Goods and Services Tax reforms approved: law amendments, new return formats, appellate tribunal, IGST rule change, and rate adjustments. The Council ratified recent central and pari materia State notifications, expanded ITGRC remit and extended migration and TRAN filing deadlines; approved legislative amendments to CGST/IGST/UTGST/Compensation Acts with specified drafting changes (including retrospective amendment to Section 7 and an enabling provision for Special Category States' registration thresholds); constituted GSTAT with a national and three regional benches; approved the new return design (monthly return; SAHAJ and SUGAM quarterly returns with monthly payment, eligibility up to Rs. 5 crore) targeted for January 2019; adopted multiple rate changes and exemptions as per Fitment recommendations, and directed IGST cross utilisation change plus establishment of a CBIC led committee to address IGST apportionment and balances.
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Goods and Services Tax reforms approved: law amendments, new return formats, appellate tribunal, IGST rule change, and rate adjustments.
The Council ratified recent central and pari materia State notifications, expanded ITGRC remit and extended migration and TRAN filing deadlines; approved legislative amendments to CGST/IGST/UTGST/Compensation Acts with specified drafting changes (including retrospective amendment to Section 7 and an enabling provision for Special Category States' registration thresholds); constituted GSTAT with a national and three regional benches; approved the new return design (monthly return; SAHAJ and SUGAM quarterly returns with monthly payment, eligibility up to Rs. 5 crore) targeted for January 2019; adopted multiple rate changes and exemptions as per Fitment recommendations, and directed IGST cross utilisation change plus establishment of a CBIC led committee to address IGST apportionment and balances.
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