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ARTICLE · 04 JULY 2018

Indirect Taxes Updates: Key Clarifications For The GST Representations Received

Nexdigm Private Limited
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The government vide Notification Nos. 26/2018-Central Tax dated 13 June 2018 and 28/2018-Central Tax dated 19 June 2018 has made following key amendments to the Central Goods and Services Tax Rules, 2017:

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Nexdigm Private Limited
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Amendments to CGST Rules

The government vide Notification Nos. 26/2018-Central Tax dated 13 June 2018 and 28/2018-Central Tax dated 19 June 2018 has made following key amendments to the Central Goods and Services Tax Rules, 2017 (CGST Rules, 2017):

Particulars Amendment
Rule 37 - Reversal of Input Tax Credit(ITC) in the case of non-payment of consideration
  • As per Section 15(2)(b) of the CGST Act, 2017 (the Act), value of supply includes any amount that the recipient has incurred on behalf of the supplier, and not included in the price actually paid or payable for the supply.
  • Furthermore, as per Second Proviso to Section 16(2) of the Act, where a recipient fails to pay to the supplier within a period of 180 days from the date of issue of invoice, proportionate ITC should be added back to the output tax liability.

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