MM TAX CLUB

— In exercise of the powers conferred by section 164 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following rules further to amend the Central Goods and Services Tax Rules, 2017,

1. Short title and commencement. — (1) These rules may be called the Central Goods and Services Tax (Fourth Amendment) Rules, 2023.

(2) Save as otherwise provided in these rules, they shall come into force on the date of their publication in the Official Gazette.

2. In the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the said rules), rule 28 shall be renumbered as sub-rule (1) and after the sub-rule as so renumbered, the following sub-rule shall be inserted, namely:-

“(2) Notwithstanding anything contained in sub-rule (1), the value of supply of services by a supplier to a recipient who is a related person, by way of providing corporate guarantee to any banking company or financial institution on behalf of the said recipient, shall be deemed to be one per cent of the amount of such guarantee offered, or the actual consideration, whichever is higher.”. 

3. In the said rules, in rule 142, in sub-rule (3), for the words “proper officer shall issue an order”, the words “proper officer shall issue an intimation” shall be substituted.

4. In the said rules, in rule 159, in sub-rule (2), after the words “Commissioner to that effect”, the words “or on expiry of a period of one year from the date of issuance of order under sub-rule (1), whichever is earlier,” shall be inserted.

5. In the said rules, in FORM GST REG-01, in PART-B, in serial number 2, after clause (xiv), the following clause shall be inserted, namely:- “(xiva) One Person Company”.

6. In the said rules, for FORM GST REG-08, the following form shall be substituted, namely:– 

Ministry of Finance vide Notification F. No A-50050/69/2023-CESTAT-DOR dated October 25, 2023, notified the "Goods and Services Tax Appellate Tribunal (Appointment and Conditions of Service of President and Members) Rules, 2023." These rules, upon their publication in the Official Gazette, will come into force and will be applicable to the President, Judicial Member, Technical Member (Centre), and Technical Member (State) of both the Principal Bench and State Bench of the Goods and Services Tax Appellate Tribunal. They encompass various provisions related to the appointment and removal of the President and Members, their salaries and allowances, as well as delineating their respective powers.

Circular No. 16/2023 dated 18^th September 2023

                Extension of timelines for filing of Form 10B/10BB and Form ITR-7 for the Assessment Year 2023-24

On consideration of difficulties reported by the taxpayers and other stakeholders, the Central Board of Direct Taxes (CBDT), in exercise of its powers under Section 119 of the Income-tax Act, 1961 (Act), provides relaxation in respect of following compliances:

1. The due date of furnishing Audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and sub-clause (ii) of clause (b) of sub-section (1) of section 12A of the Income-tax Act, 1961, in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical institution in Form 10B/Form 10BB for the Previous Year 2022-23, which is 30™ September, 2023, is hereby extended to 31% October, 2023.
2. The due date of furnishing of Return of Income in Form ITR-7 for the Assessment Year 2023-24 in the case of assessees referred to in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act, which is 31% October, 2023, is hereby extended to 30% November, 2023.