Amendment Overview:
The Central Goods and Services Tax Rules, 2017, undergo the Fifth Amendment in 2021 to address compliance matters.
Effective Date:
The amendment, known as the Central Goods and Services Tax (Fifth Amendment) Rules, 2021, becomes effective upon its publication in the Official Gazette.
Rule 26 Modification:
Rule 26, Sub-rule (1), experiences changes, particularly in the fourth proviso, adjusting the date from May 31, 2021, to August 31, 2021.
Adjustment Period for Input Tax Credit:
Rule 36, Sub-rule (4), introduces a new proviso stating that the conditions for input tax credit adjustment apply cumulatively for April, May, and June 2021. The adjustment reflects in the GSTR-3B return for June 2021 or the quarter ending June 2021.
Provision for May 2021 Details:
In Rule 59, Sub-rule (2), a proviso is added, allowing registered persons to furnish details for May 2021 using IFF (Invoice Furnishing Facility) from June 1, 2021, to June 28, 2021.
Issued by Government Authority:
Rajeev Ranjan, Under Secretary to the Government of India, issues the amendment, demonstrating official authorization.
Principal Rules Source:
The principal rules were initially published in the Gazette of India on June 19, 2017, and this amendment follows the last one from May 18, 2021.
This amendment introduces crucial changes to GST rules, addressing compliance timelines and input tax credit adjustments for specific periods.