Sponsored
- Some of the changes have been made retrospective w.e.f 1st July, 2017
- The Act shall come into force on a later date which shall be notified
Amended Sections and New Section
| S.No. | Section | Description | S.No. | Section | Description |
| 1 | 2 | Definitions | 15 | 35 | Accounts and other records |
| 2 | 7 | Scope of supply
( w.e.f. 1st July 2017) |
16 | 39 | Furnishing of returns |
| 3 | 9 | Levy and collection | 17 | 43A | Procedure for Furnishing Return and Availing ITC |
| 4 | 10 | Composition levy | 18 | 48 | Goods and services tax practitioners |
| 5 | 12 | Time of Supply of Goods | 19 | 49 | Payment of tax, interest, penalty and other amounts. |
| 6 | 13 | Time of Supply of Services | 20 | 49A & 49B | Cond. for Utilisation of ITC & Order for Utilisation |
| 7 | 16 | Eligibility and conditions for taking input tax credit | 21 | 52 | Collection of tax at source |
| 8 | 17 | Apportionment of credit and blocked credits | 22 | 54 | Refund of tax |
| 9 | 20 | Manner of distribution of credit by Input Service Distributor…….. | 23 | 79 | Recovery of tax |
| 10 | 22 | Persons liable for registration | 24 | 107 | Appeals to Appellate Authority |
| 11 | 24 | Compulsory registration in certain cases | 25 | 112 | Appeals to Appellate Tribunal |
| 12 | 25 | Procedure for registration | 26 | 129 | Detention, seizure and release of goods and conveyances in transit. |
| 13 | 29 | Cancellation or suspension of registration | 27 | 140 | Transitional arrangements for input tax credit
( w.e.f. 1st July 2017) |
| 14 | 34 | Credit and debit notes…. | 28 | 143 | Job work procedure . |
| AMENDMENT IN SCHEDULE I – ACTIVITIES TO BE TREATED AS SUPPLY EVEN IF MADE WITHOUT CONSIDERATION | |||||
| AMENDMENT IN SCHEDULE II – ACTIVITIES OR TRANSACTIONS TO BE TREATED AS SUPPLY EVEN IF MADE WITHOUT CONSIDERATION
( w.e.f. 1st July 2017) |
|||||
| AMENDMENT IN SCHEDULE III- ACTIVITIES OR TRANSACTIONS WHICH SHALL BE TREATED NEITHER AS A SUPPLY OF GOODS NOR A SUPPLY OF SERVICES | |||||
- CBEC changes to CBIC
- Anti Profiteering Authority shall not be considered as Adjudicating Authority (Definition used in Sec. 56 (Interest), 107 (Appeals to Adjudicating Authority) & Orders of Appellate Tribunal)
Section 2(4)
From the Act
- for the words “Central Board of Excise and Customs”, the words “Central Board of Indirect Taxes and Customs” shall be substituted;
- for the words “the Appellate Authority and the Appellate Tribunal”, the words, brackets and figures “the Appellate Authority, the Appellate Tribunal and the Authority referred to in sub-section (2) of section 171” shall be substituted;
Expanded definitions of Business of a Race Club (Sec. 2(17)(h)
Section 2(17) – “Business” includes—
From the Act
- “(h) activities of a race club including by way of totalisator or a license to book maker or activities of a licensed book maker in such club; and”;
Earlier
- (h) services provided by a race club by way of totalisator or a licence to book maker in such club ; and Expanded definitions of Business of a Race Club (Sec. 2(17)(h)
Definition of Business Vertical omitted which used in section 25(2) & hence accordingly section 25(2) amended
Section 2(18) – Business Vertical
From the Act
- clause (18) shall be omitted;
Error Rectified
Section 2(35) – Cost Accountant
- in clause (35), for the word, brackets and letter “clause (c)”, the word, brackets and letter “clause (b)” shall be substituted;
Local Authority means
a)——-
b)——-
f) A Development Board constituted under article 371 and article371J of the constitution
Section 2(69) – Local Authority
- in clause (69), in sub-clause (f), after the word and figures “article 371”, the words, figures and letter “and article 371J” shall be inserted
Sponsored
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
Author Bio
Good Article. thanks for sharing