The Central Board of Indirect Taxes and Customs (CBIC) has notified the addition of ‘One Person Company’ in Goods and Services Tax (GST) Registration form GST REG-01.
The notification, dated 26 October, stated: –
“In the said rules, in FORM GST REG-01, in PART-B, in serial number 2, after clause (xiv), the following clause shall be inserted, namely:- “(xiva) One Person Company”.”
In the specified rules, a new provision, “(xiva) One Person Company,” has been included in PART-B of FORM GST REG-01. This addition is made after clause (xiv) and serves to delineate the categories of registrants.
The following amendments were also made to the Central Goods and Services Tax (CGST) rules: –
Amendment to Rule 28: Rule 28 is renumbered as sub-rule (1), and a new sub-rule (2) is inserted. Sub-rule (2) relates to the value of supply of services by a supplier to a related person by providing corporate guarantees to a banking company or financial institution.
Amendment to Rule 142: In sub-rule (3), the wording is changed from “the proper officer shall issue an order” to “the proper officer shall issue an intimation.”
Amendment to Rule 159: In sub-rule (2), a new clause is inserted, specifying that the period of one year from the date of issuance of an order under sub-rule (1) is the expiration date for certain purposes.
Replacement of FORM GST REG-08: FORM GST REG-08 is substituted with a new format for orders of cancellation of registration as a Tax Deductor at source or Tax Collector at source. It provides different scenarios for cancellation, including reasons for cancellation and the effective date.
Amendment to FORM GSTR-8: Changes are made to serial numbers 5, 7, and 9, which relate to interest, late fees, and debit entries in the cash ledger for TCS.
Amendment to FORM GST PCT-01: Changes are made to Part-B of the form, specifically to serial number 4, which details the enrollment options available for various professionals and degree holders.
Amendment to FORM GST DRC-22: A new paragraph is inserted, specifying the cessation of effect for the order issued in this form upon the issuance of an order in FORM GST DRC-23 by the Commissioner or after one year from the date of issuance of this order, whichever is earlier.
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