Here are crucial Goods and Service Tax notifications which were issued by the government which you must know:
- Notification No. 12/2024– Central Tax dated 10.07.2024 seeks to make amendments (Amendment, 2024) to the CGST Rules, 2017.
The Central Government has made amendments to the CGST Rules, 2017. The amendments are as follows: a) A provision has been inserted after the first proviso to Rule 8 (4A). It prescribes the verification procedure for registration in case of persons, other than a person notified under Section 25(6D), who has not opted for authentication of Aadhaar number. b) Amendment made in Rule 21(f) of CGST Rules, 2017 for inserting FORM GSTR-1A after FORM GSTR-1. A new clause (ga) has been inserted in Rule 21 of CGST Rules, 2017. c) Amendments made in Rule 21 A(2A) (a) of CGST Rules, 2017 for inserting FORM GSTR-1A after FORM GSTR-1. d) Amendments made in Rule 28 (2) of CGST Rules, 2017 for restricting the scope of the provision related to corporate guarantee to the service supplied by Indian person and it will be determined on an annual basis.
Also, a new proviso has been inserted after sub-rule (2) of Rule 28 to provide that where the recipient is eligible for full input tax credit, the ‘value declared in the invoice shall be deemed to be the value of said supply of services.’ This rule is amended retrospectively with effect from the 26th day of October, 2023 e) Amendments made in Rules 36 (4) (a), 37A, 40 (1), 48 (3), Rule 60 (1) and (7), 78, 88C (1), 96 (1) and (2), 96 A(2) and 163 of CGST Rules, 2017 for inserting FORM GSTR-1A after FORM GSTR-1. f) Amendments made in Rule 39 of CGST Rules, 2017. The sub-rule (1) has been substituted by a new sub- rule. This sub-rule is regarding the manner of distribution of input tax credit by an Input Service Distributor and the conditions to be followed. A new sub-rule (1A) has been inserted to provide for the transfer of credit, regarding the taxes paid under reverse charge by the head office, to the ISD for which an invoice as prescribed under rule 54(1A) of the CGST Rules needs to be raised. These changes will take effect from a specified date that is yet to be notified. g) Amendments made in Rule 59 of CGST Rules, 2017. A new proviso has been inserted after sub-rule (1) and a new sub-rule (4A) has been inserted after sub-rule (4). h) Amendments made in Rule 60 (1) and (7) of CGST Rules, 2017 for inserting FORM GSTR-1A after FORM GSTR-1.
Amendments made in Rule 62 of CGST Rules, 2017 by addition of a new proviso after sub-rule (1) for providing that ‘the return in FORM GSTR-4 for a financial year from FY 2024-25 onwards shall be required to be furnished by the registered person till the thirtieth day of June following the end of such financial year’.
Amendments made in Rule 88B (1) of CGST Rules, 2017 by inserting a proviso after sub-rule (1) to provide relaxation from interest for amount deposited in cash ledger before due date of GSTR 3B, but GSTR 3B filed after the due date.
Amendments made in Rule 89 by inserting a new sub-rule (1B) after sub-rule (1A) and insertion of clauses (bb) and (bc) after clause (ba) in sub- rule (2) of CGST Rules, 2017. Insertion of Rule 95B in CGST Rules, 2017 regarding refund of tax paid on inward supplies of goods received by the Canteen Stores Department.
A new proviso has been inserted after clause (c) of sub-rule (1) of rule 96.
Amendments made in Rule 96 A(1) (b) of the CGST Rules, 2017 to include the period as allowed under the Foreign Exchange Management Act, 1999 (FEMA) including any extension of such period as permitted by the Reserve Bank of India (RBI) for the determination of receipt of consideration in case of exports made under a bond or letter of undertaking (LUT). Amendments made in sub-rule (2) of Rule 96 A for inserting FORM GSTR-1A after FORM GSTR-1.
Substitution of Rule110 and 111 of CGST Rules, 2017 to allow for efiling for GSTAT p) Insertion of Rule 113A in CGST Rules, 2017 regarding withdrawal of appeal or application filed before the Appellate Tribunal. It further provides that any fresh appeal or application, as the case may be, filed by the appellant pursuant to such withdrawal shall be filed within the time limit specified in sub-section (1) or sub-section (3) of section 112.
Amendments made in Rule 138 of CGST Rules, 2017 by inserting a new proviso in after the third proviso in sub-rule (3).
- Notification No.13/2024- Central Tax dated 10.07.2024 seeks to rescind Notification no. 27/2022-Central Tax dated 26.12.2022.
The Central Government has rescinded the Notification no. 27/2022 Central Tax dated 26.12.2022 which specified that the provisions of sub-rule (4A) of Rule 8 of Central Goods and Services Tax Rules, 2017, shall not apply in all the States and Union territories except the State of Gujarat, State of Andhra Pradesh and UT of Puducherry.
- Notification No.14/2024–Central Tax dated 10.07.2024 seeks to exempt the registered person whose aggregate turnover in FY 2023-24 is up to Rs. two crores, from filing annual return for the said financial year.
The Central Government has exempted the registered person whose aggregate turnover in the financial year 2023-24 is up to two crore rupees, from filing the annual return (GSTR 9) for the said financial year.
- Notification No.15/2024-Central Tax dated 10.07.2024 seeks to amend Notification No. 52/2018-Central Tax, dated 20.09.2018
Vide this notification the Central Government has decided that in the Notification No. 52/2018-Central Tax dated 20.09.2018 for the words “half percent.”, the figure and word “0.25 percent” shall be substituted. The effect of this is that Rate applicable for TCS under Section 52 of CGST Act is reduced from 1 % (0.5%+ 0.5%) to 0.5% (0.25% +0.25%).
