CBEC notifies reduction of
late fee to Rs. 25 per day in case of delayed filing of Forms GSTR-1, GSTR-5,
GSTR-5A, GSTR-6 while extending the last date for filing of Form GSTR-6 for the
months of July 2017 to February 2018 till March 31; Also notifies CGST
(Amendment) Rules 2018 inter alia extending the time limit for furnishing
statement in
Form GST ITC-03 for composition scheme to 180 days under Rule 3(3A); Rate of composition levy under Rule 7 stands reduced to - (i) 0.5% of turnover in State / Union Territory in case of manufacturers, (ii) 2.5% of turnover in State / Union Territory in case of restaurants, (iii) 0.5% of turnover of taxable supplies of goods in State or Union Territory in case of any other suppliers, w.e.f. January 1, 2018; Dispenses with restriction on cancellation of voluntary registration within expiry of 1 year under Rule 20, while extending the deadline for cancellation to March 31 for persons registered under any of existing laws but not liable to be registered under GST in terms of Rule 24(4); Notifies Rule 31A for valuation of supply in case of lottery, betting, gambling and horse racing, while clarifying that aggregate value of exempt supplies for purpose of Rules 42 & 43 shall exclude – (a) value of supply of services specified in Notification No. 42/2017-Integrated Tax (Rate) viz. supply of services to Nepal or Bhutan against payment in INR, (b) value of services by way of accepting deposits, extending loans or advances insofar as consideration is represented by way of interest or discount except in case of banks and financial institutions, and (c) value of services by way of transportation of goods by a vessel from customs station of clearance in India to a place outside India; Amends Rule 54 to allow registered person having same PAN and State Code as an ISD to issue invoice / credit note / debit note to transfer credit of common input services to ISD while stating that taxable value in invoice shall be same as value of common services; Inserts Rule 55A to prescribe that person-in-charge of conveyance must carry a copy of tax invoice / bill of supply issued in accordance with Rules 46, 46A / 49 where such person is not required to carry e-waybill; Amends Rule 89(4A) w.e.f October 23, 2017 to state that in case of supplies received on which supplier has availed deemed export benefit under Notification No. 48/2017-Central Tax, refund of ITC availed in respect of other inputs / input services used in making zero-rated supplies shall be granted, similarly, under Rule 89(4B), in case of supplies received on which supplier has availed benefit of Notification No. 40/2017-Central Tax (Rate), 41/2017-Central Tax (Rate), 78/2017-Cus, 79/2017-Cus or all of them, refund of ITC availed in respect of inputs received under said Notifications for export of goods and ITC availed in respect of other inputs / input services to the extent used in making such export of goods, shall be granted; Also amends Rule 96 relating to refund of IGST paid on goods exported out of India w.e.f October 23, 2017 while substituting Rule 138 and tweaking Rules 138A(5) & 138B(3) (pertaining to e-way bills) w.e.f. February 1, 2018; Notifies www.gst.gov.in as common GST Electronic Portal for facilitating registration, payment of tax, furnishing of returns and computation and settlement of integrated tax and www.ewaybillgst.gov.in as the common GST Electronic Portal for furnishing electronic way bill w.e.f. January 16, 2017; Also amends Notification Nos. 39/2017-Central Tax and 11/2017-Integrated Tax to oust the cross-empowerment of State tax officers for processing and grant of refund under Rule 96(1) to (8) and sub-rule (10) : CBEC Notifications
Form GST ITC-03 for composition scheme to 180 days under Rule 3(3A); Rate of composition levy under Rule 7 stands reduced to - (i) 0.5% of turnover in State / Union Territory in case of manufacturers, (ii) 2.5% of turnover in State / Union Territory in case of restaurants, (iii) 0.5% of turnover of taxable supplies of goods in State or Union Territory in case of any other suppliers, w.e.f. January 1, 2018; Dispenses with restriction on cancellation of voluntary registration within expiry of 1 year under Rule 20, while extending the deadline for cancellation to March 31 for persons registered under any of existing laws but not liable to be registered under GST in terms of Rule 24(4); Notifies Rule 31A for valuation of supply in case of lottery, betting, gambling and horse racing, while clarifying that aggregate value of exempt supplies for purpose of Rules 42 & 43 shall exclude – (a) value of supply of services specified in Notification No. 42/2017-Integrated Tax (Rate) viz. supply of services to Nepal or Bhutan against payment in INR, (b) value of services by way of accepting deposits, extending loans or advances insofar as consideration is represented by way of interest or discount except in case of banks and financial institutions, and (c) value of services by way of transportation of goods by a vessel from customs station of clearance in India to a place outside India; Amends Rule 54 to allow registered person having same PAN and State Code as an ISD to issue invoice / credit note / debit note to transfer credit of common input services to ISD while stating that taxable value in invoice shall be same as value of common services; Inserts Rule 55A to prescribe that person-in-charge of conveyance must carry a copy of tax invoice / bill of supply issued in accordance with Rules 46, 46A / 49 where such person is not required to carry e-waybill; Amends Rule 89(4A) w.e.f October 23, 2017 to state that in case of supplies received on which supplier has availed deemed export benefit under Notification No. 48/2017-Central Tax, refund of ITC availed in respect of other inputs / input services used in making zero-rated supplies shall be granted, similarly, under Rule 89(4B), in case of supplies received on which supplier has availed benefit of Notification No. 40/2017-Central Tax (Rate), 41/2017-Central Tax (Rate), 78/2017-Cus, 79/2017-Cus or all of them, refund of ITC availed in respect of inputs received under said Notifications for export of goods and ITC availed in respect of other inputs / input services to the extent used in making such export of goods, shall be granted; Also amends Rule 96 relating to refund of IGST paid on goods exported out of India w.e.f October 23, 2017 while substituting Rule 138 and tweaking Rules 138A(5) & 138B(3) (pertaining to e-way bills) w.e.f. February 1, 2018; Notifies www.gst.gov.in as common GST Electronic Portal for facilitating registration, payment of tax, furnishing of returns and computation and settlement of integrated tax and www.ewaybillgst.gov.in as the common GST Electronic Portal for furnishing electronic way bill w.e.f. January 16, 2017; Also amends Notification Nos. 39/2017-Central Tax and 11/2017-Integrated Tax to oust the cross-empowerment of State tax officers for processing and grant of refund under Rule 96(1) to (8) and sub-rule (10) : CBEC Notifications
No comments:
Post a Comment