The 53rd GST Council meeting, which concluded on 22nd June 2023, marked a pivotal moment in the evolution of the Goods and Services Tax (GST) framework in India. This meeting was particularly notable as it came after a 9-month gap since the 52nd meeting, and it was the first GST Council meeting of 2024 following the general elections. During this session, several major changes were introduced to streamline GST compliance and address industry-specific concerns.
In the aftermath of this crucial meeting, numerous circulars and notifications were anticipated to provide detailed clarifications on the new amendments. On 26th June 2024, the Central Board of Indirect Taxes and Customs (CBIC) issued 16 new circulars, each addressing critical aspects of the GST framework. These circulars aim to elucidate various GST changes and resolve existing ambiguities.
Here is an overview of the circulars with download link issued by the CBIC on 26th June 2024:
New GST Circulars Issued on 26th June 2024
| Number | Date | Subject | Download |
|---|---|---|---|
| 207/01/2024-GST | 26-Jun-2024 | Reduction of Government Litigation – fixing monetary limits for filing appeals or applications by the Department before GSTAT, High Courts and Supreme Court | English |
| 208/02/2024-GST | 26-Jun-2024 | Clarifications on various issues pertaining to special procedure for the manufacturers of the specified commodities. | English |
| 209/03/2024-GST | 26-Jun-2024 | Clarification on the provisions of clause (ca) of Section 10(1) of the Integrated Goods and Service Tax Act, 2017 relating to place of supply | English |
| 210/04/2024-GST | 26-Jun-2024 | Clarification on valuation of supply of import of services by a related person where recipient is eligible to full input tax credit. | English |
| 211/05/2024-GST | 26-Jun-2024 | Clarification on time limit under Section 16(4) of CGST Act, 2017 in respect of RCM supplies received from unregistered persons. | English |
| 212/06/2024-GST | 26-Jun-2024 | Clarification on mechanism for providing evidence of compliance of conditions of Section 15(3)(b)(ii) of the CGST Act, 2017 by the suppliers | English |
| 213/07/2024-GST | 26-Jun-2024 | Seeking clarity on taxability of re-imbursement of securities/shares as SOP/ESPP/RSU provided by a company to its employees. | English |
| 214/08/2024-GST | 26-Jun-2024 | Clarification on the requirement of reversal of input tax credit in respect of the portion of the premium for life insurance policies which is not included in taxable value | English |
| 215/09/2024-GST | 26-Jun-2024 | Clarification on taxability of wreck and salvage values in motor insurance claims. | English |
| 216/10/2024-GST | 26-Jun-2024 | Clarification in respect of GST liability and input tax credit (ITC) availability in cases involving Warranty/ Extended Warranty, in furtherance to Circular No. 195/07/2023-GST dated 17.07.2023 | English |
| Number | Date | Subject | Download |
|---|---|---|---|
| 217/11/2024-GST | 26-Jun-2024 | Entitlement of ITC by the insurance companies on the expenses incurred for repair of motor vehicles in case of reimbursement mode of insurance claim settlement. | English |
| 218/12/2024-GST | 26-Jun-2024 | Clarification regarding taxability of the transaction of providing loan by an overseas affiliate to its Indian affiliate or by a person to a related person. | English |
| 219/13/2024-GST | 26-Jun-2024 | Clarification on availability of input tax credit on ducts and manholes used in network of optical fiber cables (OFCs) in terms of section 17(5) of the CGST Act, 2017 | English |
| 220/14/2024-GST | 26-Jun-2024 | Clarification on place of supply applicable for custodial services provided by banks to Foreign Portfolio Investors | English |
| 221/15/2024-GST | 26-Jun-2024 | Time of supply on Annuity Payments under HAM Projects | English |
| 222/16/2024-GST | 26-Jun-2024 | Time of supply in respect of supply of allotment of Spectrum to Telecom companies in cases where an option is given to the Telecom Companies for payment of licence fee and Spectrum usage charges in instalments in addition to an option of upfront payment. | English |
Know Changes in GST by 53rd GST council Meeting
These circulars provide much-needed clarity on various aspects of GST implementation and compliance, ranging from litigation reduction to special procedures for specific industries. They address both procedural and substantive issues, thereby ensuring smoother implementation and adherence to the GST framework. Taxpayers and businesses are advised to review these circulars in detail to understand the implications of the new clarifications and amendments.
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