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TMI BlogRECENT AMENDMENTS IN GST LAWSX X X X Extracts X X X X X X X X Extracts X X X X ..... RECENT AMENDMENTS IN GST LAWS - By: - Dr. Sanjiv Agarwal - Goods and Services Tax - GST - Dated:- 14-2-2019 - - Since the launch of Goods and Services Tax (GST) in India w.e.f. 1.7.2017, GST law i.e. CGST Act, 2017 , and other Union Territory / State GST Laws were recently amendmed for the first time in 2018 vide the Central Goods and Services Tax (Amendment) Act, 2018 which has been notifie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to be effective w.e.f. 1 st February, 2019. Similarly State and Union Territory GST laws and GST (Compensation to States) Amendments Acts were enacted all of which have since been made applicable w.e.f. 1 st February, 2019. Following are the salient features of these amendments: Upper limit of aggregate turnover for opting for composition scheme is raised from ₹ 1 crore to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 1.5 crore. A composition dealer (in goods) allowed to supply services (other than restaurant services), for a value not exceeding - Higher of 10% of turnover in the preceding financial year, or ₹ 5 lakh. The threshold limit of aggregate turnover for exemption from registration in the States of Assam, Arunachal Pradesh, Himachal Pradesh, Meghalaya, Sikkim and Uttarakha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd increased to Rs. twenty lakh from Rs. ten lakh. Taxpayers may opt for multiple registrations within a State/Union Territory in respect of multiple places of business located within the same State/Union Territory on the same income tax Permanent Account Number (PAN). Mandatory registration is required for only those e-commerce operators who are required to collect tax at source. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Registration shall remain temporarily suspended while 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). Registered person to be allowed to take credit on any services where such services are provided by supplier to any other person on the directi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on of such registered person. It will be deemed that the person giving direction has received the said services. 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 wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rehoused goods to any person before clearance for home consumption; and Supply of goods in case of high sea sales. Input tax credit would now be available in respect of the following events: Most of the activities or transactions specified in Schedule III; Motor vehicles for transportation of persons having seating capacity of more than thirteen (including driver), vessels ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Registered persons can issue consolidated credit/debit notes to a party in respect of multiple invoices is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sued in a financial year to that party. Commissioner may extend the time limit for return of inputs and capital sent on job work, upto a period of 1 year and 2 years, respectively. If RBI would permit, supply of services outside India shall be regarded as exports, even if payment is received in Indian Rupees. Place of supply shall be outside India, where job work or any tre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atment 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. Recovery of taxes, interest, fine, penalty etc. can be made from distinct persons, even if such distinct persons are present in different State/Un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion territories. Input Tax Credit on account of CGST and SGST can be utilised towards payment of IGST, CGST and SGST as the case may be only after Input Tax Credit (ITC) available on account of IGST has been fully exhausted towards payment of such taxes. This means IGST has to be fully exhausted first and only thereafter ITC of other taxes such as CGST and SGST can be utilised. RCM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... applicable without any exemption limit for a class of registered persons in respect of supply of specified categories of goods or services or both received from an unregistered supplier as per Notification No.01/2019 Central Tax (Rate) and amended section 9(4) of CGST Act. [yet to be notified]. - - Scholarly articles for knowledge sharing authors experts professionals Tax Manageme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... 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