Central Goods and Services Tax (Second Amendment) Rules, 2019

Rule Amendment: Central Government introduces amendments to the Central Goods and Services Tax Rules, 2017, via the Central Goods and Services Tax (Second Amendment) Rules, 2019.

Effective Date: Rules come into force upon publication in the official gazette, except where otherwise specified.

Rule 41 Amendment: Explanation added clarifying the definition of "value of assets" for the purpose of the rule.

Rule 43 Amendment (Effective from April 1, 2019): Addition of FORM GSTR-3B reporting alongside FORM GSTR-2. Introduction of explanations and provisions for zero input tax credit during the construction phase.

Enhanced reporting requirements for certain projects. Clear guidelines for computation and adjustment of input tax credit based on project type and completion status.

Explanation Additions: Detailed explanations provided for key terms such as "apartment," "project," "promoter," and others. Purpose: Amendments aimed at providing clarity and specific guidelines for the computation and reporting of input tax credit in various scenarios, particularly related to real estate projects.