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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 ..... 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 value of turnover in a State or Union territory to calculate tax payable, value of exempt supplies of services provided by way of extending deposits, loans or advances in so far as the consideration is represented by way of interest or discount; and va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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 ledger. [98] 9 New proviso in sub-sections (1) is being inserted in section 50 of the CGST Act so as to provide for charging interest only on the net cash tax liability, except in those cases where returns are filed subsequent to initiation of any proceedings under section 73 or 74 of the CGST Act. [99] 10 New provisos are being inserted in sub-sections (4) and (5) of section 52 of the CGST Act so as to empower the Commissioner to extend the due date for furnishing of monthly and annual statement by the person collecting tax at source. [1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the date of the order, except under certain specified circumstances. [105] 16 Section 103 of the CGST Act is being amended so as to provide that the advance ruling pronounced by the National Appellate Authority shall be binding, unless there is a change in law or facts, on the applicants, being distinct person and all registered persons having the same Permanent Account Number and on the concerned officers or the jurisdictional officers in respect of the said applicants and the registered persons having the same Permanent Account Number. [106] 17 Section 104 of the CGST Act is being amended so as to provide that advance ruling pronounced by the National Appellate Authority shall be void where the ruling has been obtained by frau ..... X X X X Extracts X X X X X X X X Extracts X X X X
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