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GST Amendment Act to implement from Feb 1st [Read Notification]

GST Amendment

The Central Board of Indirect taxes and Customs (CBIC) has notified that the Goods and Services Tax (Amendment) Act, 2018 is to be implemented from 1st February 2019. The GST act was notified in the Gazette in last August.

The CBIC Notification issued on last day said that except the provisions of sections 8(b), 17, 18, 20(a), 28(b)(i) and (c)(i), all other provisions would be implemented from 1st February.

One of the major changes would be that the GST Composition levy has been extended to the services.

Also Read: Govt Notifies extension of GST Compensation Scheme for Services

The GST Amendment Act also excluded the reverse charge mechanism under section 9(4).

Earlier, RCM would be applicable in case of purchase above Rs. 50,000 from every unregistered person by a registered person. The provision had never been implemented by the Government. In September, the GST Council proposed to scrap the provision and decided to re-introduce on for specified items in future.

The Central GST (Amendment) Bill, Integrated GST (Amendment) Bill, Union Territory GST (Amendment) Bill and GST (Compensation to States) Amendment Bill cleared by the Parliament a few months ago. The amendment made return forms simpler and raise the turnover threshold for availing composition scheme to Rs. 1.5 crore.

To Read the full text of the Notification CLICK HERE

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