The GST Council, in its 39th meeting held on 14.03.2020, has made the five important following recommendations in the CGST Rules :
- Procedure for reversal of input tax credit in respect of capital goods partly used for effecting taxable supplies and partly for exempt supplies under CGST rules 43 (1) (c);
- ceiling to be fixed for the value of the export supply for the purpose of calculation of refund on zero-rated supplies;
- to allow for the refund to be sanctioned in both cash and credit in case of excess payment of tax;
- to provide for recovery of refund on the export of goods where export proceeds are not realized within the time prescribed under FEMA; and
- to operationalize Aadhaar authentication for new taxpayers.
Read more at: https://www.taxscan.in/gst-council-recommends-5-important-changes-in-the-cgst-rules/52465/
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