The Central Government has amended CGST Act, 2017 & IGST Act, 2017 and brought into effect The CGST (Amendment) Act, 2018 & IGST (Amendment) Act, 2018 as per the recommendations made by GST Council in its 28th Meeting held in July-2018 (Please refer our earlier mails on this subject). The Hon’ble President of India has given his assent to these crucial amendment bills on 29th August-2018, which got published in the official Gazette of India on 30th August, 2018.
The Govt. has issued several notifications on 29th January-2019 to effect these amendments, these 14 amendments will be effective from 01st February-2019. Now, since the amendments acts are going to be effective from First day of February 2019, it is advisable to plunge into the changes and understand their implications on our business.
For better ease of understanding, we are summarizing herewith segment-wise GST amendments. These amendments are very important and it would change the compliances by 360 degree, the amendments are as under: