Notification No. 8/2017 – Central Tax dated 28th June 2017

The provisions of reverse charge u/s 9(4) of CGST Act will NOT be applicable on registered persons if he receives goods/ services in a day  for the aggregate value of up to Rs. 5000 from all the suppliers.

Please note that here value of Rs. 5000 is for all the supplies in a single day and not for a single bill of goods/ service.

 

Notification No. 13/2017 – Central Tax dated 28th June 2017

Interest on delayed payment of GST – 18% p.a.

Interest on excess ITC claimed / excess reduction in output tax liability – 24% p.a.

Interest on withheld refund – 6% p.a.

Interest on delayed refund (beyond 60 days) – 6% p.a.

Interest on delayed refund (arising from order of authority/ court) – 9% p.a.

 

Notification No. 12/2017 – Central Tax dated 28th June 2017

Requirement for mentioning HSN codes in Tax Invoice:

Annual Turnover in preceding FY up to 1.5 crores – HSN code not required to be mentioned.

Annual Turnover in preceding FY greater than 1.5 crores upto 5 crores – 2 digits of HSN code.

Annual Turnover in preceding FY greater than 5 crores – 4 digits of HSN code.

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