Key GST Amendments in Finance Bill 2024

The Finance (No. 2) Bill, 2024 proposes significant amendments to the GST framework, affecting the Central Goods and Services Tax Act (CGST), Integrated Goods and Services Tax Act (IGST), Union Territory Goods and Services Tax Act (UTGST), and Goods and Services Tax (Compensation to States) Act. Key changes include exempting Extra Neutral Alcohol used in liquor production from tax, introducing new provisions for the regularization of tax shortfalls, and adjusting input tax credit rules. Specific amendments address the time of supply for reverse charge transactions, input tax credit conditions ...