GST Updates for month of October 2023

The Goods and Services Tax (GST) was implemented on 1 July 2017. The government regularly introduces updates to ease the process of GST for Taxpayers.

Some amendments have been made in GST this year also and the amendments made in the month of October are as follows:

1. Amendments made in the CGST Rules, 2017 (w.e.f . 26-10-2023):

Insertion of sub-rule (2) to rule 28:

Value of supply of services by a supplier to a recipient who is a related person, by way of providing corporate guarantee to any banking company or financial institution on behalf of the said recipient, shall be deemed to be one per cent of the amount of such guarantee offered, or the actual consideration, whichever is higher.

Amendment to sub-rule (3) to rule 142 [Notice and order for demand of amounts payable under the Act]:

The mention of Form GST DRC-05* as an ‘order’ in the sub-rule is changed to ‘intimation’ to align the same with the content of the said Form.

[*Intimation of conclusion of proceedings in case a person chargeable with tax makes payment:

within 30 days of the service of show cause notice u/s 73/74 and Form GST DRC-01; or

within 7 days of notice issued u/s 129(3) but before issuance of order u/s 129(3) in Form GST DRC-03]

2. Amendments made in the CGST Rules, 2017 (w.e.f . 26-10-2023):

Amendment to sub-rule (2) to rule 159 [Provisional attachment of property] :

Provisionally attached property u/s 83 may be restored by way of issuance of an order in Form GST DRC-22:

• either on the written instructions from Commissioner to that effect; or
• on expiry of a period of one year from the date of issuance of the said order, whichever is earlier.

Consequential amendments made in the format of Form GST DRC-22.

Amendment to Form GST REG- 01:

“One Person Company” is defined as a company which has only one person as member as per the provision of section 2(62) of The Companies Act, 2013 w.e.f. 01-04-2014 Consequentially, Part-B of Form GST REG-01 has been amended to incorporate One Person Company as a category of Constitution of Business.

3. Amendments made in the CGST Rules, 2017 (w.e.f . 26-10-2023):

Substitution of Form GST REG-08 [Order of Cancellation of Registration as TDS or TCS]:

Format of Form GST REG-08 amended to incorporate cancellation of registration of TCS/ TDS taxpayers on their own request.

Amendment in FORM GSTR-8 [Statement for Tax Collection at Source] :

Format of FORM GSTR- 8 amended to provide for payment of late fee on delayed furnishing of the same by the e-commerce operators as required u/s 52.

Amendment in FORM GST PCT-01 [Application for Enrolment as Goods and Services Tax Practitioner] :

Format of FORM GST PCT-01 amended to incorporate all the options of qualification as required by any person desirous of enrolling as a GST Practitioner in terms of rule 83.

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