As per Notification No. 45/2017 – Central Tax in Sub-rule 2 of Rule 54 in case of documents issued by a bank or financial institution, the words “tax invoice” is replaced by a new term known as “consolidated tax invoice” as the statement is issued for a period.
During the 22nd GST Council Meeting, many decisions have been taken to make the GST System simpler and more user-friendly. Some of the key decisions taken are like differing reverse charge till the end of April 2018, change in the reporting requirements for GST Taxpayers up to a turnover of Rs 1.5 Crs and increase in threshold limit for GST taxpayers from Rs 75 Lacs to Rs 100 Lacs. To make them effective, a series of notifications have been issued by the department on 13th Oct 2017 and the synopsis is given here for ease of understanding.
As per Notification No. 41/2017 – Central Tax dated 13th Oct 2017, the person registered taxpayer in GST under Composition Levy has to file GSTR – 4 for the period from 1st July 2017 to September 2017 has to file the return by 15th November 2017.
The proper officer will prepare a list of the movable and immovable property of the defaulter along with estimating the value of the property basis of the market value and issue the same in FORM GST DRC – 16.
The proper officer will send a request in FORM GST DRC- 15 to the said civil court, where any balance amount is payable to the defaulter in the execution of a decree of a civil court and the court shall, subject to the provisions of the Code of 103 Civil Procedure, 1908 (5 of 1908), execute the attached decree, and credit the net proceeds from settlement of the amount recoverable.
On receipt of money from the third party on behalf of the defaulted taxpayer, the concerned office will issue the FORM GST DRC – 14 for the money received.
The concerned officer has to issue a notice in FORM GST DRC-13 to the third person as per clause (c) of sub-section (1) of section 79 for recovery of tax amounts of the defaulted taxpayer from whom the amount is due or payable by the third person.