In line with the recommendations made during the 53rd GST Council meeting, the Central Board of Indirect Taxes and Customs (CBIC) issued a series of notifications on 10 July 2024. These notifications introduce several amendments to the GST provisions and rules. This article provides a detailed summary of these notifications, covering various aspects such as registration procedures, GSTR filings, ISD mechanisms, and more.
In pursuance to the GST Council 53rd meeting’s recommendations, CBIC has issued the 4 notification for amending the provision and rules made thereunder.
Summary of the same is as below,
1. Notification No 12/2024 of Central Tax Dated 10/07/2024:-
- Prescribes the verification procedure for registration in case person who has not opted for authentication of Aadhaar number. Effective date is yet to be notified for this amendment.
- Amendments made for the relevant rules in relation to the GSTR 1, to insert the GSTR 1A, and give recognition to GSTR 1A also form GSTR 1A Notified. Effective date is yet to be notified for this amendment.
- Scope of the provision related the corporate guarantee, is restricted to the service supplied by Indian person. and it will be determined on annual basis. and also provide the relaxation for valuation, in case Full ITC is available to recipient.
This rule is amended retrospectively with effect from the 26th day of October, 2023, (insertion of Rule 28(2)).
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- ISD Mechanism
1. Rules for ISD mechanism (Rule 39) substituted,
2. Enabling the facility for refund for ISD and relevant period for making application.
- Amendment in GSTR 1
1. B-2-C- Interstate Invoice wise reporting will be required for Invoice value More than 1 lac (previously it was 2.5 lac per invoice)-Applicable from 01/08/2024
2. Scope of reporting of additional details / amendments in GSTR 1A is defined
- Due date for the Furnishing annual return for Composition dealer is extended till 30 June following the end of such financial year.
- Rule 88B is amended to provide the relaxation from Interest for Amount deposited in cash ledger before due date of GSTR 3B, but GSTR 3B filed after the due date.
- Amendment in Rule 89 to Facilitate Refund on Export debit notes
- Amendments in relation to the provision for Appellate tribunal
2. Notification No 13/2024 of Central Tax Dated 10/07/2024:-
Rule 8(4A), requires the Aadhaar authentication, however the scope of this rule is restricted to state of Gujrat and State of Puducherry vide 27/2022-Central Tax, dated the 26th December, 2022 published vide number G.S.R 903(E).
The said notification has been now rescinded, so now the scope of Rule 8(4A) is applicable for All States and union territory.
3. Notification No 14/2024 of Central Tax Dated 10/07/2024:-
Annual return in GSTR 9 is exempted to the registered person whose aggregate turnover in the financial year 2023-24 is up to two crore rupees, from filing annual return for the said financial year.
4. Notification No 15/2024 of Central Tax Dated 10/07/2024:-
Rate applicable for TCS under Sec 52 of CGST Act is reduced from 1 % (0.5%+ 0.5%) to 0.5% (0.25% +0.25%) Circular No. 223/17/2024-GST dated 10/10/2024.
Due to The shifting of the GST back office operations of Central Board of Indirect Tax & Customs from ACES-GST to GSTN BO, accordingly the functions of proper officer as per CGST Rules are substituted as below
| Serial Number | Designation of the Officer | Functions under section of the Central Goods and Services Tax Act, 2017 or the rules made thereunder |
| (1) | (2) | (3) |
| 1. | Assistant or Deputy Commissioners of Central Tax and Assistant or Deputy Directors of Central Tax | i. Sub-section (5) of section 10-Issuance of Notices and demand as per the provisions of section 73 or section 74 of CGST Act 2017, for Composition Tax Payer. |
| 2. | Superintendent of Central Tax | i. Sub-section (8) of section 25-Suo moto registration granting under GST.
ii. Proviso to sub-section (1) of section 27-Extention of GST registration beyond prescribed time limit. iii. Section 28- Amendments to registration. iv. Section 29- Cancellation or suspension of registration. v. Section 30- Revocation of cancellation of registration. vi. Rule 6-Revocation of Composition Scheme vii. Rule 9- Verification of the registration application and approval. viii. Rule 10- Issue of registration certificate. ix. Rule 12- Grant of registration to persons required to deduct tax at source or to collect tax at source. x. Rule 16- Suo moto registration. xi. Rule 17- Assignment of Unique Identity Number to certain special entities. xii. Rule 19- Amendment of registration. xiii. Rule 22- Cancellation of registration. xiv. Rule 23- Revocation of cancellation of registration. xv. Rule 24- Migration of persons registered under the existing law. xvi. Rule 25- Physical verification of business premises in certain cases. |
The notifications issued by CBIC on 10 July 2024 encompass a range of significant amendments aimed at streamlining GST processes and compliance requirements. These include changes to the verification procedure for registration, GSTR filings, ISD mechanisms, and more. Stakeholders are advised to carefully review these changes to ensure compliance and take advantage of the new provisions and relaxations.
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Disclaimer: The information in this document is for educational purposes only and nothing conveyed or provided should be considered as legal, accounting or tax advice. User is advised to apply his/her analytical skills before implementing any or all the suggestions above. The suggestions are given, keeping in mind the present legal position.
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