Interest to be computed on net tax liability

In section 50 of the 2017 CGST Act(‘ Interest on Delayed Payment of Tax’) a proviso has been included to clarify that only that portion of the tax payable by debiting the electronic cash directory shall be charged with interest for late payment of tax. Previously, taxpayers were confused about the fact that such interest would be charged on gross tax responsibility or on net tax responsibility alone.

In that event the interest on gross tax liability shall be levied if returns are submitted after any proceedings under the GST Act are started.

Aadhaar Authentication

Each individual enrolled shall authenticate or furnish the Aadhaar amount as evidence of ownership. Where a registered person is not assigned an Aadhaar number, an alternative and viable means of identification is offered to the registered person. In the event that the Aadhaar number has been not authenticated or proved, or alternate and viable means of identification have been provided, the registration assigned to such person shall be considered invalid.

Transfer amount from one head (major or minor) to another in electronic cash ledger

Any sum wrongfully deposited on the wrong head, whether minor (tax, interest, penalty or fee) or major (IGST, SGST, CGST, UTGST), had the option to be refunded. It was not permitted to transfer the quantity held under a specific head in the electronic ledger from one head to another. A registered person is now entitled by a new form,PMT-09, to transfer to an electronic cash ledger for an Integrated Tax, Central Tax, State Tax, Union Territory Tax or Cess any amount available in the electronic cash ledger, subject to the conditions and limitations set out in GST Law.

Such transfer is considered an electronic cash ledger refund.

Refund of State Taxes to taxpayers by the Centre

The Central Government has been authorized to refund the amount towards State taxes to the taxpayers.

National Appellate Authority for Advance Ruling (NAAAR)

The Government shall constitute an Authority ‘National Appellate Authority for Advance Ruling (NAAAR)’. It shall pass an order within 90 days from the date of filing of appeal. In case of conflicting advance rulings given by the Appellate Authorities of two or more States or Union Territories on the questions sought, an appeal can be filed to National Appellate Authority by the applicant being a distinct person or by the officer (from the State in which advance ruling is pronounced) authorised by the Commissioner.

National Anti-Profiteering Authority empowered to impose penalty

Any registered person, who has profiteered amount as per National Anti-Profiteering Authority (NAPA), he shall be liable to pay penalty of 10% of the profiteered amount. If the profiteered amount is deposited within 30 days of the date of passing order by NAPA, then no penalty shall be levied.

  1. The value of exempt supply of services provided by way of extending deposits, loans or advances (where consideration is received in form of interest or discount) shall not be considered for determining turnover under Composition Scheme.
  2. Simplified return forms to be implemented soon. Composition dealers are required to pay tax quarterly and file return on annual basis.
  3. ‘Uranium Ore Concentrate’ has been exempted from GST retrospectively from July 1, 2017 to November 14, 2017.

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