Notifications Issued dated 23 March 2018- GST Update.

This is to update you on the notifications issued yesterday by the Ministry of Finance:

   

►     Notification No. 10/2018 – Central Tax (Rate)

·         The govt. has extended the exemption date to 30 June, 2018 for payment of tax under reverse charge under section 9(4) of the CGST Act, 2017 i.e. Purchase made from Unregistered persons.

►     Notification No. 14/2018 – Central Tax:

·         CGST Rules have been further amended requiring issuance of a challan from principal or job-worker where the goods are further being sent from one job-worker to another job worker under Rule 45. Also, it is notified that the challan issued by the principal or job worker may be endorsed by the job worker or another job worker (as the case may be), indicating therein the quantity and description of goods where the goods are sent by one job worker to another or are returned to the principal:

·         The scope of definition of ‘interested party’ under anti-profiteering rules has been widened by including the following clause. Please note that erstwhile, only supplier or the recipient was included in the said definition for the purpose of making an application before the Standing Committee or Screening Committee

“(c) any other person alleging, under sub-rule (1) of rule 128, that a registered person has not passed on the benefit of reduction in the rate of tax on any supply of goods or services or the benefit of input tax credit to the recipient by way of commensurate reduction in prices.”

►     Notification No. 15/2018 – Central Tax

·         The govt. has notified the date as 01  April 2018  from which Rule 138 of CGST Rules i.e. E-Waybill Rules shall come into force.  However, Rule 138(7) will not be effective from the said date which states that ‘In case the  aggregate of the consignment value of goods carried in the conveyance is more than INR 50,000/- and neither the consignor nor consignee has generated the waybill, then the TRANSPORTER shall generate an e-waybill in FORM GST EWB-01 and may also generate a consolidated e-waybill in FORM GST EWB-02’

►     Notification No. 16 /2018 – Central Tax

·         The govt. has notified the dates for filing return in  Form GSTR-3B and discharge of tax liability for the months of April to June 2018 as below:

o   April -  20 May 2018

o   May-  20 June 2018

o   June - 20 July 2018