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GST -Amendments in CGST Rules, 2017 (Invoice Description, Exchange rate, Monthly Return, Form Tran -1 etc)
 

 

CHEMEXCIL
Basic Chemicals, Cosmetics & Dyes Export Promotion Council
(Set-up by Ministry of Commerce and Industry, Govt of India)

Jhansi Castle 4th Fl., 7 Cooperage Road, Mumbai - 400 001.India.

Tel : +91 22 22021288 / * Fax : +91 22 22026684 *

E-mail : info@chemexcil.gov.in Web : https://chemexcil.in

 


EPC/LIC/CGSTRules   31st July 2017

 

TO ALL MEMBERS OF COUNCIL

 

GST -Amendments in CGST Rules, 2017 (Invoice Description, Exchange

 

rate, Monthly Return, Form Tran -1 etc)

 

Dear Members,

 

Kindly note that the Central Board of Excise & Customs has notified important amendments/ provisions  in CGST Rules 2017 concerning  description in export Invoice, exchange rates, Form Tran-1,  Monthly Return Form ,  Migration etc.    

 

The above  amendments/ provisions   have been  notified vide  Notification No. 17/2017 – Central Tax dated 27th July, 2017.

 

From exports point of view,  we are  highlight following important amendments reproduced from the  said notification:

  • Rule 46 (Invoice):
  •  

“Provided also that in the case of the export of goods or services, the invoice shall carry an endorsement


 

“SUPPLY MEANT FOR EXPORT/SUPPLY TO SEZ UNIT OR SEZ DEVELOPER FOR AUTHORISED OPERATIONS ON PAYMENT OF INTEGRATED TAX” or “SUPPLY MEANT FOR EXPORT/SUPPLY TO SEZ UNIT OR SEZ DEVELOPER FOR AUTHORISED OPERATIONS UNDER BOND OR LETTER OF UNDERTAKING WITHOUT PAYMENT OF INTEGRATED TAX”,


as the case may be, and shall, in lieu of the details specified in clause
(e), contain the following details, namely,-
(i) name and address of the recipient;
(ii) address of delivery; and
(iii) name of the country of destination:”;

  • Rule 34 ( Rate of exchange of currency)

Other than Indian rupees, for determination of value.-


(1) The rate of exchange for determination of value of taxable goods shall be the applicable rate of exchange as notified by the Board under section 14 of the Customs Act, 1962 for the date of time of supply of such goods in terms of section 12 of the Act.
(2) The rate of exchange for determination of value of taxable services shall be the applicable rate of exchange determined as per the generally accepted accounting principles for the date of time of supply of such services in terms of section 13 of the Act.”;

 

For details of other amendments/provisions in Rule 61 (Monthly Return), Form Trans 1  etc, please refer to above said notification available for download using below link-

http://www.cbec.gov.in/resources//htdocs-cbec/gst/notfctn-17-central-tax-english.pdf

 

Members are requested to take note of the same and do the needful.

 

Thanking You,

 

Yours faithfully,

 

(S.G. BHARADI)
Executive Director

CHEMEXCIL

notfctn-17-central-tax-english

 

 

 

 

 

 

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