Dr. Sanjiv Agarwal, FCA, FCS
Here are few updates and amenements in GST compliances which includes Withdrawal of RCM on unregistered persons, CGST (Amendment) Act, 2018, CGST (Amendment) Rules, 2019, Extension of GST Composition Scheme for Services, Extension in due date for furnishing of FORM GSTR – 7 and Extension of due date for furnishing of FORM GST TRAN-1.
> CBIC vide Notification No. 01/2019 – Central Tax (Rate) dated 29.01.2019 has rescinded the Notification No. 8/2017-Central Tax (Rate), dated the 28th June, 2017 which prescribes GST under RCM on services, exceeding a value of Rs.5000 per day, received by a registered person from any unregistered person under section 9(4) of the Central Goods and Services Tax Act, 2017.
> CBIC vide Notification No. 02/2019-Central Tax dated 29-01-2019 has bought into force the CGST (Amendment) Act, 2018 from 1st February, 2019 except clause (b) of section 8, section 17, section 18, clause (a) of section 20, sub-clause (i)of clause (b) and sub-clause (i) of clause (c) of section 28.
> Similarly, IGST (Amendment) Act, 2018 and UTGST (Amendment) Act, 2018 has been made applicable from 1st February, 2019 vide Notification No. 02/2019-Central Tax dated 29-01-2019 and Notification No. 01/2019-Union Territory Tax,dt. 29-01-2019 respectively.
> CBIC has made amendments to Central Goods and Services Tax Rules, 2017 which shall be effective from 1.02.2019.
> GST Composition levy would be applicable to services from 1st February, 2019.
> A Notification issued by the Central Board of Indirect Taxes and Customs (CBIC) said that for the portion beginning with the words “an amount calculated at the rate of” and ending with the words “half per cent of the turnover of taxable supplies of goods in State in case of other suppliers”, the words and figures, “an amount of tax calculated at the rate specified in rule 7 of the Central Goods and Services Tax Rules, 2017:” shall be substituted.
> Those suppliers rendering either independent services or providing a mixed supply of goods & services with a turnover of up to Rs 50 lakhs p.a in the preceding financial year, can join this scheme. The Tax rate is fixed at 6% (3% CGST +3% SGST).
> The Central Goods and Services Tax Rules has also been amended in this regard.
> Every registered taxable person who is required to deduct tax at source under GST shall furnish a return in FORM GSTR-7 by 10th of next month.
> CBIC has amended Notification No. 66/2018-Central Tax, dated the 29th November, 2018 and extended the time limit for furnishing the return in FORM GSTR-7 for the months of October, 2018 to December, 2018 till the 28th February, 2019.
> CBIC has extended the period for submitting the declaration in FORM GST TRAN-1 till 31st March, 2019, for the class of registered persons who could not submit the said declaration by the due date on account of technical difficulties on the common portal and whose cases have been recommended by the Council.