The significant amendments proposed and its impact are described in this tax insight. 1. Important Changes in CGST ACT 2017. search Tags: See gst amendment act 2017,2018 and 2019. It also clarifies that services that include extending deposits etc shall not be part of aggregate turnover. An Act further to amend the Integrated Goods and Services Tax Act, 2017. Do not forget to subscribe gst news letters receive latest gst news in your mailbox. 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. You can efile income tax return on your income from salary, house property, capital gains, business & profession and income from other sources. CGST Rules, 2017-Part-A; CGST Rules, 2017-Part-B; IGST Rules, 2017; Notifications. THE CENTRAL GOODS AND SERVICE TAX (AMENDMENT) ACT, 2018. 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. The Bill provides for more than 40 amendments to the GST Act. 30 Aug. 2018, followed with CBIC Notification on commencement date of 1st Feb. 2019 vide Notification 2/2019 Central Tax dt. Powers of officers= Section – 5 4. 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. Section 12 of the Goods and Services Tax (Compensation to States) Act, 2017 . Our take: Small and Medium Businesses, as well as Composition dealers, had found the compliance under GST to be cumbersome and costly. New GST Amendments On August 9, 2018 the Lok Sabha has passed the GST Amendment Bill, 2018. 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. The ministry of Finance has proposed to amend CGST Act, 2017 and IGST Act, 2017. As discussed earlier, exporter has an option for export goods under LUT or he may export goods on payment of IGST. An Article By: – Pawan Arora. Corrigendum To amend and state AR pronounced by NAA to be void in certain cases. 02/2019-Central Tax ,dt. How to File Application in Form GST EWB-05 For Unblocking of e-Way Bill Generation Facility, Step-by-Step Process For Uploading Invoices Using the Invoice Furnishing Facility (IFF), GST Number Search Online - Taxpayer GSTIN/UIN Verification, Auto Population of e-Invoice Details Into the GSTR-1, This page is best viewed in Chrome, Firefox or IE 11. Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. © 2021 ‐ Defmacro Software Pvt. Our take: 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. 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. This move will also help prevent the evasion of taxes. Supply of services through E-commerce operator. While making a GST application, an applicant may now get the same authenticated with his Aadhaar Number. 01st February, 2019. CBIC Waives Penalty for Not Printing QR Code Till 31st March 2021. Click on below links to download Specific GST Amendment Act 2018 in pdf format. 88/07/2019-GST Page 3 of 8 worker. CBIC notifies the CGST (14th Amendment) Rules, 2020, to amend CGST Rules 8(4A), 9, 21, 21A, 22, 36, 138, 138E. You must have lest gst updates to keep your business smoothly. In the CGST Act PDF with amendments, we have incorporated the provisions of CGST Amendment Act in CGST bare Act itself. 31 of 2018) – Brought into force w.e.f. Appointment of officers = Section – 4 3. 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. 16/2019- Central Tax dated 23.03.2020, effective from 23.03.2020. CGST_Rules_23.03.2018.pdf. More verifications to New Registrations 5. Also, this will be applicable for intra-state, interstate and union territory dealers. 49/2019- CT dated 9 October 2019. CGST Rules are updated with notifications issued till 03rd April 2020.Details of Initial and Subsequent Notifications is as follows :- With the approval from the GST council in the meeting held on January 10 2019, the changes made by the CGST (Amendment) Act, 2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018, and GST Amendment Act (Compensation to States), 2018 along with the corresponding changes in SGST Acts will be applicable from 1sr … employees' provident fund act latest amendments 2018 pdf BE it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows:— 1. Need an amendment for Charging interest only on the net cash tax liability, except in proceedings under CGST section 73 or Section 74. So far, talks have been about only GST: Goods and Services Tax. 40 lacs per year. Accordingly, the refund provision for each scenario are as under: A. Giving Power to NAA to rectify any error apparent on the face of the record. For definition of “associated enterprises” under section 92A of the Income-tax Act, 1961, see Appendix. 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”. 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. 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. Your email address will not be published. Only those suppliers of goods whose turnover exceeds Rs 40 lakhs will now come under the purview of GST registration. The government plans to administer both direct and indirect taxes via Aadhaar while PAN may continue to be in use for routine compliances. THE INTEGRATED GOODS AND SERVICES TAX (AMENDMENT) ACT, 2018 NO. 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. Previously, this tax could not. Our GST Software helps CAs, tax experts & business to manage returns & invoices in an easy manner. Here are the Top GST amendment Act 2018 updates, which are going to be applicable from tomorrow i.e 01.02.2019. 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. be utilised and would need to be paid again under the correct head. The Latest CGST Rule Book. 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. Our Goods & Services Tax course includes tutorial videos, guides and expert assistance to help you in mastering Goods and Services Tax. Amendments made vide Section 8 of the CGST (Amendment) Act, 2018: GOI Notification dt. E-payment charges for such suppliers shall also not be borne by them, Giving cashless economy an essential push.Â. Under this new section, these registered suppliers will have to mandatorily give their recipients the option of making electronic payments. 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. As per the latest update in the Finance Bill, now a specified class of taxpayers can file a single quarterly return, and in the case of Composition taxpayers, an annual return can be filed instead. As per existing provisions of Section 9(4) of the CGST Act, a reg-istered person is liable to pay GST under reverse charge on goods or services received from unregistered suppliers. CGST Act, 2017 also includes Goods and Services Tax (Extension to Jammu and Kashmir) Act, 2017. 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. (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 provision will also be applicable in cases where registration is being granted for the first time. These amendments shall come into force form such date as the Central Govt. Important Changes in CGST ACT 2017. To implement the new return filing system. Seventh amendment to the CGST Rules, 2017. 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. This rule was made and amended vide the following notifications • Central Tax Notification No. (Download pdf) Advertisement. This applies only to those who are exclusive suppliers of goods.Â. Nirmala Sitharaman. Under this new section, these registered suppliers will have to mandatorily give their recipients the option of making electronic payments. Ntfn-47-cgst-english.pdf 46/2017-Central Tax ,dt. This is pertaining to Section 91 to 111 of Finance Bill, 2019. But many of us refer the bare Act only to see the provisions of law. 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. 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. 31 OF 2018) [29th August, 2018] An Act further to amend the Central Goods and Services Tax Act, 2017. To amend and Empower the “Commissioner or Joint Secretary posted in the Board” to extend the due date furnishing Annual Return in FORM GSTR9/9A) and reconciliation statement in GSTR-9C. This section has been amended to levy interest on unpaid taxes only to the extent of that portion paid in cash i.e. As per the latest update in the Finance Bill, now a specified class of taxpayers can file a single quarterly return, and in the case of Composition taxpayers, an annual return can be filed instead. Central Tax Notification 01/2021 - Seeks to make amendment (2021) to CGST Rules, 2017. (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. 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 New Delhi, the 12th April, 2017/Chaitra 22, 1939 (Saka) The following Act of ... Tax (Amendment) Act, 2018 (No. (Download pdf) Advertisement. To understand more about the latest amendments to CGST is also important as knowing GST.. Reduced Validity Period for E-way Bill 6. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. 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 . Further an amount equivalent to 50% of the amount of integrated tax determined under section 54(4) of CGST Act, 2017 read with Section 20 of IGST Act, 2017 shall be deposited to the Fund. Inter-state supply of services; and 3. Section 128 of Finance act 2020 related to amendments made in Section 140 of CGST with retrospective effect from 1st … Sections of any act is the main base for the system, put to be in use. This document would help the users in understanding the GST law in brief and can be referred to run through the fundamental GST concepts and their relevance. 29-01-2019. 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. 33/2017-Central Tax,dt. 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. This is in line with an amendment made in the direct tax act, which requires businesses with a turnover in excess of Rs 50 crores to mandatorily provide electronic means of payment. CGST Act: “Central Goods and Services Tax (CGST) Act”, that is a new set of words that have recently entered the public domain in the country. The Finance Bill, 2019 saw some important amendments made to the Central Goods and Services Tax Act. 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). MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 30th August, 2018. 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. How to File Invoice Furnishing Facility(IFF) on GST portal? Central Tax Notification 95/2020 - Seeks to extend the time limit for furnishing of the annual return specified under section 44 of CGST Act, 2017 for the financial year 2019-20 till 28.02.2021. 01st February, 2019. 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 New Clause (f) talks about the difference of taxable value and tax under GSTR 1 & GSTR 3B. 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. The Union Budget 2021 was presented in the parliament by FM Smt. 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. Do visit again this page for rest changes in GST Amendment ACT 2018. 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. 2. 3,900 KB. (, Union Territory Goods and Services Tax (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. As we are aware that the CGST Act is amended via CGST Amendment Act 2018. This will be a new section inserted in the CGST Act which will mandate certain registered suppliers to give their recipients the option of prescribed modes of electronic payment. As committed by the GST Council this amendment brings into effect the composition scheme for mixed suppliers. Discussing the amendments made in the CGST and IGST Act 2017. Amendment in CGST Section 2 – Definitions: The words “one crore rupees”, get replace with the words “one crore and fifty lakh rupees”. The government has published below amendment acts through official Gazette on 30.08.2018. You may get your copy of latest amended and updated eBook on GST Act with rules in PDF at reasonable price. The assessee 43/2020 – Central Tax. To Increase the threshold limit for GST registration in respect of goods up to a limit of Rs. B. 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. 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. Download ClearTax App to file returns from your mobile phone. ADMINISTRATION – Officers under this Act = Section – 3 2. 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. However, this has now been passed in Parliament. Post amendment vide notification no.79/2020 dated 15.10.2020 in Rule 142 of CGST Rule, . RCM shall be applicable only on notified registered persons for supplies made by unregistered persons 1. Act or the rules made thereunder or under any other law for the time being in force to verify the correctness of turnover declared, taxes S. 2(13) CENTRAL GOODS AND SERVICES TAX ACT, 2017 1540 1. CGST (Amendment) Act, 2018. 15-09-2017: View : देखें. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. It also clarifies that services that include extending deposits etc shall not be part of aggregate turnover. 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. 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. April 7, 2020 . 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”. The GST Overview pdf gives an overview of the various concepts that define the GST law. 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. It is a trouble to refer the provisions in both the Acts. • Union Finance Minister is the Chairman of the Council. For definition of “associated enterprises” under section 92A of the Income-tax Act, 1961, see Appendix. To Provide for transfer of an amount from one head to another head online in the electronic cash ledger. 4,440 KB. Central Excise and Service Tax law, only in respect of “eligible duties”. 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. These amendments were made applicable from 01 st February 2019 by the CGST (Amendment) Act, 2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018 and GST (Compensation to States) Amendment Act… CBIC has issued Notification No 62/2020 - Central Tax dated 20th August, 2020 modifying the process for grant of GST Registration. 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. Your email address will not be published. Words “Central Board of Excise and Customs” gets replace with words “Central Board of Indirect Taxes and Customs”. Ltd. These amendments aim to simplify the GST law and to ensure administra-tive convenience for the Small and Medium Enterprises. What is QRMP Scheme and How to apply for it? Earlier this limit was 1 crore only. Date of amendment… GST India News for latest gst updates and news for your GST compliance. Authorisation of officers of State tax or Union territory tax as proper 5. officer in certain circumstances = Section – 6 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.”. 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 is in line with an amendment made in the direct tax act, which requires businesses with a turnover in excess of Rs 50 crores to mandatorily provide electronic means of payment. 23.03.2020. Ntfn-48-cgst-english.pdf 47/2017-Central Tax ,dt. Section 21 of UTGST Act, 2017 - This section provides that the provisions of CGST Act are applicable to UTGST Act, 2017. 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. 31 OF 2018) [29th August, 2018] An Act further to … This section has been amended to introduce an option for specified taxpayers to furnish their returns on a quarterly basis instead of monthly. 8,199 KB. The GST Council has proposed this change in the 32nd Council Meet, to come into force from the 1st of April, 2019. Aadhaar Number authentication for new and existing GST registrants. 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. 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. 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. 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. THE CENTRAL GOODS AND SERVICES TAX (AMENDMENT) ACT, 2018 (NO. GST Act & Rules - Latest Amendments. 4. 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. be considered as part of the aggregate turnover, for determining eligibility into the scheme. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 30th August, 2018. 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. 628 KB. Address 59/32, New Rohtak Road, New Delhi – 110005 Phone : 011-45562222 Fax : 011-45577111 Email : sales@taxmann.com SkypeId: taxmannindia Contact Details(Mumbai) 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. This applies only to those who are exclusive suppliers of goods.Â. 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 CGST; IGST; 101st Constitution Amendment Act, 2016; GST (Compensation to the States) Act; Rules. Amending to state AR pronounced by the NAA shall be binding PAN wise. Know gst amendment status, gst amendment date and notification in India. 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. (Download pdf) Sections of CGST Act. 31 of 2018) – Brought into force w.e.f. Seeks to notify certain supplies as deemed exports under section 147 of the CGST Act, 2017. Only those suppliers of goods whose turnover exceeds Rs 40 lakhs will now come under the purview of GST registration. With the option to avail composition scheme being granted to service providers having a turnover of upto 50 lakh w.e.f 1 January 2020, the Budget seeks to deny the benefit of composition scheme to the following service providers engaged in: 1. 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. However, it is going to be applicable from 01st February 2019. Second area to cry was ling of Nil GST returns between the time period of applying for GST registration cancellation and its nal approval by department which is also resolved. Here are all the major updates, along with our take on how this affects  GST-registered taxpayers-. 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