KHANDHAR MEHTA AND SHAH

Transcription

1 Notifications issued by CBEC for CGST Act 1 7/2017 Central Tax Rule 1,10,13,19,21,22,24 and 26 of Registration and Composition scheme 2 8/2017 Central Tax Section 10 & 25 of CGST Act, 2017 (Composition scheme) Vide such notification following major changes are made in Registration and Composition Rule: Certificate of registration can be duly signed or verified through electronic verification code by proper officer. Registration can be cancelled if person issues invoice without supplying goods i.e. in violation of the provisions of Act or Rules or if the person violates the provisions of Sec: 171 of Act or Rule. The second proviso related to centralized registration under Rule 24(1) has been omitted. Means the person who has centralized registration under current Act can be granted multiple provisional registrations in the State if there are multiple business verticals under GST Act. It is inserted if the certificate of registration has not been made available to applicant within 15 days from the date of furnishing of application and no notice has been issued w.r.t. the same application within the said period then, registration shall be deemed to have been granted to the applicant. Government has modified certain fields in the forms issued for the Composition dealer. Earlier there was 30 days time limit for applying sumo-moto registration from the date of order; the said limit has been increased to 90 days. the preceding F.Y. shall be Rs.75 Lakhs for other than Special category states. the preceding F.Y. shall be Rs.50 Lakhs for Special category states. Manufacturers will not be allowed to opt for the scheme if he is manufacturer of following goods: (i) Ice-cream and other edible ice, whether or not containing cocoa

2 3 9/2017 Central Tax Section 6 to 9, 11 to 21, 31 to 41, 42,43,44 to 50, 53 to 138, 140 to 145,147 to 163, 165 to 174 of CGST Act, /2017 Central Tax CGST ( 2 nd Amendment ) 5 11/2017 Central Tax Rule 26(1) of CGST 6 12/2017 Central Tax Rule 46-1 st Proviso-CGST (ii) Pan Masala (iii) Tobacco and manufactured tobacco substitutes Administration, Levy and Collection of Tax, Time and Value of Supply, Input tax Credit, Tax Invoice, Debit and Credit Notes, Accounts and Records, Returns, Payment of Tax, Refunds, Assessment, Audit, Inspection, search, seizure an arrest, Demands and recovery,, Liability to pay in certain cases, Advance Ruling, Appeals and revision, Offences and Penalties, Transitional Provisions, Miscellaneous. The same shall come into force w.e.f Government has specified Determination of Value of Supply, Input tax credit, Tax invoice, debit and credit notes, Accounts and records, Returns, Payment of Tax, Refund, Assessment and audit, Advance ruling, Appeals and revision, Transitional provisions, Anti-profiteering are provided along with specified forms. The same will come into force w.e.f In Rule 26 clause 2 following shall be substituted. (1) Electronic verification code generated through net banking login on the common portal (2) Electronic verification code generated on the common portal. This shall come in to force with effect from 22nd June A registered person while issuing tax invoice shall mention digits of HSN as under: Annual Turnover in P.F.Y of digits Upto 1.50 crs. Nil More than 1.50 crs. to 5 crs. 2 More than 5 crs /2017 Central Tax Section 50 (1)/(3), 54(12),56 and its proviso of CGST Act, 2017 Following rate of Interest shall come into force w.e.f : Interest on Failure of payment of tax within 18 % prescribed time Undue / Excess claim of ITC or Reduction in 24 %

3 Output tax liability Withheld Refund 6 % Amount not refunded within 60 days to 6 % applicant Refund not provided within 60 days after 9 % order of AO Notifications issued by CBEC for IGST Act 1 3/2017 Integrated Tax Sec: 4 to 13, 16 to 19, 21, 23 to 25 of IGST Act, /2017 Integrated Tax Sec-20 of IGST Act, 2017 & IGST Rules 3 5/2017 Integrated Tax Rule-46 of CGST read with notification 4/2017 dated /2017 Integrated Tax Sec- 20 of IGST Act, 2017 Administration,, Levy and collection of tax, Determination of nature of supply, Place of supply of goods or services or both, Zero rated supply, Apportionment of tax & settlement of funds, Import of services made o or after the appointed day, Power to make regulations, Laying of rules, regulations, removal of difficulties. The same will come into force w.e.f Rules made under CGST with respect to provisions which are covered under Sec-20 of IGST Act, 2017 are notified as IGST. A registered person while issuing tax invoice shall mention digits of HSN as under: Annual Turnover in P.F.Y of digits Up to 1.50 crs. Nil More than 1.50 crs. to 5 crs. 2 More than 5 crs. 4 Following rate of Interest shall come into force w.e.f : Interest on Failure of payment of tax within 18 % prescribed time Undue / Excess claim of ITC or Reduction in 24 % Output tax liability Withheld Refund 6 % Amount not refunded within 60 days to 6 % applicant Refund not provided within 60 days after 9 % order of AO

4 Notifications issued by CBEC for UTGST Act 1 2/2017 Union Territory Tax Sec- 10 and 21 of UTGST Act, 2017 the preceding F.Y. shall be Rs.75 Lakhs for other than Special category states. the preceding F.Y. shall be Rs.50 Lakhs for Special category states. 2 3/2017 Union Territory Tax Section-6 to 16, 18 to 20 & 23 to 26 of UTGST Act, 2017 Manufacturers will not be allowed to opt for the scheme if he is manufacturer of following goods: (i) Ice-cream and other edible ice, whether or not containing cocoa (ii) Pan Masala (iii) Tobacco and manufactured tobacco substitutes Authorization of officers of central tax as proper officer in certain circumstances, Levy & collection, Power to grant exemption from tax, Payment of tax, Transfer of input tax credit, Officers required to assist proper officers, Tax wrongfully collected & paid to Central government or Union Territory Government, Recovery of Tax, Recovery of tax, Definitions, Constitution of Authority for Advance Ruling, Constitution of Appellate Authority for Advance ruling, Transitional arrangements for input tax credit, Transitional provisions relating to job work, Miscellaneous transitional provisions, General power to make regulations, Laying of rules, regulations & notifications, Power to issue instructions or directions, Removal of difficulties. The same will come into force w.e.f

5 Notification issued by CBEC for Compensation Cess 1 Section-1 (3) of Goods and Services Tax (Compensation to States) Act, 2017 Description All provisions of the said Act shall come into force w.e.f