Recently the Government has amended the CGST Rules and provided for various changes. These include, method for calculating the eligible ITC on capital goods that are initially used in exempted supplies but are subsequently put to use for making taxable supplies. Further, an amendment has been made giving power to the authorities for the adjustment of the refund of GST claimed against any outstanding demand under the Act or under any existing law and to refund the balance amount of GST paid through credit, to credit ledger only.
In addition, in case of the exporters claiming refund of ITC, amendment has been made to restrict the value of exported goods to 1.5 times of like or similarly placed goods supplied in India. Further, if the export proceeds for the goods exported is not realized within the time limit stipulated by FEMA, then the new rule 96B provides for recovery of refunds already granted. There are certain other amendments, including, proposal for extending the due dates for filing the GST returns.
In order to make businesses aware of the changes, Mewar Chamber of Commerce and Industries Bhilwara in association with Lakshmikumaran & Sridharan is organising a conference call to analyse the changes enumerated above and many more recent important notifications issued by the government bringing various changes in law.
Speakers
The conference call will cover the recent notifications and changes.
Shri Anand Nainawati,
Partner, L&S
Shri Narendra Singhvi,
Joint Partner, L&S