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Govt.
notifies Central Goods and Services Tax (Fourth Amendment) Rules 2017, inter
alia amends Rule 24 w.e.f. July 22 to allow cancellation of GST registration
of migrated tax-payers by September 30th; Amends Rule 34 to prescribe rate of
exchange as notified by CBEC u/s 14 of Customs Act for determination of value
of taxable goods, while rate of exchange for taxable services shall be that
determined as per generally accepted accounting principles; Amount for
reversal of ITC in respect of inputs or capital goods in stock, where persons
opts for composition scheme / supplies exempt goods or services / whose
registration has been cancelled, shall be calculated separately for central
tax, State tax, Union territory tax and integrated tax, in terms of Rule 44 w.e.f
July 1; Amends third proviso to Rule 46 to provide endorsement of supplies to
SEZ unit / developer on the invoice, while also amending Forms GST TRAN-1
& TRAN-2 to provide for “applicable HSN Codes”; Further amends Rule 61 to
provide for e-filing of Form GSTR-3B, and where said Return is furnished
after the due date for furnishing details in Form GSTR-2 (inward supplies) –
(a) Part A of Form GSTR-3 shall be generated electronically on the basis of
Forms GSTR-1, GSTR-2 and other liabilities of preceding tax periods, while
Part B thereof, on the basis of return in Form GSTR-3B, (b) Part B of Form
GSTR-3 can be modified based on discrepancies if any, between Form GSTR-3B
and GSTR-3 and accordingly tax liabilities shall be discharged, (c) where ITC
amount in Form GSTR-3 exceeds that in Form GSTR-3B, the additional amount
shall be credited to electronic credit ledger : CBEC Notification
Click here to read / download copy of Notification No. 17/2017-Central Tax dated July 27, 2017. Click here to post your comment. For subscriptions, please contact: sales@taxsutra.com
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Friday, 28 July 2017
Govt. amends CGST Rules; Lays down procedure upon delayed filing of 'Form GSTR-3B
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