This notification, G.S.R. 145(E), issued by the Ministry of Finance (Department of Revenue) on February 6, 2018, enacts the Goods and Services Tax Settlement of Funds Amendment Rules, 2018. These rules amend the Goods and Services Tax Settlement of Funds Rules, 2017, which were originally published under G.S.R. 964(E) on July 27, 2017. The amendment inserts a new sub-rule (3) into rule 11, allowing the Central Government, based on the Goods and Services Tax Council's recommendations, to provisionally settle any sum of integrated goods and services tax collected within a particular financial year that has not yet been settled. This action is taken under the authority of Section 53 read with Section 17 of the Central Goods and Services Tax Act, 2017 (12 of 2017), Sections 17 and 18 of the Integrated Goods and Services Tax Act, 2017 (13 of 2017), and Section 21 of the Union Territory Goods and Services Tax Act, 2017 (14 of 2017). The amendment comes into force on the date of its publication in the Official Gazette. The Under Secretary, S.R. Meena, signed the notification, which carries file number F. No. 31013/16/2017-STIDoR.
Key Entities Referenced
Central Goods and Services Tax Act, 2017: A tax law in India, specifically Act 12 of 2017, related to goods and services tax.
Integrated Goods and Services Tax Act, 2017: A tax law in India, specifically Act 13 of 2017, related to integrated goods and services tax.
Union Territory Goods and Services Tax Act, 2017: A tax law in India, specifically Act 14 of 2017, related to goods and services tax in Union Territories.
Goods and Services Tax Settlement of Funds Rules, 2017: Rules governing the settlement of funds related to Goods and Services Tax in India.
Goods and Services Tax Settlement of Funds Amendment Rules, 2018: Amendments to the Goods and Services Tax Settlement of Funds Rules.
Central Government: The executive authority of the Republic of India.
Goods and Services Tax Council: A constitutional body in India responsible for making recommendations on issues related to Goods and Services Tax.
New Delhi: The capital city of India.
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[फा. सं. एस-31013/16/2017-एसटी-I--डीओआर]
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715 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 6th February, 2018
G.S.R. 145(E).—In exercise of the powers conferred by section 53 read with section 17 of the
Central Goods and Services Tax Act, 2017 (12 of 2017), sections 17 and 18 of the Integrated Goods and
Services Tax Act, 2017 (13 of 2017) and section 21 of the Union Territory Goods and Services Tax Act, 2017
(14 of 2017), the Central Government hereby makes the following amendments in the Goods and Services
Tax Settlement of Funds Rules, 2017, namely:—
1. (1) These rules may be called the Goods and Services Tax Settlement of Funds (Amendment)
Rules, 2018.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Goods and Services Tax Settlement of Funds Rules, 2017, in rule 11, after sub-rule (2), the
following sub-rule shall be inserted, namely:—
“(3) At any point of time in any particular financial year, the Central Government may, on the
recommendations of the Goods and Services Tax Council, provisionally settle any sum of integrated
goods and services tax collected in that particular financial year which has not been settled so far.”
[F. No. 31013/16/2017-ST-I-DoR]
S. R. MEENA, Under Secy.
Note : The principal rules were published in Gazette of India, Extraordinary, Part- II, Section 3, Sub-Section (i),
vide number G.S.R. 964(E), dated the 27th July, 2017.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.