On October 8, 2024, the Ministry of Finance issued several important notifications under the Central Goods and Services Tax (CGST) Act, 2017. These amendments introduce significant changes to the compliance requirements under GST, including updates to TDS provisions, late fee waivers, Amnesty Scheme and special procedures for rectifying demand orders. These notifications are aimed at simplifying compliance, improving clarity, and easing operational burdens for taxpayers.
| Number | Date | Subject | Download |
|---|---|---|---|
| 25/2024 – Central tax | 08-Oct-2024 | Seeks to amend Notification No. 50/2018-Central Tax dated 13.09.2018, introducing TDS provisions for metal scrap transactions under GST | English हिन्दी |
| 24/2024 – Central tax | 08-Oct-2024 | Seeks to amend Notification No. 5/2017-Central Tax dated 19.06.2017 | English हिन्दी |
| 23/2024 – Central tax | 08-Oct-2024 | Seeks to provide waiver of late fee for late filing of NIL FORM GSTR-7 | English हिन्दी |
| 22/2024 – Central tax | 08-Oct-2024 | Seeks to notify the special procedure under section 148 of the CGST Act for rectification of demand orders issued for contravention of section 16(4) of the said Act. | English हिन्दी |
| 21/2024 – Central tax | 08-Oct-2024 | Seeks to notify date under sub-section (1) of Section 128A of CGST Act. | English हिन्दी |
| 20/2024 – Central tax | 08-Oct-2024 | Seeks to make amendments (Second Amendment 2024) to the CGST Rules, 2017 | English हिन्दी |
1. Notification No. 25/2024 – Central Tax
Subject: Seeks to amend Notification No. 50/2018-Central Tax dated 13.09.2018
Details:
- This notification amends the TDS provisions under the GST regime by including transactions involving metal scrap under TDS requirements.
- A new clause (d) has been added, bringing metal scrap transactions under Chapters 72 to 81 of the Customs Tariff Act, 1975 within the scope of Section 51 of the CGST Act.
- The notification clarifies that registered persons dealing with metal scrap supplies will now be required to comply with TDS provisions.
- Additionally, the third proviso of the earlier notification has been substituted, exempting certain transactions from TDS provisions, except for those involving metal scrap.
Implication: Businesses dealing in metal scrap will now need to deduct TDS on their transactions, ensuring better compliance and transparency in the supply chain. The exemption provided in the proviso applies to other transactions, but metal scrap transactions remain under TDS, emphasizing accountability in this sector.
Effective Date: October 10, 2024
2. Notification No. 24/2024 – Central Tax
Subject: Seeks to amend Notification No. 5/2017-Central Tax dated 19.06.2017
Details: In the said notification, after the opening paragraph, the following proviso shall be inserted, namely :- “Provided that nothing contained in this notification shall apply to any person engaged in the supply of metal scrap, falling under Chapters 72 to 81 in the first schedule to the Customs Tariff Act, 1975 (51 of 1975).”.
2. This notification shall come into force with effect from the 10th day of October, 2024.
3. Notification No. 23/2024 – Central Tax
Subject: Seeks to provide waiver of late fee for late filing of NIL FORM GSTR-7
Details:
- This notification introduces a waiver of late fees for taxpayers who file NIL GSTR-7 returns after the due date from June 2021 onwards, No late fee in case of Nil Return and Rs.50 per day subject to maximum of Rs.2000 in other cases.
4. Notification No. 22/2024 – Central Tax
Subject: Seeks to notify the special procedure under section 148 of the CGST Act for rectification of demand orders issued for contravention of section 16(4) of the said Act
Details:
- This notification introduces a special procedure under Section 148 of the CGST Act for rectifying demand orders that were issued for violations of Section 16(4).
- Section 16(4) deals with the time limit for availing Input Tax Credit (ITC), and contraventions typically involve non-compliance with these timelines.
5. Notification No. 21/2024 – Central Tax
Subject: Seeks to notify date under sub-section (1) of Section 128A of CGST Act – GST Amnesty scheme for order issued pertaining to the period from 1st July, 2017 to 31st March, 2020
Details:
- This notification notifies the date for certain provisions under Section 128A of the CGST Act.
- Section 128A deals with the waiver of penalties for non-compliance under specific circumstances, allowing the government to reduce or waive penalties for certain offenses under GST.
- The notification officially sets the date for implementing these provisions, enabling taxpayers to benefit from potential penalty waivers.
Implication: Taxpayers should review this notification to understand when and how they can avail of penalty waivers under Section 128A. This is particularly important for businesses facing non-compliance issues under GST.
6. Notification No. 20/2024 – Central Tax
Subject: Seeks to make amendments (Second Amendment 2024) to the CGST Rules, 2017
Details:
- This notification introduces the Second Amendment to the CGST Rules, 2017, making important updates to various provisions and rules under the GST framework.
- Key changes include updates to procedural rules, compliance requirements, and filing timelines, aimed at simplifying GST operations and improving clarity for taxpayers.
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