9911796707
TMI BlogAMENDMENTS IN THE CGST ACT, 2017 - FINANCE (No.2) BILL, 2019X X X X Extracts X X X X X X X X Extracts X X X X ..... n section 10 of the CGST Act to bring in an alternative composition scheme for supplier of services or mixed suppliers (not eligible for the earlier composition scheme) having an annual turnover in preceding financial year upto ₹ 50 lakhs. Further, explanation is being added to section 10 to clarify that: i. for computing the aggregate turnover to determine eligibility for the composition scheme, value of exempt supplies services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount shall not be taken into account; and ii. for determining the valu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther specified taxpayers may be given the option for quarterly or monthly furnishing of returns and payment of taxes under the proposed new return system. [96] 7 New provisos are being inserted in sub-section (1) of section 44 of the CGST Act so as to empower the Commissioner to extend the due date for furnishing Annual return (prescribed FORM GSTR-9/9A) and reconciliation statement (prescribed FORM GSTR-9C). [97] 8 New sub-sections are being inserted in section 49 of the CGST Act to provide a facility to the registered person to transfer an amount from one (major or minor) head to another (major or minor) head in the electronic cash l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14 New sections 101A, 101B and 101C are being inserted in the CGST Act so as to provide for constitution, qualification, appointment, tenure, conditions of services of the National Appellate Authority for Advance Ruling; to provide for procedures to be followed for hearing appeals against conflicting advance rulings pronounced on the same question by the Appellate Authorities of two or more States or Union territories in case of distinct persons; and to provide that the National Appellate Authority shall pass order within a period of ninety days from the date of filing of the appeal respectively. [104] 15 Section 102 of the CGST Act is being amended so as to allow the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the National Appellate Authority shall have power to regulate its own procedure. [109] 20 Consequent to the amendments in section 44 and section 52 of the CGST Act, section 168 is being amended so as to specify that in respect of sub-section (1) of section 44 and subsections (4) and (5) of section 52, Commissioner or Joint Secretary shall exercise the powers specified in the said sections with the approval of the Board. [110] 21 Section 171 of the CGST Act is being amended so as to empower the National Anti-profiteering Authority (under sub-section (2) of section 171 of the Act) to impose penalty equivalent to 10% of the profiteered ..... X X X X Extracts X X X X X X X X Extracts X X X X
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