GST Update Magazine Month of May-2020 || GST Magazine Update

•        Introduction

•        The Turnover Limit for the Composition Levy

•        Persons not entitled to avail composition scheme

•        Composition Scheme Tax Rate

•        What Happened Turnover during a financial year exceeds the limit (CGST Section 10 (3))

•        Billing/ Palace of Supply

•        E-Commerce Operator

•        Input Tax Credit and Restriction of collection of tax

•        Payment of Tax/ Filling of return

•        Amended the Rule 62 under the CGST Rules, (CMP-08)

•        Introduction

•        What is Job work?

•        Job work Procedural aspects:

•        Input Tax credit on goods supplied to job worker

•        Time Limits for return of processed goods

•        Extended meaning of input

•        Waste clearing provisions

•        Transitional provisions

•        Notification No. 40/2020 – Central Tax (Seeks to extend the validity of e-way bills till 31.05.2020 for those e-way bills which expire during the period from 20.03.2020 to 15.04.2020 and generated till 24.03.2020)

•        Notification No. 39/2020 – Central Tax (Seeks to make amendments to special procedure for corporate debtors undergoing the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, 2016.)

•        Notification No. 38/2020 – Central Tax: – (Seeks to make fifth amendment (2020) to CGST Rules.)

•        Notification No 37/2020-Central Tax- Seeks to give effect to the provisions of rule 87 (13) and FORM GST PMT-09 of the CGST Rules, 2017

•        Liability in case of transfer of business

•        Liability of Agent and Principal

•        Liability in case of Amalgamation or Mergers of Companies

•        Liability in case of company in Liquidation

•        Liability of Director of Private Company

•        Liability of Partners of firm to pay Tax

•        Liability of Guardians, Trustees, etc.

•        Liability of court of wards, etc.

•        Special provisions regarding liability to pay tax, interest or penalty in certain cases

•        Liability in certain cases