This Tax Alert
summarizes recent Notifications and Circulars issued by Central Board of
Indirect Taxes and Customs (CBIC).
The highlights are:
- Amendment made in Section 16 of
the Integrated Goods and Services Tax Act, 2017 (IGST Act) vide Finance
Act, 2021 and various other amendments in Central Goods and Services Tax
Act, 2017 (CGST Act) and IGST Act vide Finance Act, 2023 are being made
effective from 1 October 2023.
- Changes in provisions relating
to GST Appellate Tribunal are made effective from 1 August 2023.
- For transitional credits,
special procedure is being prescribed for filing appeal against the order
passed by proper officer in accordance with Circular No. 182/14/2022-GST.
- Registered person having
aggregate turnover up to INR2 crores in financial year 2022-23 have been
exempted from filing annual return in Form GSTR-9.
- Clarifications have been issued
on various issues under GST, basis recommendations made in the 50th GST
Council Meeting.
Comments
- Rule 96(10) of the CGST Rules
prohibits certain class of exporters from availing the option to export
goods or services on payment of IGST and claiming refund of the same
(rebate route). After section 16(4) becomes operational, such class of
exporters may be separately notified by the Government.
- Allowing composition dealers to
supply through ECOs and relaxation in registration requirement for online
suppliers may boost MSME sector
- Presently, persons supplying services
through ECO and having aggregate turnover of less than registration
threshold are already exempted from obtaining registration vide
Notification No. 65/2017 – Central Tax.
- Though it is clarified that
renting of immovable services provided by directors in their private or
personal capacity is outside the ambit of Entry 6 of Notification No.
13/2017 - Central Tax (Rate), renting of residential dwelling by such
directors to the company may still get covered under reverse charge
through Entry 5AA of the said Notification.
- Whether the clarification in
relation to supply of food by cinema halls can be extended to similar
supplies made by airlines, supermarkets, etc., may need to be evaluated.
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