Audit
The provision that the taxable person having TO > 5 crores will file Form 9 and Reconciliation Form 9Cas certified by an auditor has been ommitted and self certification by the taxable person shall be sufficient .In other words any person having turnover exceeding Rs. 5 Crore is mandated to get his accounts audited and file the annual return (i.e. Form GSTR-9) along with reconciliation statement (i.e. Form GSTR-9C) certified by Chartered Accountant or Cost Accountant. The requirement for audit has been omitted and accordingly all the registered person would only be required to file annual return along with self-certified reconciliation statement.
Interest on delayed payments.
The provision of interest has been retrospectively amended from 01.07.2017 to providethat interest is calculated on unpaid net liability after taking ITC.
The person filing appeal is required to pay 10 % of the didputed tax liability . But nowe taxpayer is required to pay 25% of the penalty as pre-deposit in cases where an appeal is filed for cases pertaining to detention or seizure of goods or conveyance.
ZERO RATED SUPPLY
The term zero-rated supply has been amended to now provide that zero rated supply of goods or services or both also means such supplies provided for authorised operations to a Special Economic Zone developer or a Special Economic Zone unit.
The procedure for claiming refund of zero-rated supplies of goods has been amended. It provides that refund claimed u/r 89 of the CGST Rules, 2017 will be linked to the time limit prescribed under FEMA Act, 1999. In case of non-realization of export proceeds within time provided the refund granted shall be deposited with applicable interest.n case of zero rated supply of goods or services or both under LUT or bond without payment of tax, the supplier will be mandated to recover the export proceeds from the foreign customers. In case of any non-recovery of sale proceeds in convertible foreign currency within time limit prescribed under FEMA Act, 1999 the tax payer will be required to deposit the refund with applicable interest within 30 days of the expiry of such time limit. The said provisions strengthen the very foundation20 of Rule 96B of the CGST Rules, 2017 which prescribes the same.
Supply provided by way of goods or services to SEZ would qualify as zero rated supplies provided that the same is being supplied towards authorised operations of SEZ Accordingly, not all supplies provided to SEZ units would be considered as zero-rated supplies.
Therefore any supply provided to SEZ units which do not qualify as authorised operation wouldnaturally be subject to GST.
The facility for refund of ITC by opting the option of exporting goods with payment of integrated tax towards zero-rated supply of goods or services would be restricted only to a notified class of taxpayers and not for all.
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