27.10.2023: CBIC issued Notification to amend the Central Goods and Services Tax Rules, 2017 to give effect to the recommendation of 52nd Council Meeting

The CBIC has issued Notification No. 52/2023-Central Tax dated 26.10.2023, has amended the Central Goods and Services Tax Rules, 2017 to give effect to the recommendation of the 52nd GST Council Meeting held on 7th October, 2023.

These Amendments are as under: 

1. Value of supply of goods or services or both between distinct or related persons, other than through an agent (Rule 28)

A new sub-rule (2) in Rule 28 of the CGST Rules, 2017, to provide taxable value of supply of corporate guarantee to any banking company or financial institution as Higher of (i) 1% of the amount of such guarantee offered or (ii) Actual consideration.

2. Notice and order for demand of amounts payable under the Act (Rule 142)

To provide that, the proper officer shall issue an intimation in FORM GST DRC-05, upon receiving the intimation in FORM GST DRC-03 from person making voluntary payment of tax, interest, penalty u/s 73 or 74 of the CGST Act,2017.

Earlier, the proper officer was required to issue an order in FORM GST DRC-05.

3. Provisional Attachment of Property (Rule 159)

To provide that the order for provisional attachment in FORM GST DRC-22 shall not be valid after expiry of one year from the date of the said order. This will facilitate release of provisionally attached properties after expiry of period of one year, without need for separate specific written order from the Commissioner. 

Also, simultaneous amendment made in FORM GST DRC-22 to give such effect.

4. Amendment in FORM GST REG -01 (Application for Registration)

5. Amendment in FORM GST REG-08 (Order of Cancellation of Application for Registration as Tax detector or Tax Collector at Source)

6. Amendment in FORM GSTR-8 (Statement for tax collection at source)

7. Amendment in FORM GST PCT-01 (Application for Enrolment as Goods and Services Tax Practitioner)

The Notification can be accessed at https://taxo.online/wp-content/uploads/2023/10/52-2023-CT-Eng.pdf

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