Key Highlights of the CGST Circular No. 88/07/2019
<p><span>In Circular No. 88/07/2019-GST, issued on February 1, 2019, the Indian Ministry of Finance announced significant changes to previous circulars under the CGST Act, 2017, effective immediately. Below are the key highlights:</span></p><ol start="1"><li><span><strong>Realization of Export Proceeds in INR</strong>: The amendment to Section 2(6) of the IGST Act, 2017 allows the realization of export proceeds in Indian Rupees (INR), where permitted by the RBI. This amendment simplifies the invoicing and realization of exports for Indian businesses.</span></li><li><span><strong>Job Work Regulations</strong>: The updated regulations on job work include detailed provisions for extending the return period of inputs and capital goods, and specific requirements for job workers' registration, depending on their turnover.</span></li><li><span><strong>Detention and Confiscation</strong>: The allowed period for the owner or transporter to pay tax/penalty for seized goods has been extended from seven to fourteen days, streamlining compliance processes.</span></li><li><span><strong>Recovery and Reversal of ITC</strong>: Modifications were made to the procedures for reversing wrongly availed CENVAT credit and discharging liabilities. The taxpayers may use FORM GST DRC-03 for voluntary payments.</span></li><li><span><strong>Suspension of Registration</strong>: Provisions related to the suspension of registration under Section 29 of the CGST Act were elaborated, allowing taxpayers relief from compliance during cancellation proceedings.</span> <a href="https://cms.plasament.com/storage/nisha/circular-cgst-88.pdf">circular-cgst-88</a><br> </li></ol>