The Central Board of Indirect Taxes and Customs (CBIC) has announced an update to the Goods and Services Tax Registration form GST REG-01. The notification is regarding the addition of a ‘One Person Company’.
According to the notification issued on 26 October, the amendment adds a new clause, labelled as (xiva), to PART-B, in serial number 2, of FORM GST REG-01, following clause (xiv). This addition specifically mentions ‘One Person Company’ and aims to categorize registrants more accurately.
Several changes have been made to the Central Goods and Services Tax (CGST) rules as well. Here are some of the major modifications-
Rule 28 Amendment: Rule 28 has been renumbered as sub-rule (1), and a new sub-rule (2) has been added. Sub-rule (2) relates to the valuation of services offered by a supplier to a concerned individual, offering corporate guarantees to a banking institution or financial organization.
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Rule 142 Amendment: In Rule 142, the wording of sub-rule (3) has been modified to state that the proper officer will issue an “intimation” instead of an “order”.
Rule 159 Amendment: In Rule 159, a new clause has been introduced in sub-rule (2), stating that for specific purposes, one year from the date of order issuance under sub-rule (1) is the expiration date.
FORM GST REG-08 Replacement: FORM GST REG-08 has been replaced with a new format for cancellation of registration orders as a Tax Deductor at source or Tax Collector at source. The revised format includes different scenarios for cancellation, along with its grounds and effective dates.
Changes in FORM GSTR-8: Changes have been made to serial numbers 5, 7, and 9 in FORM GSTR-8, which pertain to interest, late fees, and debit entries in the cash ledger for TCS.
Amendment to FORM GST PCT-01: Part B of FORM GST PCT-01 has been amended, specifically in serial number 4, which outlines enrollment options for professionals and degree holders.
FORM GST DRC-22 Amendment: Lastly, a new paragraph has been added in FORM GST DRC-22, specifying the termination of the order’s effect after the issuance of an order in FORM GST DRC-23 by the Commissioner, or after one year from the order’s issuance date, whichever comes first.
