CENTRAL GOODS AND SERVICES TAX (AMENDMENT) ACT, 2018
Section 23 - Amendment of section 54
Amendments to Section 54 Regarding Exports and Refunds
Section 54 of the principal Act has undergone amendments. Firstly, in subsection (8), clause (a), the term "zero-rated supplies" has been replaced with the terms "export" and "exports." This change clarifies the language used concerning exports in this section. Secondly, the Explanation in clause (2) has been modified. In sub-clause (c), item (i), the phrase "or in Indian rupees wherever permitted by the Reserve Bank of India" has been added after "foreign exchange." This addition allows for transactions in Indian rupees when approved by the Reserve Bank of India. Furthermore, sub-clause (e) has been replaced to specify that for refunds of unutilised input tax credit under clause (ii) of the first proviso to subsection (3), the due date for filing returns is tied to the period when the refund claim arises, as per section 39. These changes aim to provide clarity and ensure compliance with financial regulations and refund processes.
Note: It is an AI generated summary for reference purpose only.
(a) in sub-section (8), in clause (a), for the words “zero-rated supplies”, the words "export" and "exports" shall respectively be substituted
(b) in the Explanation, in clause (2),––
(i) in sub-clause (c), in item (i), after the words “foreign exchange”, the words “or in Indian rupees wherever permitted by the Reserve Bank of India” shall be inserted;
(ii) for sub-clause (e), the following sub-clause shall be substituted, namely:––
“(e) in the case of refund of unutilised input tax credit under clause (ii) of the first proviso to sub-section (3), the due date for furnishing of return under section 39 for the period in which such claim for refund arises;”.
