As of October 10, 2024, the Central Board of Indirect Taxes and Customs (CBIC) has issued a series of 8 new GST notifications, marking significant updates in the Goods and Services Tax (GST) regime. These notifications bring amendments to GST rates, GST RCM, GST Exemptions, GST amnesty Scheme, GST ITC order Rectification, late fee waiver etc. Below is a comprehensive summary of these notifications and their impacts:
1. Notification No. 05/2024-Central Tax (Rate)
Effective Date: October 10, 2024
This notification introduces amendments to the Central Tax Rate for a variety of goods, including pharmaceuticals, snack pellets, and vehicle parts. Highlights include:
- New GST rates for life-saving drugs like Trastuzumab Deruxtecan, Osimertinib, and Durvalumab.
- Clarification on the taxation of snack pellets manufactured through extrusion processes.
- New rates for seats used in motor vehicles and aircraft.
| Item | Old GST Rate | New GST Rate |
|---|---|---|
| Trastuzumab Deruxtecan | Not specified | 2.5% |
| Osimertinib | Not specified | 2.5% |
| Durvalumab | Not specified | 2.5% |
| Extruded Snack Pellets | Varies | 6% |
| Seats for Motor Vehicles & Aircraft | Varies | 9% and 14% |
2. Notification No. 06/2024-Central Tax (Rate)
Effective Date: October 10, 2024
This notification amends the Central Goods and Services Tax Rules, 2017, to update the GST applicability on metal scrap transactions between unregistered and registered persons. The new rules ensure a uniform tax treatment for these transactions.
| Category | Applicability |
|---|---|
| Metal Scrap | Sold by any unregistered person to any registered person |
3. Notification No. 07/2024-Central Tax Rate
Effective Date: October 1, 2024
Amendments under this notification focus on the simplification of filing returns. The new rules clarify compliance requirements and filing deadlines for both registered and unregistered entities.
4. Notification No. 08/2024-Central Tax Rate
Central Board of Indirect Taxes and Customs (CBIC), through Notification No. 08/2024 – Central Tax (Rate), has exempted affiliation services provided by Central/State Educational Boards, Educational Councils, and other similar bodies to government schools from Goods and Services Tax (GST).
5. Notification No. 09/2024-Central Tax Rate
Notification No. 09/2024 – Central Tax (Rate), dated October 8, 2024. This notification brings under the ambit of the Reverse Charge Mechanism (RCM) the renting of commercial property when an unregistered person provides the service to a registered person. The new rule will be effective from October 10, 2024.
6. Notification No. 21/2024-Central Tax
CBIC issued Notification No. 21/2024 on October 8, 2024, detailing the process for availing this waiver. The final date for payment is March 31, 2025, and the notification outlines the forms and steps required to complete the procedure.
The CBIC’s notification also clarifies cases where tax demands under Section 74 will be treated under Section 73 for the purpose of this waiver, providing further clarity to registered persons.
Table: Summary of Important Dates and Classes of Registered Persons for Waiver Availment
| Sl. No. | Class of Registered Person | Date for Waiver of Interest and Penalty |
|---|---|---|
| 1 | Registered persons to whom a notice or statement or order, referred to in clauses (a), (b), or (c) of Section 128A, has been issued. | March 31, 2025 |
| 2 | Registered persons with notices issued under Section 74 and orders passed as per Section 75 to redetermine tax as per Section 73. | Six months from the issuance of the redetermined order |
7. Notification No. 22/2024-Central Tax
Notification No. 22/2024-Central Tax on October 8, 2024, which specifies the mechanism for implementing these amendments. The notification outlines a special procedure for rectifying orders concerning wrong availment of Input Tax Credit (ITC) under the newly inserted provisions.
8. Notification No. 23/2024-Central Tax
In a major relief to registered persons required to deduct tax at source (TDS) under section 51 of the Central Goods and Services Tax (CGST) Act, 2017, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 23/2024 – Central Tax. This notification waives the late fee for delays in filing FORM GSTR-7, applicable from June 2021 onwards.
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