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GST Amendment Act | New System of Filing Returns, Implement from Feb 1st

GST Amendment Act

The Central Board of Indirect taxes and Customs has given approval that the (Goods and Services Tax) GST Amendment Act is to be implemented from 1st February 2019. Well, you all can check New System of Filing Returns from this page.

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Which provisions would be implemented from 1st February?

As per the Central Board of Indirect taxes and Customs (CBIC) Notification, except the provisions of sections 8 (b), 17, 18, 20 (a), 28 (b) (i) and (c) (i), all other provisions would be implemented from 01-02-2019. One of the main vicissitudes would be that the GST Configuration levy has been extended to the services.

The Goods and Services Tax Amendment Act also barred the reverse charge mechanism under section 9(4). Formerly, Reverse Charge Mechanism would be valid in case of purchase above Rs. 50,000 from every unregistered person by a registered person.

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Applicability of GST Law in the State of Jammu and Kashmir:

J&K Finance Minister Haseeb Drabu has confirmed that J&K will apply GST. Though, since J&K has a discrete composition and has special requirements regarding administration, CGST & IGST will be passed distinctly. SGST will be passed discretely, related to the other states.

New System of Filing Returns:

Previously, the upper cap fixed was 14% and 25% correspondingly in both the laws. Now, the upper cap has been fixed at 20% and 40% correspondingly under CGST and IGST Law to keep tractability for rates increase in future. Though, the GST slabs remain the same – 5%, 12%, 18%, and 28%.

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Reduction in Composition Rates:

ParticularsEarlier Composition SchemeNow in GST Act
Trader1%0.5%
Manufacturer2.5%1%
RestaurantN/A2.5%
Service providerN/AN/A

Conclusion:

Stay connected with this page for getting more interesting facts regarding the same.  

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