GST Amendments 2018

Last Updated at: Jan 15, 2021
GST 2018 Amendments at a glance

The amendments to the GST laws have made sure that the implementation of this new indirect taxation regime becomes seamless. You must be aware of the fact that changing the definition of business for the purpose of GST collection is one of the significant changes brought about by the Central Government.

The goods and services tax came into force on the 1st of July 2017, until then there were different taxes for goods but after the implementation of goods and services tax uniform tax for most goods is at the range of eighteen percent. There are many advantages and disadvantages to this tax system. Let’s see the significant amendments made in 2018 in the CGST act.

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1.Section 2 (17)

Definition of business has been amended so as to include services provided by a race club by way of a license to the bookmaker in such club.

2.Section 2 (102)

 This has been amended for arranging transactions in securities.

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3. Section 9 (4)

This Section has been amended to give all rights to the central government to subject classes for registered persons to pay the tax in respect of supplies of specified categories of goods or services or both from unregistered suppliers.

4. Section 10 

   This has been amended to enhance the limit of composition levied from one crore rupees to one crore and fifty lakh rupee

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5. Section 17

  1. Amended to specify the scope of input tax credit. Availment of input tax credit allowed on activities specified in schedule 3 other than the sale of land.

2. Now input tax credit shall be available on more services Section 25 has been amended by which a  person having multiple places of business in a state or union territory may be granted a separate registration for each such place.

3. A person having a unit in a special economic zone shall have to apply for a separate registration distinct from his place of business located outside the special economic zone.

4. Further in Section 34 allows a dealer to issue one credit note for multiple invoices, under Section 39 a registered person can make amendments in GST return.

5. Supply of goods from a place in the non-taxable territory to another place in a non-taxable territory without such goods entering India is another important amendment made in schedule 3

Amendments in IGST Act

Earlier one of the requirements for a service to qualify as export of services was that the payment for such service shall be received by the supplier of service in convertible foreign exchange but now as per the amended definition of export of services under Section 2 (6) of the IGST act, such payment can be received only in Indian rupees wherever permitted by the reserve bank of India.

To conclude, these are the certain main amendments implemented in the year 2018 by the Indian government for the effective functioning of the GST act to be in favor of the buyer and the supplier.

The scope of input tax credit has also been made fairer and more accurate with the help of GST amendments. The redefinition of export has ensured that there are no ambiguities. It is beyond doubt that buyers as well as suppliers of goods and services have benefitted substantially because of these changes.