Central Board of Indirect Taxes and Customs (CBIC) via Notification no. 52/2023-Central Tax has amended Central Goods and Services Tax Rules, 2017.
Following are the key Amendments:
1. Rule 28 has been amended to insert the valuation of supply of services by a supplier to a recipient who is a related person, involving the provisions of a corporate guarantee to any banking company or financial institution on behalf of the recipient. The value of this supply shall be deemed to be one per cent of the amount of such guarantee offered, or the actual consideration, whichever is higher.
2. Form GST REG-01 “Application for Registration”, has been updated to include One Person company as the new constitution of business.
3. FORM GST REG-08 “ Order of Cancellation of Registration as Tax Deductor at source or Tax Collector at source” has been updated to cover the order of cancellation of registration as a Tax Deductor at source or Tax Collector at source.
4. In FORM GSTR-8 “ Statement of Tax Collected at source” the section pertaining to interest and late fee payable and paid is revised, with separate entries for interest on TCS and late fees for Central Tax and State/UT Tax.
Kindly refer the attached Notifications for the updated forms.
Source: Central Board of Indirect taxes and Customs (CBIC)
