Central Board of Excise and Customs further amends the Central Goods and Services Tax Rules, 2017

Central Board of Excise and Customs further amends the Central Goods and Services Tax Rules, 2017

January 29, 2018 Fiscal, Industries, states 0

Central Board of Excise & Customs has issued Notification No.3 /2018- Central Tax dated 23rd January, 2018 and has further amended the Central Goods and Services Tax Rules, 2017.

Key Highlights of the Amendment are –

1)    Person who has opted to pay tax on composition basis can now file FORM GST ITC-03 within a period of one hundred and eighty days from the day on which such person commences to pay tax under composition basis.

2)    Every person registered under any of the previous indirect tax laws, who is not liable to be registered under the GST Act may, on or before 31st March, 2018 at his option, can submit an application electronically in FORM GST REG-29 at the common portal for the cancellation of registration

3)    Rule 31A has been inserted to determine the Value of supply in case of lottery, betting, gambling and horse racing

4)    A registered person, having the same PAN and State code as an Input Service Distributor, may issue an invoice or, as the case may be, a credit or debit note to transfer the credit of common input services to the Input Service Distributor, which shall contain the specified details.

5)    The person-in-charge of the conveyance shall carry a copy of the tax invoice or the bill of supply issued in a case where such person is not required to carry an e-way bill.

6)    With effect from 1st February, 2018, Rule 138 with regards to Information to be furnished prior to commencement of movement of goods and generation of e-way bill has been substituted.

7)    With effect from 1st February, 2018, forms FORM GST EWB-01 and FORM GST EWB-02, has been substituted

8)    In FORM GST RFD-01A after Statement 1A, Statement- 2, Statement -3, Satement-4 has been inserted.

For further information please refer the attached document.

Source: Central Board of Excise & Customs

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