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Proposed Amendment to CGST Act, 2017

Proposed Amendment to CGST Act, 2017

Section 2(4): ‘Adjudicating Authority’ amended to exclude‘ the National Appellate Authority for Advance Ruling’

Section 10: Amendment to introduce composition scheme for service providers (Upto Rs. 50 lacs)

Section 22: Increase in threshold limit for registration in respect of goods to Rs. 40 lacs

Section 25: Aadhaar authentication for new and existing registrants

Section 31A: Specified suppliers to mandatorily give the option of electronic payment to the recipients of supply of goods or services or both made by them

Section 39: Provide for new return system and allow composition taxpayers to furnish annual return along with quarterly payment

Section 44: Empowers the “Commissioner or Joint Secretary posted in the Board” to extend the due date furnishing Annual Return prescribed (FORMGSTR9/9A) and reconciliation statement (FORM GSTR-9C)

Section 49: Provide for transfer of an amount from one head to another head in the electronic cash ledger

Such transfer shall be deemed to be a refund from the electronic cash ledger under this Act. Any amount that has been transfer red to the electronic cash ledger under this Act, the same shall be deemed to be deposited in the said ledger.

Section 50: Charging interest only on the net cash tax liability, except in proceedings under section 73 or 74

Interest on late payment of tax shall be calculate don net cash liability (gross liability less credit available), and not gross tax liability

Section 52(4&5): Empowers the “Commissioner or Joint Secretary posted in the Board” to extend due date of monthly/annual statement of TCS

Section 53A: Provides for consequential transfer of amount between Centre and States, due to section 49 (Transfer of an amount from one head to another head in the electronic cash ledger

Section 54(8A): Provides that the Central Govt may disburse refund amount to tax payers in respect of refund of State taxes i.e disbursement of refund by single authority

Section 95(f): To define the “National Appellate Authority (NAA)” for Advance Ruling

Section 101A, B&C: To introduce provisions relating to ‘National Appellate Authority (NAA) for Advance Ruling’

Section 102: Power to NAA to rectify any error apparent on the face of the record

Section 103: AR pronounced by the NAA shall be binding PAN wise

Section 104: AR pronounced by NAA to be void in certain cases

Section 105: NAA to have powers of Civil Court under the Code of Civil Procedure, 1908

Section 106: NAA to regulate its own procedure

Section 168: Commissioner or Joint Secretary shall exercise the powers specified in respect of section 44(1) and section 52(4&5)

Section 171: To empower National Anti-profiteering Authority to impose penalty equivalent to 10% of the profiteered amount. However, no penalty shall be levied if the profiteered amount is deposited with in thirty days of the date of passing of the order by the Authority