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Summary of GST provisions notified from 1.01.2020

GST provisions notified from 1.01.2020: Notification No. 01/2020 – Central Tax

 Notification No. 01/2020 – Central Tax has notified the date of applicability of some provisions of GST from 01012020. Let us have a look at its summary. 

GST provisions notified from 1.01.2020

Summary of important provisions notified:

 

92

Amendment of section 2

 

Not yet notified

93

Amendment of section 10

–        NRTP and CTP cant opt for composition.

–        Interest will not be a part of taxable turnover and aggregate turnover to determine eligibility.

–         

Notified from 1st Jan 2020 via notification no. 01/2020 – Central Tax

 

94

Amendment of section 22.

–        20 lac limit may extended to 40 lac only in case of supply of Goods.

–        But interest is allowed meaning thereby that if I am receiving interest only apart from goods I will still be eligible for this 40 lac limit.

 

Notified from 1st Jan 2020 via notification no. 01/2020 – Central Tax

 

95

Amendment of section 25.

 

Notified from 1st Jan 2020 via notification no. 01/2020 – Central Tax

 

96

Insertion of new section 31A. Facility of digital payment to recipient

Providing modes for digital payment.

Notified from 1st Jan 2020 via notification no. 01/2020 – Central Tax

 

97

Amendment of section 39

 

Not yet notified

98

Amendment of section 44.

Annual return date extension power.

Notified from 1st Jan 2020 via notification no. 01/2020 – Central Tax

 

99

Amendment of section 49.

– PMT 09 form for shifting tax from one head to another head.

Notified from 1st Jan 2020 via notification no. 01/2020 – Central Tax

 

100

Amendment of section 50.

Interest levy on net not on gross

Not yet notified

101

Amendment of section 52.

Power to extend time limit of Form 9B to be filed by ECO

Notified from 1st Jan 2020 via notification no. 01/2020 – Central Tax

 

102

Insertion of new section 53A. Transfer of certain amounts

 

Notified from 1st Jan 2020 via notification no. 01/2020 – Central Tax

 

103

Amendment of section 54

 

Not yet notified

104

Amendment of section 95.

 

Not yet notified

105

Insertion of new sections 101A, 101B and 101C.

Constitution of National Appellate Authority for Advance Ruling

 

Not yet notified

106

Amendment of section 102.

 

Not yet notified

107

Amendment of section 103.

 

Not yet notified

108

Amendment of section 104.

 

Not yet notified

109

Amendment of section 105.

 

Not yet notified

110

Amendment of section 106

 

Not yet notified

111

Amendment of section 168

Commissioner defined

Notified from 1st Jan 2020 via notification no. 01/2020 – Central Tax

 

112

Amendment of section 171

Anti profiteering penalty

Notified from 1st Jan 2020 via notification no. 01/2020 – Central Tax

 

Download copy of Finance Act(2) 2019:

2314GI_1.p65 2020-01-03 10-46-54finance Act (2) 2019

 

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Profile photo of CA Shafaly Girdharwal CA Shafaly Girdharwal

CA

New Delhi, India

CA Shaifaly Girdharwal is a GST consultant, Author, Trainer and a famous You tuber. She has taken many seminars on various topics of GST. She is Partner at Ashu Dalmia & Associates and heading the Indirect Tax department. She has authored a book on GST published by Taxmann.

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