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TMI BlogChanges in Circulars issued earlier under the Assam GST Act, 2017.X X X X Extracts X X X X X X X X Extracts X X X X ..... 02.2019. 2. Consequent to the GST Amendment Acts, the following circulars issued earlier under the Assam GST Act, 2017 are hereby amended with effect from 01.02.2019, to the extent detailed in the succeeding paragraphs. 3. Circular No. 8/2017 dated 17.10.2017 [No. CT/GST-15/2017/33 dtd. 17.10.2017] The circular is revised in view of the amendment carried out in section 2(6) of the IGST Act, 2017 vide section 2 of the IGST (Amendment) Act, 2018 allowing realization of export proceeds in INR, wherever allowed by the RBI. Accordingly, the original and the amended relevant para of the circular are detailed hereunder. 3.1 Original Para (k) Realization of export proceeds in Indian Rupee: Attention is invited to para A (v) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ange. 3.2 Amended Para (k) Realization of export proceeds in Indian Rupee: Attention is invited to para A (v) Part- I of RBI Master Circular No. 14/2015-16 dated 01 St July, 2015 (updated as on 05th November, 2015), which states that there is no restriction on invoicing of export contracts in Indian Rupees in terms of the Rules, Regulations, Notifications and Directions framed under the Foreign Exchange Management Act, 1999. Further, in terms of Para 2.52 of the Foreign Trade Policy (2015-2020), all export contracts and invoices shall be denominated either in freely convertible currency or Indian rupees but export proceeds shall be realized in freely convertible currency. However, export proceeds against specific exports may al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f penalty. 4.2 Amended Para 2(k) In case the proposed tax and penalty are not paid within fourteen days from the date of the issue of the order of detention in FORM GST MOV-06 , the action under section 130 of the Assam GST Act shall be initiated by serving a notice in FORM GST MOV-10 , proposing confiscation of the goods and conveyance and imposition of penalty. 4.3 Further, FORM GST MOV-08 and FORM GST MOV-09 , annexed to the circular are revised as below: FORM GST MOV-08 (para 4) And if all taxes, interest, penalty, fine and other lawful charges demanded by the proper officer are duly paid within fourteen days of the date of detention being made in writing by the said proper officer, this obligation shall be voi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ngly availed credit under the existing law and inadmissible transitional credit through Table 4(B)(2) of FORM GSTR-3B would no longer be available to taxpayers. The applicable interest and penalty shall apply in respect of all such amounts, which shall also be paid in FORM GST DRC-03 . 6. Circular No. 25/2018-GST dated 26.10.2018 [CT/GST-15/2017/196 dtd. 29.10.2019] The circular is revised in view of the amendment carried out in section 29 of the Assam GST Act, 2017 vide section 14 of the Assam GST (Amendment) Act, 2018 allowing suspension of registration. Accordingly, the original and the amended relevant para of the circular are detailed hereunder. 6.1 Original Para 11. It is pertinent to mention here that section 29 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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