CBIC / GST notification 40/2017 – Central Tax · 13 Oct 2017
Official title
40/2017-Central Tax : Seeks to make payment of tax on issuance of invoice by registered persons having aggregate turnover less than Rs 1.5 crores
Official record
Open source pageSummary
Check the official recordThe Central Government specifies the class of registered persons who pay the central tax on the outward supply of goods at the time of supply. This rule applies to registered persons with an aggregate turnover of up to one crore and fifty lakh rupees in the preceding financial year. It also applies to persons whose turnover in the registration year is likely to be less than one crore and fifty lakh rupees. These persons must not opt for the composition levy under section 10 of the said Act. Such persons pay tax as specified in clause (a) of sub-section (2) of section 12 of the said Act and furnish details and returns according to Chapter IX of the said Act.
What you must do
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[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)]
Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs
Notification No. 40/2017 – Central Tax
New Delhi, the 13th October, 2017
G.S.R....(E).- In exercise of the powers conferred by section 148 of the Central Goods and Services Tax Act, 2017 (12 of 2017) (hereafter in this notification referred to as the 'said Act'), the Central Government, on the recommendations of the Council, hereby notifies the registered person whose aggregate turnover in the preceding financial year did not exceed one crore and fifty lakh rupees or the registered person whose aggregate turnover in the year in which such person has obtained registration is likely to be less than one crore and fifty lakh rupees and who did not opt for the composition levy under section 10 of the said Act as the class of persons who shall pay the central tax on the outward supply of goods at the time of supply as specified in clause (a) of sub-section (2) of section 12 of the said Act including in the situations attracting the provisions of section 14 of the said Act, and shall accordingly furnish the details and returns as mentioned in Chapter IX of the said Act and the rules made thereunder and the period prescribed for the payment of tax by such class of registered persons shall be such as specified in the said Act.
[F. No. 349/74/2017-GST (Pt.)]
(Dr.Sreeparvathy S.L.) Under Secretary to the Government of India
