|The extract of Section 170 of CGST Act,2017 quoted below:
170 Rounding off of tax, etc.
170. The amount of tax, interest, penalty, fine or any other sum payable, and the amount of refund or any other sum due, under the provisions of this Act shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee and if such part is less than fifty paise it shall be ignored.
|Section 170 of CGST Act, 2017 |
Rounding off of tax
|CBEC has notified the following CHANGES IN GST:
1) Exemption from RCM
CBEC has issued notification exempting RCM till 31-3-2018. The exemption is applicable to RCM payable on services received from unregistered supplier of goods and services.RCM on specified services like lawyer, GTA, etc. is still applicable.
The Notification is dated 13-10-17 and so this exemption is available from 13-10-2017.
2) GST on Advances
Small assesses whose turnover did not exceed 1.5 crores in Previous financial year are now absolved from paying GST on advances received. In other words, now small assesses will have to pay GST on supply of service / goods or billing basis, whichever is earlier.