LATEST AMENDMENTS TO CGST RULES
By: – DR.MARIAPPAN GOVINDARAJAN
Goods and Services Tax – GST
Dated:- 23-4-2018<\/p>\n
Vide Notification No. 21\/2018-Central Tax, dated 18.04.2018 the Central Government made the amendments to the Central Goods and Services Tax Rules, 2017, which is called as 'Central Goods and Services Tax (Fourth Amendment) Rules, 2018.
\nAmendment to Rule 89
\nRule 2(i) proposed to substitute new rule for Rule 89(5). The newly substituted rule provides that in case of refund on account of inverted duty structure, refund of input tax credit shall be granted as per the following formula-
\nMaximum Refund Amount = {(Turnover of inverted rate supply of goods and services) x Net
\nITC \/ Adjusted Total turnover} – tax payable on such inverted rate
\nSupply of goods and services.
\nThe explanation to the rules defines the expression 'Net ITC' and 'Adjusted Total Turnover'. The express 'Net ITC' means input tax credit availed on inputs during the relevant period other than <\/p>\n
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\n * the amount of duty of excise referred to in section 11B (2) or section 11C (2) orsection 11D (2);
\n * the amount of duty of customs referred to insection 27 (2) orsection 28A (2), orsection 28B(2) of the Customs Act, 1962;
\n * any income from investment of the amount credited to the Fund and any other monies received by the Central Government for the purposes of this Fund.
\n * the surplus amount referred to section 73A (6)of the Finance Act, 1994.
\n * Section 57 of CGST Act read with section 20 of IGST Act, 2017 – This section provides that the following shall be credited to the Consumer Welfare Fund-
\n * the amount referred to insection 54 (4);
\n * any income from investment of the amount credited to the Fund; and
\n * such other monies received by it,
\nSection 20 of IGST Act, 2017 provides that the provisions of CGST Act are applicable to IGST Act also.
\n * Section 21 of UTGST Act, 2017 – This section provides that the provisions of CGST Act are applicable to UTGST Act, 2<\/p>\n
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\nThe provisions relating to the meeting of the Committee are as follows-
\n * The Committee shall meet as and when necessary, generally four times in a year.
\n * The Committee shall meet at such time and place as the Chairman or in his absence by the Vice Chairman.
\n * The meeting of the Committee shall be presided over by the Chairman or in his absence by the Vice Chairman.
\n * The meeting shall be called, after giving at least 10 days' notice in writing to every member.
\n * The notice of the meeting shall specify the place, date and hour of the meeting and shall contain statement of business to be transacted thereat.
\n * No proceedings shall be valid, unless it is presided over by the Chairman or Vice Chairman and attended by a minimum of three other members.
\nPowers of the Committee
\nThe Committee shall have the following powers-
\n * to require any applicant to get registered with any authority as the Central Government may specify;
\n * to require any applicant to produce before i<\/p>\n
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\n * to reject an application placed before it on account of factual inconsistency or inaccuracy in material particulars;
\n * to recommend minimum financial assistance, by way of grant to an applicant, having regard to his financial status, and importance and utility of the nature of activity under pursuit, after ensuring that the financial assistance provided shall not be misutilized;
\n * to identify beneficial and safe sectors, where investments out of Fund may be made, and make recommendations accordingly;
\n * to relax conditions required for the period of engagement in consumer welfare activities of an applicant;
\n * to make guidelines for the management, and administration of the fund.
\nThe Committee shall not consider an application, unless it has been required into, in material details and recommended for consideration accordingly, by the Member Secretary.
\nWho is an applicant?
\nThe term 'applicant' means-
\n * the Central Government or State Go<\/p>\n
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\nRecommendations of the Committee
\nThe Committee shall make recommendations-
\n * for making available grants to any applicant;
\n * for investment of money available in the Fund;
\n * for making available grants for reimbursing legal expenses incurred by a complainant, or class of complainants in a consumer dispute, after its final adjudication;
\n * for making available grants for any other purpose recommended by the Central Consumer Protection Council;
\n * for making available up to 50% of the funds credited to the Fund each year, for publicity\/consumer awareness on GST, provided the availability of funds for consumer welfare activities of the Department of Consumer Affairs is not less than ₹ 25 crores per annum.
\nAmendment in Form GST ITC – 03
\nRule 2(iii) substitutes a new instruction against the existing instruction after entry 5(e) of the ITC – 03. The newly substituted instructio<\/p>\n
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