Chartered Accountants in India, Financial Advisory Services, Tax Consultant

Upper limit of turnover for opting of
composition scheme shall be raised
from Rs. 1 Cr to Rs. 1.5 Cr.
A Composite dealer (in goods) shall be allowed to supply services (other than restaurant services), for a value not exceeding - Higher of 10% of turnover in the preceding financial
year, or Rs. 5 lakh.
The threshold limit of Turnover for exemption from registration in the States of Assam, Arunachal Pradesh, Himachal Pradesh, Meghalaya, Sikkim and Uttarakhand shall be increased to Rs. 20,00,000 from Rs. 10,00,000.
Taxpayers may opt for multiple registrations within a State/Union Territory in respect of multiple places of business located within the same State/U.T on the same PAN.
Mandatory registration is required for only those e-commerce operators who are required to collect tax at source.
Registration shall remain temporarily suspended while cancellation of registration is under process, so that the taxpayer could get relief of further continued compliance under the law.
The following transactions shall not treated as supply under Schedule III:-
 Supply of goods from a place in the non-taxable territory to another place in the non-taxable territory without such goods entering into India;
 Supply of warehoused goods to any person before clearance for home consumption; and
 Supply of goods in case of high sea sales.
Input tax credit would now be available in respect of the following :-
 Motor vehicles for transportation of persons having seating capacity of more than thirteen (including driver), vessels and aircraft;
 Services of general insurance, repair and maintenance in respect of motor vehicles, vessels and aircraft on which credit is available; and
 Goods or services which are obligatory for an employer to provide to its employees, under any law for the time being in force.
Registered persons may issue consolidated credit/debit notes to
a party in respect of multiple invoices issued in a Financial Year to that party.
Commissioner may extend the time limit for return of inputs and capital sent on job work, upto a period of 1 year and 2 years, respectively.
Place of supply shall be outside India, where job work or any treatment or process has been done on goods temporarily imported into India and then exported out of India without putting them to any other use in India except the uses which were necessary for the purpose of such job work or treatment or rocess.
Recovery of taxes, interest, fine, penalty etc. can be made from distinct persons, even if such distinct persons are present in different State/Union territories.
Reverse Charge Mechanism is applicable without any exemption limit w.e.f 01-02-2019 for a class of registered persons in respect of supply of specified categories of goods or services or both received from an unregistered supplier as per Notification No.01/2019 – Central Tax (Rate) and amended section 9(4) of CGST Act. However, till date, class of registered persons or specified categories of goods to which it is applicable has not been prescribed by the Government.

News

Amendments to take effect under GST from 1st Feb 2019 - Mr. Harsh Vora (Manager, Indirect Taxation - Mumbai Branch)