Insights
Alerts
Scheme for waiver of interest and penalty –Section 128A of the Central Goods and Service Tax Act, 2017
Personal taxation
• A relaxation in tax rates is proposed under the new tax regime under section 115BAC. The proposed slab rates as applicable under the new tax regime as against the current slab applicable rates is as under is tabulated below:
Goods and Services Tax (GST) Legislative Changes
[These shall come into effect from the date of assent to the Finance (No.2) Bill, unless specified otherwise]
Exclusion of un-denatured extra-neutral alcohol or rectified spirit from the purview of GST [Section 9 of the Central Goods and Services Tax Act, 2017 (“CGST Act”), Section 7 of the Union Territory Goods and Services Tax Act, 2017 (“UTGST Act”) and Section 5 of the Integrated Goods and Services Tax Act,2017 (“IGST Act”)]
GST registration applications are governed by Rule 8 of the CGST rules, wherein Rule 8(4A) provides for authentication of Aadhaar number while filing the GST registration applications. The second proviso now provides that where applicants [other than individuals] who do not possess Aadhar number or other applicants who do not opt for Aadhaar authentication, will need to appear for the photographs along with verification of original copy of documents uploaded on the common portal at notified facilitation centers. It is noteworthy that GST registration application shall be deemed to be complete only after this process is successfully undertaken at such facilitation center.