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Implications of Notification 01/2020 dated 01-01-2020

 

Implications of Notification 01/2020 dated 01-01-2020 on the various GST related provisions of Finance No. 2 Act 2019

Finance No.2 Act 2019 was enacted on 01-08-2019. GST related amendments are contained in section 92 to section 116 of the Finance Act. As per section 1(2)(b) of the Finance Act 2019, sections 92 to 112 and section 114 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. Notification 01/2020 dated 01-01-2020 has been issued which says that section 92 to section 112 except section 97,100, 103 to 110 shall come into force on 01-01-2020. Following are the implications of this notification.

Finance Act 2019

CGST Act

Brief Description

Date of Applicability

92

2(4)

Definition of Adjudicating Authority u/s 2(4) to exclude National Appellate Authority for advance Ruling

Not yet notified

93

10

Exclusion of interest or discount on deposits, loans or advances for determining 5% of Turnover admissible for providing services by Composition Scheme persons

01-01-2020

93

10

Exclusion of

  1. interestordiscountondeposits,

    loans or advances

  2. And turnover from Ist April to date

    of becoming liable for registration under Composition Scheme

    from turnover in a state for determining tax payable under

01-01-2020

   

Composition Scheme for goods as well as service suppliers

 

93

10

Casual Taxable person or non resident taxable person restricted from opting for Composition Scheme

01-01-2020

93

10

Composition Scheme applicable to service providers, having turnover up to 50 lacs in preceeding financial year, at prescribed rate not exceeding 6%

01-01-2020

94

22

Empowering states to enhance registration limit of suppliers engaged exclusively in the supply of goods . However exempt interest income permitted for enhanced registration limit

01-01-2020

95

25

Aadhar authentication Introduced for registered persons

01-01-2020

96

31A

Digital payment option to recipient by prescribed class of registered persons

01-01-2020

97

39

Introduction of New return Scheme

Not Yet notified

98

44

Empowering extension of Annual Return

01-01-2020

99

49

Inter head transfer of balance in cash ledger

01-01-2020

100

50

Interest payable on supplies against cash ledgers payments only

Not yet notified

101

52

Empowering Commissioner to extend the due of furnishing monthly and annual TCS return by E-Commerce operators

01-01-2020

102

53A

Transfer of CGST to State tax account / UT Tax account on account of Inter head transfer

01-01-2020

103

54

Disbursement of State Tax refund

Not yet Notified

104

95

Definition of advance ruling to Include decision by National Appellate Authority

Not yet Notified

105

101A

Constitution of National Appellate Authority for Advance Ruling

Not yet Notified

 

101B

Appeal against conflicting decisions of Appellate Authorities for Advance rulings of two or more states/Uts

Not yet Notified

 

101C

Order of National Appellate Authority

Not yet Notified

106

102

Rectification of orders of National Appellate Authority

Not yet Notified

107

103

Orders of National Appellate Authority to be binding on all distinct persons having same PAN and concerned officers

Not yet Notified

108

104

Orders of National Appellate Authority to be void if obtained by fraud etc

Not yet notified

109

105

Marginal Heading changed to include National Appellate authority. Section 105 provides for powers of advance ruling authorities

Not yet Notified

110

106

Marginal Heading changed to include National Appellate authority. Section 106 provides for procedure of advance ruling authorities

Not yet Notified

111

168

Commissioner in Board shall be the Commissioner empowered to extend the date of annual return u/s 44 and TCS monthly and annual return by E- Commerce operators u/s 52.

01-01-2020

112

171

10% Penalty on profiteered amount in case of Anti Profiteering subject to payment of profiteered amount in 30 days

01-01-2020

113

2/2017- CTR

Uranium Ore Concentrate which was exempt from 14-11-17 under CGST has

01-07-2017

   

been granted retrospective exemption from 01-07-2017 without refund of already collected amount

 

114

17A (IGST)

Transfer of IGST to State tax account / UT Tax account on account of Inter head transfer

01-01-2020

115

6 (IGST)

Uranium Ore Concentrate which was exempt from 14-11-17 under IGST has been granted retrospective exemption from 01-07-2017 without refund of already collected amount

01-07-2017

116

8 (UTGST)

Uranium Ore Concentrate which was exempt from 14-11-17 under UTGST has been granted retrospective exemption from 01-07-2017 without refund of already collected amount

01-07-2017

 

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