Government issues draft of proposed amendments in GST Laws for comments

Government issues draft of proposed amendments in GST Laws for comments

July 11, 2018 Fiscal, Industries, states 0

The Government has released draft proposal of 46 amendments in Central Goods and Services Tax (CGST) ,Integrated Goods and Services Tax (IGST) and Goods and Services Tax ( Compensation to States ) Laws and has invited stakeholders comments on the draft proposals for amending GST Laws by 15th day of July, 2018.

Some of the important proposed amendments are:

  1. The draft amendment proposes addition of new clause to Schedule III of the CGST Act, 2017 to ensure that supply of goods in the course of high sea sales and sale of warehoused goods, before clearance for home consumption are “no supply” under GST.
  1. The draft amendment proposes to amend Section 9 (4) of the law, which will permit the Government, on the recommendations of the GST Council, to notify a specified class of registered persons that would be covered under the RCM provision on purchases made from unregistered dealers.
  1. Proposed amendment of Section 10(1) of CGST Act, 2017, thereby raising the turnover threshold for composition dealers from Rs.1 cr to Rs. 1.5 cr.
  1. Proposed amendment of Section 17(5) of CGST Act, 2017 , so that the employers are able claim input tax credit on facilities like food, transport and insurance provided to employees if such goods or services are obligatory for employer.
  1. Proposed amendment of Section 24 clause (x) whereby only those e-commerce operators who are required to collect tax at source under section 52 would be required to take compulsory registration.
  1. The proposed amendments seeks to amend Section 25 (2) of CGST Act, 2017 to allow persons having multiple places of business in a State or Union territory to obtain separate registrations for each such place of business.
  1. Proposed amendment of Section 34(1) and Section 34(3) of CGST Act, 2017 to permit a registered person to issue consolidated credit / debit notes in respect of multiple invoices issued in a Financial Year without linking the same to individual invoices.

For further details, please refer to the attached documents.

Source: Goods and Services Tax Council

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