Alerts & Updates

ELP GST Update

Tax | Aug 9, 2018

1. NOTIFICATIONS
? Notification No. 31/2018-Central Tax dated August 6, 2018
The above Notification seeks to prescribe a special procedure for completing the migration process of
taxpayers who received Provisional IDs but could not complete the migration process till December 31, 2017
After due approval of application by proper officer, taxpayers are required to furnish the following
details to GSTN by September 30, 2018 –
i. New GSTIN
ii. Access Token for new GSTIN
iii. ARN of new application
iv. Old GSTIN (i.e. Provisional ID)
Such taxpayers shall be deemed to have been registered w.e.f. July 1, 2017.
? Notification Nos. 22/2018 – Central Tax (Rate), 22/2018 – Union Territory Tax (Rate) and 23/2018 – Integrated Tax (Rate) all dated August 6, 2018
The above notifications seek to exempt the payment of GST on reverse charge basis u/s 9(4) of CGST Act, 9(4) of UTGST Act and 5(4) of IGST Act, until September 30, 2019
The said notifications amend the earlier notifications issued by CBIC viz. Notification Nos. 8/2017-Central Tax (Rate), 8/2017-Union Territory Tax (Rate), and 32/2017-Integrated Tax (Rate) respectively.
2. PRESS RELEASE
? Finance Ministry Press Release dated August 1, 2018
Central GST Delhi West Commissionerate arrests two Rohini based businessmen in plastic granule industry:
– Tax evasion to the tune of Rs. 201 Cr (approx.)
– Fraudulent ITC invoices issued without actual supply of goods
– Arrested u/s 69(1) of CGST Act, 2017
? Finance Ministry Press Release dated August 3, 2018
Revenue from GST touched Rs. 7.19 lakh crore between August 2017 and March 2018
Gross Revenue Collection from April 2018 to July 2018 is reported to be higher than the monthly average of GST collection in the last financial year 2017-18 i.e. Rs 89,885 crore
3. GST IN NEWS
? As of now, no GST refunds to foreign tourists for goods purchased and carried back
In reply to an RTI query, the Finance Ministry has said that the government has not invoked the relevant provisions of the IGST Act for allowing GST refunds to foreigners purchasing goods in India and carrying back with them
? State governments seek single audit system for Small and medium enterprises MSMEs at GST council meet held on 4th August 2018
MSMEs are currently required to get their accounts audited separately for Income Tax and GST
States governments have pitched for a single audit system for MSMEs to reduce compliance cost
Next GST Council meet likely on September 29,2018 in Goa.

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