https://www.taxtmi.com/notifications?id=132658 From 01.04.2020 Aadhaar authentication is mandated for GST registration and failure to authenticate (except notified exemptions) triggers physical verification of principal place of business within sixty days. Rule 25 is replaced to require the proper officer to upload verification reports and photographs in FORM GST REG-30 within fifteen working days. Input tax credit treatment for capital goods is revised: certain capital goods' input tax ('A') is credited to the electronic credit ledger with a five-year useful life; reclassification attracts computation of ineligible credit ('TIC') and declaration in FORM GSTR-3B. Refund procedures are amended to permit cash sanction proportionate to cash-paid tax and re-credit residual credit via FORM GST PMT-03. New rule 96B prescribes recovery of refunds where export proceeds are not realised under FEMA, subject to RBI write-off, and FORM GST RFD-01 gains an undertaking to repay refunds if foreign exchange is not received. en-us Tue, 31 Mar 2020 00:00:00 +0530 Mon, 27 Apr 2020 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/notifications?id=132658 From 01.04.2020 Aadhaar authentication is mandated for GST registration and failure to authenticate (except notified exemptions) triggers physical verification of principal place of business within sixty days. Rule 25 is replaced to require the proper officer to upload verification reports and photographs in FORM GST REG-30 within fifteen working days. Input tax credit treatment for capital goods is revised: certain capital goods' input tax ('A') is credited to the electronic credit ledger with a five-year useful life; reclassification attracts computation of ineligible credit ('TIC') and declaration in FORM GSTR-3B. Refund procedures are amended to permit cash sanction proportionate to cash-paid tax and re-credit residual credit via FORM GST PMT-03. New rule 96B prescribes recovery of refunds where export proceeds are not realised under FEMA, subject to RBI write-off, and FORM GST RFD-01 gains an undertaking to repay refunds if foreign exchange is not received. Notifications GST - States Tue, 31 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/notifications?id=132658