GST changes vide Finance Act (No. 2) 2024; All effective dates notified of total 44 Changes in GST Law
The Ministry of Finance, via Notification No. 17/2024–Central Tax dated September 27, 2024, has notified the effective dates for 44 changes in the Goods and Services Tax (GST) law under the Finance (No. 2) Act, 2024. Key provisions, including sections 118, 142, 148, and 150, will take effect from September 27, 2024, while sections 114 to 117, and 119 to 141, along with others, will come into force on November 1, 2024. These changes encompass various aspects of GST law, such as the levy and collection of tax, composition levy, eligibility for input tax credit, and provisions for revocation of cancellation of registration. Notably, several sections will introduce new compliance measures, including amendments related to tax invoices, the payment of tax, and procedures for appeals to appellate authorities. Additionally, changes will address the determination of tax for non-filers, audits by tax authorities, and the establishment of appellate tribunals. The modifications aim to streamline the GST framework and enhance compliance mechanisms, impacting various stakeholders in the tax ecosystem.
| Sr. No. | Sections of Finance (No. 2) Act, 2024 | Subject/Section of the CGST Act, 2017 | Effective Date |
| 1. | Section 114 | Section 9 – Levy and Collection | 01.11.2024 |
| 2. | Section 115 | Section 10 – Composition Levy | 01.11.2024 |
| 3. | Section 116 | Section 11A – Power not to recover Goods and Services Tax not levied or short-levied as a result of general practice | 01.11.2024 |
| 4. | Section 117 | Section 13 – Time of supply of services | 01.11.2024 |
| 5. | Section 118 | Section 16 – Eligibility and conditions for taking input tax credit – insert sub-section (5) & sub-section (6) in sec 16 | 27.09.2024 |
| 6. | Section 119 | Section 17 – Apportionment of credit and blocked credits | 01.11.2024 |
| 7. | Section 120 | Section 21 – Manner of recovery of credit distributed in excess | 01.11.2024 |
| 8. | Section 121 | Section 30 – Revocation of cancellation of registration | 01.11.2024 |
| 9. | Section 122 | Section 31 – Tax invoice | 01.11.2024 |
| 10. | Section 123 | Section 35 – Accounts and other records | 01.11.2024 |
| 11. | Section 124 | Section 39 – Furnishing of returns | 01.11.2024 |
| 12. | Section 125 | Section 49 – Payment of tax, interest, penalty and other amounts | 01.11.2024 |
| 13. | Section 126 | Section 50 – Interest on delayed payment of tax | 01.11.2024 |
| 14. | Section 127 | Section 51 – Tax deduction at source | 01.11.2024 |
| 15. | Section 128 | Section 54 – Refund of tax | 01.11.2024 |
| 16. | Section 129 | Section 61 – Scrutiny of returns | 01.11.2024 |
| 17. | Section 130 | Section 62 – Assessment of non-filers of returns | 01.11.2024 |
| 18. | Section 131 | Section 63 – Assessment of unregistered persons | 01.11.2024 |
| 19. | Section 132 | Section 64 – Summary assessment in certain special cases | 01.11.2024 |
| 20. | Section 133 | Section 65 – Audit by tax authorities | 01.11.2024 |
| 21. | Section 134 | Section 66 – Special Audit | 01.11.2024 |
| 22. | Section 135 | Section 70 – Power to summon persons to give evidence and produce documents | 01.11.2024 |
| 23. | Section 136 | Section 73 – Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful- misstatement or suppression of facts | 01.11.2024 |
| 24. | Section 137 | Section 74–Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilfull-misstatement or suppression of facts | 01.11.2024 |
| 25. | Section 138 | The insertion of Section 74A – Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason pertaining to Financial Year 2024-25 onwards. | 01.11.2024 |
| 26. | Section 139 | Section 75 – General provisions relating to determination of tax | 01.11.2024 |
| 27. | Section 140 | Section 104 – Advance ruling to be void in certain circumstances | 01.11.2024 |
| 28. | Section 141 | Section 107 – Appeals to Appellate Authority | 01.11.2024 |
| 29. | Section 142 | Section 109 – Constitution of Appellate Tribunal and Benches thereof | 27.09.2024 |
| 30. | Section 143 | Section 112 – Appeals to Appellate Authority | 01.11.2024 |
| 31. | Section 144 | Section 122 – Penalty for certain offences | 01.11.2024 |
| 32. | Section 145 | Section 127 – Power to impose penalty in certain cases | 01.11.2024 |
| 33. | Section 146 | The insertion of Section 128A – Waiver of interest or penalty or both relating to demands raised under section 73, for certain tax periods | 01.11.2024 |
| 34. | Section 147 | Section 140 – Transitional arrangements for input tax credit | 01.11.2024 |
| 35. | Section 148 | Section 171 – Anti-profiteering measure | 27.09.2024 |
| 36. | Section 149 | Schedule III– Activities or transactions which shall be treated neither as a supply of goods nor a supply of services | 01.11.2024 |
| 37. | Section 150 | No refund shall be made of all the tax paid or the input tax credit reversed, which would not have been so paid, or not reversed, had sec 118 been in force at all material times.
Sec 118 has been inserted with a retrospective date of 01.07.2017 – Sub-section (5) and (6) to sec 16 of the CGST Act pertaining to the time limit to avail credit subject to the specified conditions. |
27.09.2024 |
| 38. | Section 151 | IGST – Section 5 – Levy and Collection | 01.11.2024 |
| 39. | Section 152 | IGST – Section 6 – Power to grant exemption from tax | 01.11.2024 |
| 40. | Section 153 | IGST – Section 16- Zero Rated Supply | 01.11.2024 |
| 41. | Section 154 | IGST – Section 20 – Application of provisions of Central Goods and Services Tax Act | 01.11.2024 |
| 42. | Section 155 | UTGST – Section 7 – Levy and collection | 01.11.2024 |
| 43. | Section 156 | UTGST – Section 8A – Power not to recover Goods and Services Tax not levied or short- levied as a result of general practice | 01.11.2024 |
| 44. | Section 157 | GST (Compensation to States) Act, 2024 – Section 8A – Power not to recover Goods and Services Tax not levied or short-levied as a result of general practice | 01.11.2024 |
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