CGST Amendment Act 2018- Series 1

Following are the Key amendments in Section 2 of the CGST Act 2017 vide CGST Amendment Act 2018 for which assent was given by President of India on 30th August 2018, but the provisions are expected to be notified on 1st February 2019.

1. Business [Section 2 (17)]

Substitution of Clause (h)

Activities of a race club including by way of totalisator or a license to book maker or activities of a licensed book maker in such club; 

Earlier, only the services of totalisator or a license to book maker in such club was covered.

2. Business Vertical  [Section 2 (18)]

Omitted.

Concept of Business verticals omitted.Suitable amendments made in the provisions for registration.  Now different registrations can be obtained for different place of business within a state.

3. Services [Section 2 (102)]

Insertion of explanation:

Explanation.––For the removal of doubts, it is hereby clarified that the expression “services” includes facilitating or arranging transactions in securities;’.

Service charges for such transactions are explained as Services