Central Board of Excise and Customs amends the Central Goods and Services Tax Rules, 2017
Central Board of Excise and Customs (CBEC) vide Notification No 17/2017-Central Tax dated 27th July, 2017 has amended the Central Goods and Services Tax Rules, 2017.
Key Highlights of the amendment are –
- In Rule 24(4) – Person migrated to GST, but are not liable to be registered under GST can make an Application for Cancellation of Registration on or before 30th September, 2017 in FORM GST REG-29 (Effective date is 22nd July, 2017)
- Amendment made in Rule 34 in relation to determining rate of exchange for valuation of supply of goods and services
- Amendment made in Rule 46 in relation to raising of invoices for Supply made to SEZ units. As in the case of export additional endorsement is also required in Invoice when supply made to SEZ units “Supply Meant For Export/Supply To SEZ Unit Or SEZ Developer For Authorised Operations On Payment Of Integrated Tax” Or “Supply Meant For Export/Supply To SEZ Unit Or SEZ Developer For Authorised Operations Under Bond Or Letter Of Undertaking Without Payment Of Integrated Tax”
- In the cases where return in Form GSTR-3B is furnished: -Part A of Form GSTR-3 shall be electronically generated on the basis of information furnished in Form GSTR-1 and Form GSTR-2 whereas Part B shall be based on return submitted in Form GSTR-3B.Registered person can modify Part B in Form GSTR-3 based on discrepancies, if any, existing between GSTR-3B and GSTR-3 and discharge his tax and other liabilities accordingly. If the amount of input tax credit in Form GSTR-3 exceeds the amount as per GSTR-3B, the excess amount shall be credited to the electronic credit ledger (Effective date is 1st July, 2017)
- In Form GST TRAN-1 and GST TRAN-2 ‘HSN as applicable’ is substituted in place of HSN (6 digits) (Effective date is 1st July, 2017)