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GST Amendments

Economy, GST

Let’s discuss GST latest changes and applicability with CA Mohit Gupta.

CBIC Notification Made CA certificate Mandatory for export of goods against Advance Authorization

CBIC vide Notification No. 01/2019-CT dated 15.01.2019 has amended Notification No. 48/2017-CT dated 18.10.2017, which clarifies that supply of goods by a registered person against Advance Authorization shall be treated as deemed supply u/s 147.

Now, it has been provided that Supply of goods by a registered person against Advance Authorisation will be treated as Deemed export only if a certificate from a chartered accountant is submitted to jurisdictional GST Commissioner within a period of 6 months. However, the certificate is not required if ITC has not been availed on inputs used in the manufacture of for export goods.

14 GST Amendments to take effect under GST from 1st Feb 2019

  1. The upper limit of turnover for opting of composition scheme shall be raised from Rs. 1 Cr to Rs. 1.5 Cr.
  2. A Composite dealer(in goods) shall be allowed to supply services (other than restaurant services), for a value not exceeding -Higher of 10% of turnover in the preceding financial year, or Rs. 5 lakh.
  1. The threshold limit of Turnover for exemption from registration in the States of Assam, Arunachal Pradesh, Himachal Pradesh, Meghalaya, Sikkim, and Uttarakhand shall be increased to Rs. Twenty Lakh from Rs. Ten Lakh.
  2. In case of purchase of notified goods from unregistered suppliers, Reverse charge mechanism shall be applicable to notified registered persons.
  3. Taxpayers may opt for multiple registrations within a State/U.T in respect of multiple places of business located within the same State/U.T on the same PAN.
  4. Mandatory registration is required for only those e-commerce operators who are required to collect tax at source.
  5. Registration shall remain temporarily suspended while the cancellation of registration is under process so that the taxpayer could get relief of further continued compliance under the law. (i.e Taxpayers will not be required to file returns).
  1. The following transactions shall not be treated as supply (i.e no tax payable under GST) under

Schedule III:-

  • Supply of goods from a place in the non-taxable territory to another place in the non-taxable territory without such goods entering into India;
  • Supply of warehoused goods to any person before clearance for home consumption; and
  • Supply of goods in case of high sea sales.
  1. The input tax credit would now be available in respect of the following:-
  • Most of the activities or transactions specified in Schedule III;
  • Motor vehicles for transportation of persons having a seating capacity of more than thirteen (including the driver), vessels and aircraft;
  • Services of general insurance, repair, and maintenance in respect of motor vehicles, vessels and aircraft on which credit is available; and
  • Goods or services which are obligatory for an employer to provide to its employees, under any law for the time being in force.
  1. Registered persons may issue consolidated credit/debit notes to a party in respect of multiple invoices issued in a Financial Year to that party.
  2. Commissioner may extend the time limit for return of inputs and capital sent on job work, up to a period of 1 year and 2 years, respectively.
  3. If RBI would permit, Supply of services outside India shall be regarded as exports, even if payment is received in Indian Rupees.
  4. Place of supply shall be outside India, where job work or any treatment or process has been done on goods temporarily imported into India and then exported out of India without putting them to any other use in India except the uses which were necessary for the purpose of such job work or treatment or process.
  5. Recovery of taxes, interest, fine, penalty etc. can be made from distinct persons, even if such distinct persons are present in different State/Union territories.

GST is allowing amendments to b2b for invoices of 2017-18

GST Portal updated to allow an amendment to B2B Invoices pertaining to FY 2017-2018 in GSTR-1 of January 2019.

Those who want to amend invoices of FY 17-18 may please use it.

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