Amendments effective w.e.f. 27.09.2024
- Amendment in section 31(3)(f) – Pertaining to generation of self-invoice in the case of RCM
- Insertion of new section 128A – Waiver of interest and penalty if notice is issued under section 73 and tax is paid (FY’s from 2017-18 to 2019-20).
- Insertion of new section 6A (IGST Act) – Power not to recover Goods and Services tax not levied or short-levied as a result of general practice.
- Amendment in section 20 (IGST Act) – Reduction in the appeal fees for Appellate Tribunal
All other amendments effective w.e.f. 01.11.2024 mainly being:
- Section 16(5) – Availability of input tax credit if availed in the GSTR 3B returns for the financial years 2017-18 to 2020-21 before 30.11.2021
- Section 16(6) – Availability to claim input tax credit in the case of cancellation of registration and subsequent revocation.
- Newly inserted section 74A – For the financial year 2024-25 onwards, no show cause notice in sections 73 & 74 to be issued, show cause notice will be issued only under section 74A.
- Section 112 – Appeals to Appellate Tribunal.
More detailed review will be released shortly………