GST Updates October 2018

Central Government vide Notification No. 50/2018 Central Tax, dated 13.09.2018 appoints 1^st day of October 2018 to made effective provisions of Section 51 of CGST Act with respect to Tax to be deducted at source (TDS) by (a) a department or establishment of the Central Government or State Government; or (b) local authority; or (c) Governmental agencies; or (d) an authority or a board or any other body, – (i) set up by an Act of Parliament or a State Legislature; or (ii) established by any Government.

Central Government vide Notification No. 51/2018 Central Tax, dated 13.09.2018 appoints 1^st day of October 2018 to made effective provisions of Section 52 of CGST Act with respect to Tax to be collected at source (TCS) by every electronic commerce operator.

Central Government vide Notification No. 52/2018 Central Tax, dated 20.09.2018 notifies that every electronic commerce operator, not being an agent, shall collect an amount calculated at a rate of half per cent (0.5%) of the net value of intra-State taxable supplies made through it by other suppliers where the consideration with respect to such supplies is to be collected by the said operator.

Central Government vide Notification No. 49/2018 Central Tax, dated 13.09.2018 specify Form GSTR-9C under Central Goods and Service Tax Rules, 2017 for every registered person whose aggregate turnover during a financial year exceeds two crore rupees shall get his accounts audited and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified, in FORM GSTR-9C.

Central Government vide Notification No. 39/2018 Central Tax, dated 04.09.2018 amend Central Goods and Service Tax Rules, 2017 w.e.f. 04.09.2018 as under:

1. Proper officer may cancel the registration, if a person paying tax under composite scheme not furnished returns for consecutive 3 periods and in case of other registered person not furnished returns for a continuous period of Six month. Now CGST Rule is being amended to provide that instead of replying the notice of proper officer for contravention of Sec. 29(2)(b) and (c), he can furnish all the pending returns and makes full payment of the tax dues along with applicable interest and late fee. Then the proper officer shall drop the proceedings and pass an order in FORM GST-REG 20.
2. To avail Income Tax Credit of Rule 36(2) requires documents having all applicable particulars as specified in Chapter VI of the Rule to be contained on the document and the relevant information is to be furnished in Form GSTR-2 by such person. Now a proviso to Rule 36(2) is inserted to provide if the said document does not contain all the specified particulars but contains the details of the amount of tax charged, description of goods or services, total value of supply of goods or services or both, GSTIN of the supplier and recipient and place of supply in case of inter-State supply, input tax credit may be availed by such registered person.
3. Rule 89(4)(E) has been amended to redefine the definition of “Adjusted Total Turnover” for the purpose of GST refund.
4. Second proviso to Rule 138A(1) inserted to provide further that in case of imported goods, the person in charge of a conveyance shall also carry a copy of the bill of entry filed by the importer of such goods and shall indicate the number and date of the bill of entry in Part A of FORM GST EWB-01.
5. Form GST REG-20 in respect of order for dropping the proceedings for cancellation of registration has been amended.

Central Government vide Notification No. 48/2018 Central Tax, dated 10.09.2018 amends Central Goods and Service Tax Rules, 2017 as under:

1. By inserting Rule 117(1A) extend the date of filing of GST TRAN-1 up to 31.03.2019.
2. Provided further that persons filing GST TRAN-1 in accordance with sub-rule (1A), may submit GST TRAN-2 by 30th April, 2019.

Central Government vide various Notifications seeks to extend dates as under:

Central Government vide Notification No. 41/2018 Central Tax, dated 04.09.2018 waives the late fee payable, for the following classes of taxpayers:-

1. the registered persons whose return in FORM GSTR-3B for the month of October, 2017, was submitted but not filed on the common portal, after generation of the application reference number;
2. the registered persons who have filed the return in FORM GSTR-4 for the period October to December, 2017 by the due date but late fee was erroneously levied on the common portal;

the Input Service Distributors who have paid the late fee for filing or submission of the return in FORM GSTR-6 for any tax period between the 1^st day of January, 2018 and the 23^rd day of January, 2018