GST RCM exemption notification issued | Effective from 13-10-17. The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under sub-section (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018 and will be reviewed by a committee of experts. This was one of the outcome of 22nd Council Committee meeting held on October 6th 2017.
To make this decision effective today government has issued official notification which states as follows:
Notification No. 38/2017 – Central Tax (Rate)
New Delhi, the 13th October, 2017
G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 11 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, hereby makes the following amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.8/2017- Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 680(E), dated the 28th June, 2017, namely:-
In the said notification, the proviso under Paragraph 1 shall be omitted.
- The exemption contained in the notification No. 8/2017-Central Tax (Rate) dated the 28th June, 2017 as amended by this notification shall apply to all registered persons till the 31st day of March, 2018.
The above mentioned notification will be effective from October 13th, 2017.
This will benefit small businesses and substantially reduce compliance costs. If you want to download the official notification you can download the same from direct downloading link given below:
|GST RCM exemption notification||For Downloading Click Here|
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