ICAI releases newsletter on GST : Presidents communication in the news letter was as follows ;
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My Esteemed professional colleagues,
GST (Amendment) Acts, 2018 have recently received the President of Indias assent on August 29th, 2018 andthe changes proposed by these 4 Acts will be applicable only from the date to be notified. However, that will bepossible only after enactment of SGST/UTGST Act by the respective State/Union Territory Government. Primarily,these amendments includes changes in the return provisions to enable government to implement new proposed return forms, restriction of reverse charge mechanism under Section 9(4) to specific class of registered person or goods and/or services, increase in threshold limit for goods from Rs. 1 crore to Rs. 1.5 crores, modification in Blocked Credit of ITC provisions, and concept of suspension of registration, etc.
We also welcome the Governments proactive decision to exempt aid and relief materials from Basic Custom Duty and Integrated Tax, which are imported as donation, intended for people affected by the floods. Also, all the registered persons in Kerala, Kodagu (Karnataka); Mahe (Pondicherry) taken care by notifying the extension in the due dates for filing of GST Returns.
We, at ICAI, with the aim to continue our initiatives to support the Government and other stakeholders in GST, has recently submitted 19 suggestions on draft proposed return formats under GST to the Government.
In addition to above, ICAI has come out with E-Handbook on Classification under GST. This handbook inter- alia cover many issues involved in classification exercise including general rules and principles of classification. Moreover, existing publication Bare Law on GSTwhich contain birds eye view of GST Law in addition to GST Acts and Rules has also been updated to bring it in line with the extant law. These publications are available in soft copy at www.idtc.icai.org.
Continuing its knowledge dissemination drive, more than 5250 workshops, seminars/conferences on GST have been organised by ICAI since 2017 with an aim to update our members and stakeholders with the current developments in GST. The same was attended by and benefited to almost 440 thousand participants. Further, 69 batches of Certificate Course on GST have been organised across the country and 5 more batches have been scheduled.
ICAI takes pride in playing the desired role of partner-in nation- building and taking various initiatives towards the implementation of GST in India.

CA. Naveen N. D. Gupta

President, ICAI

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