can now be simply transferred to the correct head. 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. E-payment charges for such suppliers shall also not be borne by them, Giving cashless economy an essential push.Â. 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. 31 of 2018) – Brought into force w.e.f. 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