Following Notifications have been issued by Government of India on 19.06.2017: 1. Notification Seeks to bring certain sections of the CGST Act, 2017 into force w.e.f. 22.06.2017 (Notification No. 1/2017- Central Tax)
Implementation of GST from 1st July: GST Council ruled out any delay for GST roll out and categorically decided to implement GST from 1st July. The official implementation of GST will take place on the midnight of June 30th and July 1st in an official ceremony to be held on the same day.
There will be a change in Valuation Mechanism relating to valuation of unquoted equity shares for the purposes of section 56 and section 50CA of the Income-tax Act, 1961 as per Draft rules issued by CBDT.
Migration into GST of a person having only VAT Registration: In such a case, he will be provided the Provisional ID and Password for getting migration into GST by the commercial tax department of his state.
GST rule on E-Way requires furnishing of information relating to any goods worth more than Rs. 50,000 whether they intend to move within the state or Inter-state.
In order to give a big relief to MSME sector, government has made a significant reduction in composition rates: Earlier it was proposed to levy 1% composition rate for trader and 2.5% for manufacturer. Further composition scheme was not allowed for a supplier of services.
1. Non-Applicability of GST Law in the State of Jammu and Kashmir: Earlier the GST Law was proposed to be applicable to J&K as well. However in the Bill, the applicability of GST Law is extended to whole of India except the state of J&K.
Notification No. 10/2017-Service Tax has been issued by Government so as to withdraw exemptions granted earlier to few specific Services provided to an Education Institutions.
GST Council on its 11th Meeting held on 4th March, 2017, at Delhi approved the Draft Central Goods and Services Tax (CGST) Bill and the Draft Integrated GST (IGST) Bill. The remaining two Bills namely, State Goods and Services Tax (SGST) Bill and the Union territory Goods and Services Tax (UTGST) Bill, which would be almost a replica of the CGST Act, would be taken-up for approval after their legal vetting in the next meeting of GST Council scheduled on 16 March 2017.
Amendment in Sec.54EC: Investment in long term bonds for claiming exemption under Sec.54EC: Currently, investment in bonds issued by the National Highways Authority of India or by the Rural Electrification Corporation Limited is eligible for exemption under this section.
