Introduction of CGST (Eighth Amendment) Rules, 2021:
Empowered by section 164 of the CGST Act, 2017, the Central Government introduces pivotal changes.
Rule 10A Amendment:
Specifies linking of bank details to the Permanent Account Number (PAN) of the registered person.
Proprietorship concerns require Aadhaar-PAN linkage.
New Rule 10B: Aadhaar Authentication:
Mandates Aadhaar authentication for various entities.
Specifies purposes for which authentication is required, enhancing security.
Rule 23 Modification:
Rule 23 amended to include Aadhaar authentication provisions (Rule 10B) for specific actions.
Rule 45 Update (Effective from October 1, 2021):
Changes term "quarter" to "specified period."
Explains the specified period based on aggregate turnover.
Rule 59 Revision (Effective from January 1, 2022):
Adjustment in reporting frequency.
Clause (c) omission simplifies reporting requirements.
Rule 89 Amendment:
Sub-rule (1) modification with Aadhaar authentication condition (Rule 10B).
Introduction of sub-rule (1A) facilitates refund claims for transactions reclassified as inter-State.
These amendments aim to enhance GST compliance, ensuring smoother processes and secure authentication, contributing to a more transparent tax environment.