Circular No. Efiling Income Tax Returns(ITR) is made easy with ClearTax platform. BE it enacted by Parliament in the Sixty-ninth Year of the Republic of India as follows:— 1. Address 59/32, New Rohtak Road, New Delhi – 110005 Phone : 011-45562222 Fax : 011-45577111 Email : sales@taxmann.com SkypeId: taxmannindia Contact Details(Mumbai) To amend Specified suppliers to mandatorily provide the option of electronic payment to the recipients of supply of goods or services or both made by them. 1. File Income tax returns for free in 7 minutes, Get expert help for tax filing or starting your business, Curated Mutual Funds & plans for tax savings, Complete solution for all your e-invoicing needs, I-T, e-TDS & Audit Software for CAs & Tax Professionals. This will be a new section inserted in the CGST Act which will mandate certain registered suppliers to give their recipients the option of prescribed modes of electronic payment. Powers of officers= Section – 5 4. This will be a welcome move for taxpayers who, earlier, had to pay interest on the entire portion of unpaid taxes without allowing ITC, if taxes had not been paid within the due dates prescribed. 2. The proper officer MAY in his or her DISCRETION, before servicing notice u/s Section 73(1) or Section 74(1) of CGST Act to a Registered Person, Communicate the details of any tax, interest and penalty as ascertained by the said officer, in Part A of FORM GST DRC-01A. 1. Act or the rules made thereunder or under any other law for the time being in force to verify the correctness of turnover declared, taxes S. 2(13) CENTRAL GOODS AND SERVICES TAX ACT, 2017 1540 1. With the approval from the GST council in the meeting held on January 10 2019, the changes made by the CGST (Amendment) Act, 2018, IGST (Amendment) Act, 2018, UTGST (Amendment) Act, 2018, and GST Amendment Act (Compensation to States), 2018 along with the corresponding changes in SGST Acts will be applicable from 1sr … To amend and state AR pronounced by NAA to be void in certain cases. CGST Act: “Central Goods and Services Tax (CGST) Act”, that is a new set of words that have recently entered the public domain in the country. This applies only to those who are exclusive suppliers of goods.Â. This will greatly reduce the cost and burden of compliance to these small businesses, who had to file as many as 24 monthly returns in the past. This section has been amended to introduce an option for specified taxpayers to furnish their returns on a quarterly basis instead of monthly. Here are all the major updates, along with our take on how this affects  GST-registered taxpayers-. Under this new section, these registered suppliers will have to mandatorily give their recipients the option of making electronic payments. CAs, experts and businesses can get GST ready with ClearTax GST software & certification course. amendment of certain provisions) act, 2020. Rule 61 of the Rules has been amended retrospectively with effect from 1 July 2017 to notify that the return furnished in Form GSTR-3B would be considered as a return specified in section 39(1) of the CGST Act, 2017 (Act). The provisions of CGST Act, 2017 and IGST Act, 2017, including significant circulars and notifications issued and other legislative amendments made upto 31st October, 2020, are applicable for May 2021 examinations. Appointment of officers = Section – 4 3. 31 OF 2018) An Act further to amend the Central Goods and Services Tax Act, 2017. CGST Rules, 2017-Part-A; CGST Rules, 2017-Part-B; IGST Rules, 2017; Notifications. Amending to state AR pronounced by the NAA shall be binding PAN wise. Our take The Government is moving towards a cashless economy, and one such measure is the introduction of electronic modes of payment for certain payment and certain registered persons. Your email address will not be published. Supply of services not liable to GST; 2. Amendments made vide Section 8 of the CGST (Amendment) Act, 2018: GOI Notification dt. CGST (Amendment) Act, 2018. Our experts suggest the best funds and you can get high returns by investing directly or through SIP. A new sub-section has been introduced to bring in a similar Composition Scheme for Service Providers, as well as suppliers of both goods and services (mixed suppliers), having an annual turnover of up to Rs 50 lakhs in the preceding financial year. As per the latest update in the Finance Bill, now a specified class of taxpayers can file a single quarterly return, and in the case of Composition taxpayers, an annual return can be filed instead. New Delhi, the 12th April, 2017/Chaitra 22, 1939 (Saka) The following Act of ... Tax (Amendment) Act, 2018 (No. Need an amendment for Charging interest only on the net cash tax liability, except in proceedings under CGST section 73 or Section 74. 31 OF 2018) [29th August, 2018] An Act further to amend the Central Goods and Services Tax Act, 2017. What’s New Introduction of retrospective amendment to CGST Rules to specify the last date to avail ITC and imposition of credit restrictions where invoices are not uploaded in GSTR-1 The CGST Rules, 2017 (Rules) have been amended by notification no. Goods and Services Tax (Compensation to States) Amendment Act 2018. This amendment is beneficial especially for small and medium taxpayers who do not need to get themselves registered under GST unless their turnover exceeds Rs 40 lakhs. To include the wording “Commissioner or Joint Secretary shall exercise the powers specified in respect of section 44(1) and section 52( 4&5)”. Cost and Works Accountants Act, 1959 [As Amended By The Cost And Works Accountants (Amendment) Act, 2006].pdf. MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 30th August, 2018. The government plans to administer both direct and indirect taxes via Aadhaar while PAN may continue to be in use for routine compliances. Our take: The mandatory disclosure of the Aadhaar number, first under the Income Tax Act, and now under the Central Goods and Services Act, shows the importance the Government has now placed on the Aadhaar Card. CHAPTER I PRELIMINARY 4 (a) by own labour, or (b) by the labour of family, or (c) by servants on wages payable in cash or kind or by hired labour under personal supervision or the personal supervision of any member … Further you can also file TDS returns, generate Form-16, use our Tax Calculator software, claim HRA, check refund status and generate rent receipts for Income Tax Filing. April 7, 2020 . 392 KB. amendments to GST Laws for public comments July 10, 2018 In brief The GST Council has released a set of draft amendments in the CGST Act, IGST Act and GST (Compensation to the States) Act for public comments, which are requested to be submitted by 15 July, 2018. For definition of “associated enterprises” under section 92A of the Income-tax Act, 1961, see Appendix. Here is the CGST Section wise, quick summary of these changes. (ii) Value of exempt supplies of services provided by way of extending deposits, loans or advances, with interest or discount as the consideration shall not be considered as part of the aggregate turnover, to determine the value of turnover in a particular State or Union Territory. 15-09-2017: View : देखें: Notifying section 51 of the CGST Act, 2017 for TDS. Save taxes with ClearTax by investing in tax saving mutual funds (ELSS) online. Amendment To define the “National Appellate Authority (NAA)” for Advance Ruling. To Provide for new return system and allow the composition scheme taxpayers to furnish annual return in GSTR 9A along with quarterly payment. To amend and insert the Provisions for consequential transfer of amount between Centre and States, in view of inter-operability of amounts in different heads of cash ledger under section 49 of CGST Act). Our take: As committed by the GST Council this amendment brings into effect the composition scheme for mixed suppliers. Corrigendum CGST; IGST; 101st Constitution Amendment Act, 2016; GST (Compensation to the States) Act; Rules. 50 lacs per year. This move will help in preventing the suppliers from using the benefit of input tax credit to reduce their tax costs while at the same time, not reduce prices for consumers. The government has published below amendment acts through official Gazette on 30.08.2018. took proactive step and allow it through CGST Amendment Act 2018 which was noti ed w.e.f. Income Tax Act.pdf. The threshold limit for Registration under GST has been increased from Rs 20 lakhs to Rs 40 lakhs for a supplier of goods only.Â, Our take: The GST Council has proposed this change in the 32nd Council Meet, to come into force from the 1st of April, 2019. The provisions of income-tax law, as amended by the Finance Act, 2020, including significant circulars, notifications, press releases issued and legislative amendments made upto 31 st October, 2020, are applicable for May, 2021 examination.The relevant assessment year for income-tax is A.Y. To amend and introduce composition scheme for service providers Up to a limit of Rs. To understand more about the latest amendments to CGST is also important as knowing GST.. The Finance Bill, 2019 saw some important amendments made to the Central Goods and Services Tax Act. Discussing the amendments made in the CGST and IGST Act 2017. This will greatly reduce the cost and burden of compliance to these small businesses, who had to file as many as 24 monthly returns in the past. Also, this will be applicable for intra-state, interstate and union territory dealers. To Provide for transfer of an amount from one head to another head online in the electronic cash ledger. (. However, with the amendment in this section, taxpayers now only need to pay on that portion of tax which is paid by cash or in other words, through the electronic cash ledger, thus reducing their tax burden. 2017 (‘CGST Rules’) provides that tax along with the interest at 18 per cent is required to be paid within 15 days from the end of this 3 months period or such further period as may be allowed by the Commissioner. 18-10-2017 Tenth Amendment to the CGST rules, 2017. Union Territory Goods and Services Tax (Amendment) Act 2018. 40 lacs per year. Amendment in CGST Section 2 – Definitions: The major … Clause 143 of the Bill provides that the provisions of Part VI shall come into force on such date as the Central Government may, by notification, in the official gazette, appoint. Section 21 of UTGST Act, 2017 - This section provides that the provisions of CGST Act are applicable to UTGST Act, 2017. Section 12 of the Goods and Services Tax (Compensation to States) Act, 2017 . Offer Discount Code for Companies Act and GST Act in PDF. 16/2019- Central Tax dated 23.03.2020, effective from 23.03.2020. Section 128 of Finance act 2020 related to amendments made in Section 140 of CGST with retrospective effect from 1st … Dynamic/PIB1607942.pdf •Ministry of Finance Press release dated 24th March 2020 •Last Date for GSTR 3B: Those having aggregate annual turnover less than Rs. Seeks to notify certain supplies as deemed exports under section 147 of the CGST Act, 2017. In addition to this, CGST Rules 2017 have also been introduced which are read together with the CGST Act, 2017 to understand the applicability of CGST. You must have lest gst updates to keep your business smoothly. of the GST Council held in New Delhi on 21 2018 Amendments to the CGST Act, 2017, IGST Act, 2017, UTGST Act2017, and GST (Compensation to States) Act, 2017 Posted On: 21 JUL 2018 8:22PM by PIB Delhi The G ST Council in its 28 meeting held here today has recommend ed certain amendments in the CGST Act, IGST Act, UTGST Act and the GST (Compensation to States) Act. 3 Substituted for ―the Appellate Authority and the Appellate Tribunal‖ by The Central Goods and Services Tax (Amendment) Act, 2018 (No. The government plans to administer both direct and indirect taxes via Aadhaar while PAN may continue to be in use for routine compliances. 1st Feb 2019. 2. This is line with announcements made in the GST Council meetings. This applies only to those who are exclusive suppliers of goods.Â. Aadhaar Number authentication for new and existing GST registrants. For May 2021 examination, the provisions of CGST Act, 2017 and IGST Act, 2017 as amended by the Finance Act, 2020 and Finance (No. Central Excise and Service Tax law, only in respect of “eligible duties”. Below are some of the important changes made in CGST ACT 2017 through CGST Amendment ACT 2018, which is going to be effective from 01st February 2019. It also clarifies that services that include extending deposits etc shall not be part of aggregate turnover. Amendments To The Central Goods And Services Tax Act, Under The Finance Bill, 2019, (i) Value of exempt supplies of services provided by way of extending deposits, loans or advances, with interest or discount as the consideration shall. 2. THE INTEGRATED GOODS AND SERVICES TAX (AMENDMENT) ACT, 2018 NO. An Act further to amend the Integrated Goods and Services Tax Act, 2017. Date of amendment: 01-01-2021 | w.e.f. Amendment) Bill was introduced in the Lok Sabha 2014 Aug 2016 The Constitution (One Hundred and First Amendment) Act was enacted March 2017May 2017 GST Council Recommends the CGST, SGST, IGST, UTGST and Compensation Cess Act April 2017 CGST, IGST, UTGST and Compensation Cess Acts passed All States except J&K passed their SGST ACT (Download pdf) Advertisement. the CGST (Amendment) Act, 2018 to provide for “Suspension” of registration. This section also prescribes the manner in which Aadhaar authentication needs to be done. ClearTax can also help you in getting your business registered for Goods & Services Tax Law. Our take: This was a long-standing problem that causes grievances amongst taxpayers who have mistakenly paid taxes under the wrong head of tax, in the past. Till then Reverse charge mechanism will not be applicable to the registered person for receiving goods or services from UN-registered person. In case a person fails to undergo Aadhaar authentication, then his registration would be deemed invalid. An Article By: – Pawan Arora. Customs Act 1962.pdf. 4,440 KB. This provision will also be applicable in cases where registration is being granted for the first time. Our take: This will be a welcome move for taxpayers who, earlier, had to pay interest on the entire portion of unpaid taxes without allowing ITC, if taxes had not been paid within the due dates prescribed. be utilised and would need to be paid again under the correct head. 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