IDT Digest for October 3, 2017

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GST updates pertaining to recent Notifications/Orders are given as under for your easy digests:

Eight Amendment to CGST Rules, 2017: Following are the changes in the CGST Rules, 2017 brought vide Notification No. 36/2017-Central Tax dated September 29, 2017:

Rule 24: Migration of persons registered under the existing law à In terms of Rule 24(4) of the CGST Rules, 2017, every person registered under any of the existing laws, who is not liable to be registered under the GST Act may, on or before 30th  September, 2017 , at his option, submit an application electronically in FORM GST REG-29 at the common portal for the cancellation of registration granted to him and the proper officer shall, after conducting such enquiry as deemed fit, cancel the said registration.

The date for cancellation of migrated registrants has been extended from 30th September to 31st October.

In Transitional Rules 118, 119 and 120 of the CGST Rules, 2017, power to extend 90 days’ period for filing Form GST TRAN-1 has been provided by replacing the words with “the period specified in rule 117 or such further period as extended by the Commissioner”.

Thus, the anomaly pertaining to whether the extended date of October 31, 2017 for filing Form GST TRAN-1, pertains only to the transitional credit under Rule 117 or for entire Form GST TRAN-1, has been removed. Thus, Form GST TRAN-1 can be filed as well as revised till October 31, 2017.

Heading is given to Rule 120A as “Revision of declaration in FORM GST TRAN-1”

Heading for Form REG 29 changed from “APPLICATION FOR CANCELATION OF PROVISIONAL REGISTRATION” to “APPLICATION FOR CANCELATION OF REGISTRATION OF MIGRATED TAXPAYERS”

Read more at: http://www.cbec.gov.in/resources/htdocs-cbec/gst/notfctn-36-central-tax-english.pdf

 

Other Changes:

Vide Notification No. 30/2017-Central Tax (Rate) dated September 29, 2017, supply of services associated with transit cargo to Nepal and Bhutan is exempted from GST.

Read more ate: http://www.cbec.gov.in/resources/htdocs-cbec/gst/notfctn-30-CGST-rate-english.pdf

 

Vide Order No. 4/2017-GST dated September 29, 2017, time limit for intimation of details of stock held on the date preceding the date from which the option for composition levy is exercised in FORM GST CMP-03 has been extended till 31st October, 2017.

Read more at: http://www.cbec.gov.in/resources/htdocs-cbec/gst/order4-cgst.pdf