Key Recommendations of 39th GST Council Meeting | Notifications Issued
by ReinHeads Team | Mar 23, 2020
| GST Notifications – Key Amendments |
| Dear All,
In continuation to the appended mail, the Central Board of Indirect Taxes and Customs (‘CBIC’) has issued various notifications to bring into effect certain changes in the GST laws as recommended in the GST council meeting on 14 March 2020. We have hereinbelow summarized key amendment of the notifications issued:
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Notification no.
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Key Amendments
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| 13/2020 – Central Tax |
E-invoice will be implemented from 01 October 2020. Further, certain class of registered persons such as Insurance Company, Banking Company, Financial Institution, Non-Banking Financial Institution, Goods Transport Agency, Passenger Transportation Service etc. to be exempted from issuing e-invoices. |
| 10/2020 – Central Tax |
Persons whose principal place of business was in the erstwhile Union Territory (‘UT’) of Dadra and Nagar Haveli or in the UT of Daman and Diu (till 26 January 2020) and now is under the merged UT of Daman and Diu and Dadra and Nagar Haveli (w.e.f. from 27 January 2020) will follow the following special procedure:
- Tax period for the purpose of filing of return will be divided as under:
January 2020: 01 January 2020 to 25 January 2020
February 2020: 26 January 2020 to 29 February 2020
- Irrespective of the particulars of tax charged on the invoices, or in other like documents, raised from the 26th January, 2020 till the transition date, pay the appropriate applicable tax in the return
- Registered person shall have option to transfer the balance of Input Tax Credit (‘ITC’) after filing of the return January 2020, from the registered GSTIN in the erstwhile UT of Daman and Diu to the registered GSTIN in the new UT of Daman and Diu and Dadra and Nagar Haveli by following the procedure as below:-
- Intimate the Jurisdictional tax officer of the transferor and the transferee regarding the transfer of ITC within one month of obtaining new GSTIN
- ITC shall be transferred on the basis of the balance in the electronic credit ledger upon filing of the return for the tax period immediately before the 25 January 2020
- Transfer of ITC shall be carried out through the return before the transition date
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| 11/2020 – Central Tax |
Interim Resolution Professionals (‘IRP’) or Resolution Professions (‘RP’) appointed under Insolvency and Bankruptcy Code, 2016 (to the Corporate Debtor) will follow the following special procedure:
- Registration: IRP/ RP will be treated as a distinct person and shall obtain GST registration within 30 days of the appointment of IRP/ RP in each of the States or UT where the corporate debtor was registered earlier. In case, where the IRP/ RP has been appointed prior to the date of this notification, new GST registration shall be obtained within 30 days from the commencement of this Notification
- Return: First return shall be filed from the date on which the said class of persons become liable to registration till the date on which registration has been granted
- Input tax credit: The said class of persons in their first return shall be eligible to claim ITC on the invoices bearing erstwhile GSTIN subject to the provisions of the GST Law
- Any amount deposited in the cash ledger by the IRP/ RP, under the existing registration, from the date of appointment of IRP/ RP to the date of registration in terms of this notification shall be available for refund to the erstwhile registration
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