Topics In Demand
Notification
New

No notification found.

Blog
GST Bills with proposed amendment to the GST laws

August 29, 2018

GST

462

0

The Finance bills have been passed by the Lok Sabha proposing amendments in the GST laws and are pending President’s assent.  Please find below the key amendments relevant to the Technology sector which were raised by NASSCOM as part of our engagements with the Government on proposed amendments. The bills passed are attached herewith for your reference.

 

  • SEZ Registration – An amendment by way of insertion of proviso in Section 25(1) is proposed.  This proviso allows SEZ units to obtain a registration separate from other DTA units in the same State/ UT.  It may be recalled that the GST amendment proposals published on the CBIC website contained another proviso which had an inference of separate registration for each SEZ unit in a state without any option to do otherwise.  NASSCOM raised the issue requesting that it should come through as an option and we are glad it has been accepted.

 

  • Issuance of consolidated credit notes – An amendment to Section 34 of the CGST Act is proposed to provide option to the supplier to issue consolidated credit notes for multiple invoices. 

 

  • Rectification of returns – Section 39(9) of the CGST Act to be amended to provide for rectification of omission in a return.  

 

  • Credit in respect of KKC – Amendment to Section 140(1) of the CGST Act with retrospective effect from July 1, 2017.  As a result, closing balance of KKC as on June 30, 2017 will not qualify as “eligible credit” for transition into GST. 

 

  • High sea sales and bonded warehouse sales – Schedule III (Activities to be neither treated as supply of goods or services) is proposed to be amended to include within its purview, the high sea sales and bonded warehouse sales.  As a result such transactions will not qualify as “exempt” supplies and no reversal of input tax credit is therefore required. 

 


That the contents of third-party articles/blogs published here on the website, and the interpretation of all information in the article/blogs such as data, maps, numbers, opinions etc. displayed in the article/blogs and views or the opinions expressed within the content are solely of the author's; and do not reflect the opinions and beliefs of NASSCOM or its affiliates in any manner. NASSCOM does not take any liability w.r.t. content in any manner and will not be liable in any manner whatsoever for any kind of liability arising out of any act, error or omission. The contents of third-party article/blogs published, are provided solely as convenience; and the presence of these articles/blogs should not, under any circumstances, be considered as an endorsement of the contents by NASSCOM in any manner; and if you chose to access these articles/blogs , you do so at your own risk.


communityadmin

© Copyright nasscom. All Rights Reserved.