This
is to update you that the CBEC vide Notification No. 17/2017 – Central Tax
dated July 27, 2017 has amended the CGST Rules, 2017. Some of the key
changes introduced have been highlighted hereunder:
► Every
person registered under any of the existing indirect tax laws, who is not
liable to be registered under the GST Act, can submit an application
electronically in FORM GST REG-29 at the common portal for the
cancellation of such registration, on or before 30th September, 2017.
► The
rate of exchange of currency, other than Indian rupees, for determination of
value has been prescribed as follows—
(1) The rate of exchange for determination of
value of taxable goods shall be the applicable rate of exchange as notified by
the Board under section 14 of the Customs Act, 1962 for the date of time of
supply of such goods in terms of section 12 of the Act.
(2) The rate of exchange for determination of
value of taxable services shall be the applicable rate of exchange determined
as per the generally accepted accounting principles for the date of time of
supply of such services in terms of section 13 of the Act.
►
The endorsement in the invoices for export of goods/services has been amended
to include supplies to SEZ as well. The invoice shall carry an endorsement
“Supply meant for export/supply to SEZ unit or SEZ developer for authorised
operations on payment of integrated tax” or “Supply meant for export/supply to
SEZ unit or SEZ developer for authorised operations under bond or letter of
undertaking without payment of integrated tax”, as the case may be.
► Where
a return in FORM GSTR-3B has been furnished and after the due date for
furnishing of details in FORM GSTR-2—
(1) Part A of the return in FORM GSTR-3 shall
be electronically generated on the basis of information furnished through FORM
GSTR-1, FORM GSTR-2 and based on other liabilities of preceding tax periods and
PART B of the said return shall be electronically generated on the basis of the
return in FORM GSTR-3B furnished in respect of the tax period;
(2) The taxpayer shall modify Part B of the
return in FORM GSTR-3 based on the discrepancies, if any, between the return in
FORM GSTR-3B and the return in FORM GSTR-3 and discharge tax and other
liabilities, if any;
(3) Where the amount of input tax credit in
FORM GSTR-3 exceeds the amount of input tax credit in terms of FORM GSTR-3B,
the additional amount shall be credited to the electronic credit ledger of the
registered person
We
have attached herewith a copy of the Notification for your reference. Trust
the above update helps.
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