Proposal of the second amendment to the CGST Rules in 2021

Changes to the rules have been made to the Central Goods and Services Tax Act, 2017 (12 of 2017). The amendments were made in response to the Council’s advice, and in accordance with legislative reform to amend the Central Goods and Services Tax Rules, 2017, namely: –

(1) The Central Goods and Services Tax (Second Amendment) Rules, 2021 can be quoted as the Central Goods and Services Tax (Second Amendment) Rules, 2021.

(2) These laws take effect on the day they are published in the Official Gazette.

The preceding proviso shall be added after the third proviso in rule 26 sub-rule (1) of the Central Goods and Services Tax Rules, 2017. A registered individual under the Companies Act, 2013 (18 of 2013) is permitted to file the return under section 39 in FORM GSTR-3B and the details of outward supplies under section 37 in FORM GSTR-1 or to use invoices furnishing facility, verified through electronic verification code (EVC).

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Timelines for regulatory enforcement have been relaxed.

SEBI had previously issued relaxations in deadlines for complying with various regulatory criteria by trading representatives, clearing members, and depository participants in light of the COVID-19 pandemic, government lockdown, and representations obtained from stock exchanges, through circular nos. 

  • SEBI/HO/MIRSD/DOP/CIR/P/2020/61 dated April 16, 2020. 
  • SEBI/HO/MIRSD/DOP/CIR/P/2020/62 dated April 16, 2020, 
  • SEBI/HO/MIRSD/DOP/CIR/P/2020/68   dated   April   21,   2020, and
  • SEBI/HO/MIRSD/DOP/CIR/P/2020/72 dated April 24, 2020.

Due to the current crisis caused by the Covid-19 pandemic, it has been agreed to extend the deadlines for fulfilling the mentioned regulatory criteria. Six weeks have been extended to the timeline.

The terms of this circular are to be brought to the attention of stock exchanges, clearing corporations, and depository representatives. This circular is being published under the authority of Section 11(1) of the Securities and Exchange Board of India Act, 1992, as well as Section 19 of the Depository Act.

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