RECENT AMENDMENTS IN GST LAWS
By: – Dr. Sanjiv Agarwal
Goods and Services Tax – GST
Dated:- 14-2-2019
Since the launch of Goods and Services Tax (GST) in India w.e.f. 1.7.2017, GST law i.e. CGST Act, 2017, and other Union Territory / State GST Laws were recently amendmed for the first time in 2018 vide the Central Goods and Services Tax (Amendment) Act, 2018 which has been notified to be effective w.e.f. 1st February, 2019. Similarly State and Union Territory GST laws and GST (Compensation to States) Amendments Acts were enacted all of which have since been made applicable w.e.f. 1st February, 2019.
Following are the salient features of these amendments:
* Upper limit of aggregate turnover for opting for composition sch
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y those e-commerce operators who are required to collect tax at source.
* Registration shall remain temporarily suspended while cancellation of registration is under process, so that the taxpayer could get relief of further continued compliance under the law. (i.e., Taxpayers will not be required to file returns).
* Registered person to be allowed to take credit on any services where such services are provided by supplier to any other person on the direction of such registered person. It will be deemed that the person giving direction has received the said services.
* The following transactions shall not be treated as supply (i.e., no tax payable under GST) under Schedule III:
* Supply of goods from a place in the non-taxable territ
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ny law for the time being in force.
* Registered persons can issue consolidated credit/debit notes to a party in respect of multiple invoices issued in a financial year to that party.
* Commissioner may extend the time limit for return of inputs and capital sent on job work, upto a period of 1 year and 2 years, respectively.
* If RBI would permit, supply of services outside India shall be regarded as exports, even if payment is received in Indian Rupees.
* Place of supply shall be outside India, where job work or any treatment or process has been done on goods temporarily imported into India and then exported out of India without putting them to any other use in India except the uses which were necessary for the purpose of such job
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