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Recent Updates

CBIC - CGST Notification issued on 23/04/2019

 

 Seeks to make Third amendment, 2019 to the CGST Rules.

 Seeks to notify procedure for quarterly tax payment and annual filing of return for taxpayers availing the benefit of Notification No. 02/2019– Central Tax (Rate), dated the 7th March, 2019.

 Seeks to notify the provisions of rule 138E of the CGST Rules w.e.f 21st June, 2019.

CBIC - CGST Circular issued on 23/04/2019

 

 Seeks to clarify the manner of utilization of input tax credit post insertion of the rule 88A of the CGST Rules.

 Seeks to clarify the extension in time under sub-section (1) of section 30 of the Act to provide a one time opportunity to apply for revocation of cancellation of registration on or before the 22nd July, 2019 for the specified class of persons for whom cancellation order has been passed up to 31st March, 2019.

CBIC - CGST (Rate) Notification issued on 11/04/2019

 

 Seeks to extend the due date for furnishing FORM GSTR-1 for taxpayers having aggregate turnover more than Rs. 1.5 crores for the month of March, 2019 from 11.04.2019 to 13.04.2019.

 Seeks to extend the due date for furnishing FORM GSTR-7 for the month of March, 2019 from 10.04.2019 to 12.04.2019.

CBIC - CGST (Rate) Notification issued on 29/03/2019

 

 Seeks to amend notification No. 11/2017- Central Tax (Rate) so as to notify CGST rates of various services as recommended by Goods and Services Tax Council for real estate sector.

 Seeks to amend notification No. 12/2017- Central Tax (Rate) so as to exempt certain services as recommended by Goods and Services Tax Council for real estate sector.

 Seeks to amend notification No. 13/2017- Central Tax (Rate) so as to specify services to be taxed under Reverse Charge Mechanism (RCM) as recommended by Goods and Services Tax Council for real estate sector.

 Seeks to notify certain class of persons by exercising powers conferred under section 148 of CGST Act, 2017.

 Seeks to notify certain services to be taxed under RCM under section 9(4) of CGST Act as recommended by Goods and Services Tax Council for real estate sector.

 Seeks to amend notification No. 1/2017- Central Tax (Rate) so as to notify CGST rate of certain goods as recommended by Goods and Services Tax Council for real estate sector.

 Seeks to amend notification No. 02/2019- Central Tax (Rate) so as to provide for application of Composition rules to persons opting to pay tax under notification no. 2/2019- Central Tax (Rate).

CBIC - Notification issued on 29/03/2019

 

Seeks to make Second Amendment (2019) to CGST Rules.

 
 

 

Recent Advance Ruling

Gujarat AAR - Interest charged by Del Credere agent on loan exempt since charging of interest is not in relation to an underlying supply of goods.
 

Receipt of interest on loan extended by the Del Credere Agent is covered under Serial No. 27 of the Notification No. 12/2017-Central Tax (Rate) dated 28.06.2017 and hence exempt since the applicant does not supply any goods and the interest charged is not for delayed payment of consideration of any underlying supply.

West Bengal AAR - Sika Block Joining Mortar, being a non-refractory surfacing preparations, is classified under tariff item 3214.90.90

 

Sika Block Joining Mortar’, a ready to use grey cement based water resistant mortar for fixing AAC blocks, fly ash bricks etc and is a bonding compound used for joining masonry units like AAC blocks and fly ash bricks. It is a powder made pasty before use by adding water, and it hardens after application, enabling joining of the masonry units. It is applied with a trowel after cleaning the surface. After discussing the relative merits of classification under the rival entries the product Sika Block Joining Mortar, being a non-refractory surfacing preparations, was held to be classified under tariff item 3214.90.90 based on the general characteristics of such products as per the Explanatory Notes of the Tariff entries.

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