Goods and Services Tax

GST – States – G.O. Ms. No. 38/2017-Puducherry GST (Rate) – Dated:- 24-10-2017 – GOVERNMENT OF PUDUCHERRY COMMERCIAL TAXES SECRETARIAT [G.O. Ms. No. 38/2017-Puducherry GST (Rate), Puducherry, dated 24th October 2017] NOTIFICATION In exercise of the powers conferred by sub-section (1) of section 11 of the Puducherry Goods and Services Tax Act, 2017 (Act No. 6 of 2017), the Lieutenant-Governor, Puducherry, on the recommendations of the Council, hereby makes the following amendment in the notifica

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GST – States – G.O. Ms. No. 42/CT/2017-18 – Dated:- 24-10-2017 – GOVERNMENT OF PUDUCHERRY COMMERCIAL TAXES SECRETARIAT (G.O. Ms. No. 42/CT/2017-18, Puducherry, dated 24th October 2017) NOTIFICATION In exercise of the powers conferred by section 164 of the Puducherry Goods and Services Tax Act, 2017 (Act No. 6 of 2017), the Lieutenant-Governor, Puducherry, hereby makes the following rules further to amend the Puducherry Goods and Services Tax Rules, 2017, namely:- (1) These rules may be called the Puducherry Goods and Services Tax (Ninth Amendment) Rules, 2017. (2) They shall be deemed to have come into force on the 13th day of October, 2017. 2. In the Puducherry Goods and Services Tax Rules, 2017, – (i) in rule 3, for sub-rule (3A), the fo

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ch such person commences to pay tax under section 10: Provided that the said persons shall not be allowed to furnish the declaration in FORM GST TRAN-1 after the statement in FORM GST ITC-03 has been furnished. ; (ii) after rule 46, the following rule shall be inserted, namely:- 46A. Invoice-cum-bill of supply.- Notwithstanding anything contained in rule 46 or rule 49 or rule 54, where a registered person is supplying taxable as well as exempted goods or services or both to an unregistered person, a single invoice-cum-bill of supply may be issued for all such supplies. ; (iii) in rule 54, in sub-rule (2), (a) for the words tax invoice the words consolidated tax invoice shall be substituted; (b) after the words by whatever name called , the

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RM GSTR-1, for Table 6, the following shall be substituted, namely:- 6. Zero rated supplies and Deemed Exports GSTIN of recipient Invoice details Shipping bill/ Bill of export Integrated Tax Cess No. Date Value No. Date Rate Taxable value Amt. 1 2 3 4 5 6 7 8 9 10 6A. Exports 6B. Supplies made to SEZ unit or SEZ Developer 6C. Deemed exports ; (vii) in FORM GSTR-1A, for Table 4, the following shall be substituted, namely:- 4. Zero rated supplies made to SEZ and deemed exports GSTIN of recipient Invoice details Integrated Tax Cess No. Date Value Rate Taxable value Tax amount 1 2 3 4 5 6 7 8 4A. Supplies made to SEZ unit or SEZ Developer 4B, Deemed exports ; (viii) in FORM GSTR-4, after instruction no.9, the following shall be inserted, namely

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GST – States – 01/2017-State Tax – Dated:- 24-10-2017 – GOVERNMENT OF PUDUCHERRY COMMERCIAL TAXES SECRETARIAT (G.O. Ms. No. 44/CT/2017-18, Puducherry, dated 24th October 2017) NOTIFICATION THE PUDUCHERRY GOODS AND SERVICES TAX (REMOVAL OF DIFFICULTIES) ORDER, 2017 Order No. 01/2017-State Tax Whereas, certain difficulties have arisen in giving effect to the provisions of the Puducherry Goods and Services Tax Act, 2017 (Act No. 6 of 2017), hereinafter in this order referred to as the said Act, in so far as it relates to the provisions of section 10 of the said Act; Now, therefore, in exercise of the powers conferred by section 172 of the said Act, the Lieutenant-Governor, Puducherry, on recommendations of the Council, hereby makes the follow

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GST – States – 5/10/2017-FD(TAX)/14 – Dated:- 24-10-2017 – GOVERNMENT OF MANIPUR SECRETARIAT: FINANCE DEPARTMENT (EXPENDITURE SECTION) Imphal, the 24th October, 2017 No. 5/10/2017-FD(TAX)/14: In exercise of the powers conferred by section 128 of the Manipur Goods and Services Tax Act, 2017 (3 of 2017), the Government of Manipur, on the recommendations of the Council, hereby waives the late fee payable under section 47 of the said Act, for all registered persons who failed to furnish the return

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GST – States – G.O. (Ms) No. 147 – Dated:- 24-10-2017 – COMMERCIAL TAXES AND REGISTRATION (B1) DEPARTMENT G.O. (Ms) No. 147 Dated: 24.10.2017 Aippasi- 07 Thiruvalluvar Aandu, 2048 NOTIFICATION In exercise of the powers conferred by section 128 of the Tamil Nadu Goods and Services Tax Act, 2017 (Tamil Nadu Act 19 of 2017), the Governor of Tamil Nadu, on the recommendations of the Council, hereby waives the late fee payable under

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GST – States – 12/2017-State Tax – Dated:- 24-10-2017 – KERALA STATE GOODS AND SERVICES TAX DEPARTMENT [NOTIFICATION No. 12/2017-STATE TAX] No. C1-24614/2016. Thiruvananthapuram, 24th October 2017. In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Kerala Goods and Services Ordinance, 2017 (11 of 2017) (hereinafter referred to as the said Ordinance), the Commissioner hereby extends the time limit for furnishing the return by a composition supplier,

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GST – States – 38/1/2017-Fin(R&C)(23)/3595 – Dated:- 24-10-2017 – GOVERNMENT OF GOA Department of Finance Revenue & Control Division – Notification 38/1/2017-Fin(R&C)(23)/3595 In exercise of the powers conferred by section 164 of the Goa Goods and Services Tax Act, 2017 (Goa Act 4 of 2017), the Government of Goa hereby makes the following rules further to amend the Goa Goods and Services Tax Rules, 2017, namely:- (1) These rules may be called the Goa Goods and Services Tax (Ninth Amendment) Rules, 2017. (2) They shall come be deemed to have come into force with effect from the 13th day of October, 2017. 2. In the Goa Goods and Services Tax Rules, 2017,- (i) in rule 3, for sub-rule (3A), the following sub-rule shall be substituted,

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er section 10: Provided that the said persons shall not be allowed to furnish the declaration in FORM GST TRAN-1 after the statement in FORM GST ITC-03 has been furnsihed. ; (ii) after rule 46, the following rule shall be inserted, namely:- 46A. Invoice-cum-bill of supply.- Notwithstanding anything contained in rule 46 or rule 49 or rule 54, where a registered person is supplying taxable as well as exempted goods or services or both to an unregistered person, he may issue a single invoice-cum-bill of supply for all such supplies. ; (iii) in rule 54, in sub-rule (2),- (a) for the words tax invoice the words consolidated tax invoice shall be substituted; (b) after the words by whatever name called , the words for the supply of services made d

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shall be substituted, namely:- 6. Zero rated supplies and Deemed Exports GSTIN of recipient Invoice details Shipping bill/Bill of export Integrated Tax Cess No. Date Value No. Date Rate Taxable value Amt. 1 2 3 4 5 6 7 8 9 10 6A. Exports 6B. Supplies made to SEZ unit or SEZ Developer 6C. Deemed exports ; (vii) in Form GSTR-1A, for Table 4, the following shall be substituted, namely:- 4. Zero rated supplies made to SEZ and deemed exports GSTIN of recipient Invoice details Integrated Tax Cess No. Date Value Rate Taxable Value Tax Amount 1 2 3 4 5 6 7 8 4A. Supplies made to SEZ unit or SEZ Developer 4B. Deemed exports ; (viii) in Form GSTR-4, after instruction No. 9 the following shall be inserted, namely:- 10. For the tax period July, 2017 to

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GST – States – Order No. 01/2017-State Tax – Dated:- 24-10-2017 – 38/1/2017-Fin(R&C)/3594 THE GOA GOODS AND SERVICES TAX (REMOVAL OF DIFFICULTIES) ORDER, 2017 Order No. 01/2017-State Tax Whereas, certain difficulties have arisen in giving effect to the provisions of the Goa Goods and Services Tax Act, 2017 (Goa Act 4 of 2017) (hereinafter in this order referred to as the said Act), in so far as it relates to the provisions of section 10 of the said Act; Now, therefore, in exercise of the powers conferred by section 172 of the said Act, the Government of Goa, on recommendations of the Council, hereby makes the following Order, namely:- 1. This Order may be called the Goa Goods and Services Tax (Removal of Difficulties) Order, 2017. 2. F

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GST – States – 117/ST – 2 – Dated:- 24-10-2017 – HARYANA GOVERNMENT EXCISE AND TAXATION DEPARTMENT Notification The 24th October, 2017 No. 117/ST – 2.- In exercise of the powers conferred by sub-section (I) of section 11 of the Haryana Goods and Services Tax Act, 2017 (19 of 2017), the Governor of Haryana, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby exempts the intra-State supply of taxable goods (hereinafter referred to as "the said goods") by a registered supplier to a registered recipient for export, from so much of the State tax leviable thereon under section 9 of the said Act, as is in excess of the amount calculated at the rate of 0.05 percent, subje

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d recipient shall place an order on registered supplier for procuring goods at concessional rate and a copy of the same shall also be provided to the jurisdictional tax officer of the registered supplier; (vi) the registered recipient shall move the said goods from place of registered supplier – (a) directly to the Port, Inland Container Deport, Airport or Land Customs Station from where the said goods are to be exported; or (b) directly to a registered warehouse from where the said goods shall be move to the Port, Inland Container Deport, Airport or Land Customs Station from where the said goods are to be exported; (vii) if the registered recipient intends to aggregate supplies from multiple registered suppliers and then export, the goods

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GST – States – 14/2017 – State Tax – Dated:- 24-10-2017 – Kerala State Goods and Services Tax Department Notification No. 14/2017 – State Tax No. C1-24614/2016 Thiruvananthapuram, 24th October, 2017 In pursuance of section 168 of the Kerala Goods and Services Tax Ordinance, 2017 (11 of 2017) (hereafter referred to as the said Ordinance) and clause (b) of sub-rule (1) of rule 40 of the Kerala Goods and Services Tax Rules, 2017, the Commissioner, hereby extends the time limit for making a declara

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GST – States – 13/2017 – State Tax – Dated:- 24-10-2017 – Kerala State Goods and Services Tax Department Notification No. 13/2017 – State Tax No. C1-24614/2016 Thiruvananthapuram, 24th October, 2017 In exercise of the powers conferred by sub-section (6) of section 39 read with section 168 of the Kerala Goods and Services Tax Ordinance, 2017 (11 of 2017) (hereinafter referred to as the said Ordinance) and in supercession of notification No. 10/2017-State Tax, dated the 4th October, 2017, except

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GST – States – Va Kar/GST/04/2017-S.O. No. 116 – Dated:- 24-10-2017 – COMMERCIAL TAXES DEPARTMENT NOTIFICATION 24th October, 2017 S.O. No. 116 – Dated- 1st November, 2017 – In exercise of the powers conferred by section 164 of the Jharkhand Goods and Services Tax Act, 2017 (12 of 2017), the State Government hereby makes the following rules further to amend the Jharkhand Goods and Services Tax Rules, 2017, namely:- 1. These rules may be called the Jharkhand Goods and Services Tax (Tenth Amendment) Rules, 2017. 2. In the Jharkhand Goods and Services Tax Rules, 2017, – (i) in rule 89, in sub-rule (1), for third proviso, the following proviso shall be substituted, namely:- Provided also that in respect of supplies regarded as deemed exports, t

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ax and cess involved in debit note, if any Integrated tax and cess involved in credit note, if any Net Integrated tax and cess (6+7+10 -11) No. Date Value Taxable Value Amt. No. Date 1 2 3 4 5 6 7 8 9 10 11 12 ; (b) for Statement-4 , the following Statement shall be substituted, namely:- Statement-4 [rule 89(2)(d) and 89(2)(e)] Refund Type: On account of supplies made to SEZ unit or SEZ Developer (on payment of tax) (Amount in Rs.) GSTIN of recipient Invoice details Shipping bill/ Bill of export/ Endorsed invoice by SEZ Integrated Tax Cess Integrated tax and cess involved in debit note, if any Integrated tax and cess involved in credit note, if any Net Integrat ed tax and cess (8+9+10 – 11) No. Date Value No. Date Taxable Value Amt. 1 2 3 4

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Seeks to waive late fee payable for delayed filing of FORM GSTR-3B for August, 2017 & September, 2017 – GST – States – 1888-F.T. – 50/2017-State Tax – Dated:- 24-10-2017 – GOVERNMENT OF WEST BENGAL FINANCE DEPARTMENT NOTIFICATION No. 1888-F.T. Dated, Howrah, the 24th day of October, 2017 No. 50/2017-State Tax In exercise of the powers conferred by section 128 of the West Bengal Goods and Services Tax Act, 2017 (West Ben. XXVIII of 2017), the Governor, on the recommendations of the Council, is pl

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GST – States – 30768-FIN-CT1-TAX-0043/2017-S.R.O. No. 513/2017 – Dated:- 24-10-2017 – FINANCE DEPARTMENT NOTIFICATION The 24th October, 2017 S.R.O. No. 513/2017- In exercise of the powers conferred by Section 128 of the Odisha Goods and Services Tax Act, 2017 (Odisha Act 7 of 2017), the State Government, on the recommendations of the Goods and Services Tax Council, do hereby waive the late fee payable under section 47 of the said Act, for all registered persons who failed to furnish the return

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GST – States – MGST-1017/CR 193/Taxation-1 – Dated:- 24-10-2017 – FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 24th October 2017 NOTIFICATION No. MGST-1017/CR 193/Taxation-1.-In exercise of the powers conferred by section 96 of the Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017), the Government of Maharashtra hereby constitutes the Maharashtra Authority for Advance Ruling for the State of Maharashtra consisting of :- (1) Shri

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GST – States – 50/2017-State Tax – Dated:- 24-10-2017 – FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, dated the 24th October 2017 NOTIFICATION Notification No. 50/2017-State Tax No. MGST-1017/C.R.192/Taxation-1.-In exercise of the powers conferred by section 128 of the Maharashtra Goods and Services Tax Act, 2017 (Mah. XLIII of 2017) (hereinafter referred to as the said Act ), the Government of Maharashtra, on the recommendations of the Council, hereby w

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GST – States – FA-3-77/2017-1-V-(140) – Dated:- 24-10-2017 – Commercial Tax Department Mantralya, Vallabh Bhawan, Bhopal Bhopal, the 24th October 2017 No. FA-3-77/2017-1-V-(140). In exercise of the powers conferred by Section 128 of the Madhya Pradesh Goods and Services Tax Act, 2017 (19 of 2017), the State Government, on the recommendations of the Council, hereby waives the late fee payable under section 47 of the said Act, for all registered persons who failed to furnish the return in Form GS

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GST – States – 50/2017-State Tax – Dated:- 24-10-2017 – NOTIFICATION FINANCE DEPARTMENT Sachivalaya, Gandhinagar Notification No. 50/2017-State Tax Dated the 24th October, 2017 No. (GHN-115)GST-2017/S.128(2)-TH:-In exercise of the powers conferred by section 128 of the Gujarat Goods and Services Tax Act, 2017 (Guj. 25 of 2017), the Government of Gujarat, on the recommendations of the Council, hereby waives the late fee payable under section 47 of the said Act, for all registered persons who fai

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waives the late fee payable under section 47 for all registered persons who failed to furnish the return in FORM GSTR-3B. – GST – States – S.O. 255. – Dated:- 24-10-2017 – Bihar Government Commercial Tax Department Notification The 24th October 2017 S.O. 255. dated 24th October 2017- In exercise of the powers conferred by section 128 of the Bihar Goods and Service Tax Act, 2017 (12 of 2017), the Governor of Bihar, on the recommendations of the Council, hereby waives the late fee payable under se

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GST – States – F.No.12(56)FD/Tax/2017-127 – Dated:- 24-10-2017 – GOVERNMENT OF RAJASTHAN FINANCE DEPARTMENT (TAX DIVISION) NOTIFICATION Jaipur, dated: October 24, 2017 In exercise of the powers conferred by section 128 of the Rajasthan Goods and Services Tax Act, 2017 (Act No. 9 of 2017), the State Government, on the recommendations of the Council, hereby waives the late fee payable under section 47 of the said Act, for all registered persons who failed to furnish the return in FORM GSTR-3B for

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GST – 17/2017 – Dated:- 24-10-2017 – MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION No. 17/2017-Union Territory Tax New Delhi, the 24th October, 2017 G.S.R. 1328(E).-In exercise of the powers conferred by sub-section (1) and sub-section (3) of Section 22 read with section 21 of the Union Territory Goods and Services Tax Act, 2017 (No. 14 of 2017) (hereinafter referred to as the said Act), the Central Government, on the recommendations of the Council, hereby notify that subject to prov

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GST – 50/2017 – Dated:- 24-10-2017 – Superseded vide Notification No. 76/2018-Central Tax dated 31-12-2018 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs Notification No. 50/2017 – Central Tax New Delhi, the 24th October, 2017 G.S.R. 1326 (E):- In exercise of the powers conferred by section 128 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby waives the late fee

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Goods and Services Tax – States has no power to detain the goods in movement in the course of interstate since the central government has not notified the documents that have to be carried by a transp

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Goods and Services Tax – GST – By: – CA.VINOD CHAURASIA – Dated:- 23-10-2017 – An easy understanding of The Insolvency & Bankruptcy code 2016 Introduction: The Insolvency and Bankruptcy Code, 2016 (the Code ) passed by the Lok Sabha on 5th May 2016 seeks to provide a framework for time-bound settlement of insolvency by formulating a survival mechanism or by ensuring speedy liquidation through a formal insolvency resolution process ( IRP ). According to World Bank data, the average amount of time required to resolve insolvency is just over 4 years in India. The proposed law aims to increase confidence for creditors in the Indian market. The past regime The Code has amended the existing laws governing bankruptcy and liquidation in India which inter alia include the Companies Act, 2013, the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Sick Industrial Companies Act, 1985 and the Recovery of Debt Due to Banks and Financial In

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ion process (IRP) of individuals and partnership firms. Any person aggrieved by the order of DRT may appeal to the Debt Recovery Appellate Tribunal (DRAT). The National Company Law Tribunal (the NCLT ) have jurisdiction over the corporate insolvency resolution process (CIRP) for companies and Limited Liability Partnerships. Any person aggrieved by the order of the NCLT may appeal to NCLAT within 30 days of the order. An appeal from the order of the respective appellate tribunals may be filed before the Supreme Court of India. The insolvency resolution process The Code provides for separate IRPs for individuals and companies. The insolvency resolution process can be initiated by either debtors, or creditors. Individuals In case of individuals, the Code provides for two different methods for solving disputes, namely: • a fresh start; and • insolvency resolution process (IRP). Under the fresh start process, an individual will be eligible for a debt waiver of up to INR 35000 on f

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be binding or it may reject the plan. Liquidation can be initiated, inter alia in the following cases: • on the expiry of maximum period permitted for IRP; • on rejection of the resolution plan by the adjudicating authority; or • in the event a committee of creditors decide to liquidate. If the process cannot be resolved within the 180-day period mentioned above (or as extended) the assets of the company may be sold to repay the creditors. The Code further makes provision for a fast track insolvency process for companies with smaller operations. The process will have to be completed within 90 days from the insolvency commencement date unless extended for a further period of 45 days with the approval of 75% of creditors. Liquidation In relation to corporate entities, the Code provides for an order of priority for distribution of assets during liquidation, set out in Section 53 (Distribution of assets) of Chapter III (Liquidation Process) of Part II (Insolvency Resolution

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valued transactions, the adjudicating authority may declare such transactions to be void and reverse the effect of such transactions. Penalties The Code provides penalties for offences committed by a corporate entity under corporate insolvency. Officers of the company can be penalized for not declaring assets and property owned by it or for willfully concealing any property. In such cases, the officer shall be penalized with imprisonment of up to 5 (five) years or with a fine of up to INR 1 crore or both. However, he shall not be punished if it is proved that he had no intent to defraud. The Code also penalizes individuals for offences including the provision of incorrect information and the punishment will vary based on the offence committed by an individual. For the majority of the offences, the fine is specified to be up to INR 500000 or imprisonment for up to 1 year or both. Fund The Code provides for the creation of the Insolvency and Bankruptcy Fund with amounts contributed from

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onalize the processes and procedures for bankruptcy and insolvency and improve the recovery rates of debt and increase creditor confidence in India. It should hopefully go some way to address the rights of lenders to enforce security in a distress situation and bring down the rate of non-performing loans. However, it should be noted that the orders from the NCLT and the DRT could be further challenged before the respective appellate tribunals and then before the Supreme Court of India. Much work will need to be done to make the work of IPs coherent under the regulatory authority of the Board. Arguably, the penalties for not declaring assets are not stringent enough (and we assume that those penalties will fall under the amounts owed to the government in the insolvency waterfall). Generally, the provisions for appeals could prove to be a setback for the effective implementation for insolvency resolution. With avenues for appeals and disputes, it remains to be seen to what extent IPs can

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GST – States – SRO 447 – Dated:- 23-10-2017 – Government of Jammu and Kashmir Finance Department Civil Secretariat, Srinagar Notification Srinagar, the 23th October, 2017 SRO 447 – In exercise of the powers conferred by section 109 of the Jammu and Kashmir Goods and Services Tax Act, 2017 (Act No V of 2017), the Government hereby constitute the Jammu and Kashmir Goods and Services Tax Appellate Tribunal for hearing appeals against the orders passed by the Appellate Authority or the Revisional A

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