Friday, 28 July 2017

CGST Rules notified.

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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