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of <h1>GST Amendment 2017: New Valuation Methods, Input Tax Credit Rules, and Compliance Procedures Effective July 1.</h1> The Central Goods and Services Tax (Second Amendment) Rules, 2017, effective from July 1, 2017, introduce various amendments to the GST framework. Key changes include the determination of the value of supply where consideration is not wholly in money, involving open market value or equivalent monetary value. For supplies between related parties, valuation follows a hierarchy of methods, including open market value and similar goods' value. The rules also address input tax credit, specifying conditions for claiming and reversing credits. Provisions for tax invoices, returns, and electronic records are detailed, alongside procedures for refunds, audits, and assessments. The amendment emphasizes compliance and procedural clarity in GST operations.
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