Amendment of Section 54 of the Central Goods and Services Tax Act
Section 54 of the Central Goods and Services Tax Act has been amended in several ways. Firstly, in sub-section (1), the existing phrase regarding the return furnished under section 39 has been simplified to refer to "such form and" instead. This change is likely aimed at streamlining the wording for clarity. Secondly, sub-section (2) has been modified to extend the time limit for certain actions from "six months" to "two years," providing more flexibility and time for compliance. Thirdly, sub-section (10) has been altered by removing the reference to "under sub-section (3)," which might have been considered redundant or unnecessary. Lastly, in the Explanation section, a new sub-clause (ba) has been added after sub-clause (b) to address zero-rated supplies to Special Economic Zones. This new provision specifies the due date for furnishing returns under section 39 in such cases, ensuring that the rules for tax refunds on these supplies are clearly defined. These amendments collectively aim to enhance the clarity and efficiency of the GST refund process.
Note: It is an AI generated summary for reference purpose only.
Amendment of section 54.
113. In section 54 of the Central Goods and Services Tax Act, ––
(a) in sub-section (1), in the proviso, for the words and figures “the return furnished under section 39 in such”, the words “such form and” shall be substituted;
(b) in sub-section (2), for the words “six months”, the words “two years” shall be substituted;
(c) in sub-section (10), the words, brackets and figure “under sub-section (3) ” shall be omitted;
(d) in the Explanation, in clause (2), after sub-clause (b), the following sub-clause shall be inserted, namely:––
“(ba) in case of zero-rated supply of goods or services or both to a Special Economic Zone developer or a Special Economic Zone unit where a refund of tax paid is available in respect of such supplies themselves, or as the case may be, the inputs or input services used in such supplies, the due date for furnishing of return under section 39 in respect of such supplies;”.
