Ministry of Finance, through the Central Board of Indirect Taxes and Customs (CBIC), has issued Notification No. 17/2024 – Central Tax on September 27, 2024. The notification relates to the Finance (No. 2) Act, 2024, specifying the commencement dates for various sections of the act under the Goods and Services Tax (GST) regime.
Below Sections of Finance Act (No.2) 2024 are notified:
Clause 114 : Notified from 1 November 2024
seeks to insert a new sub-section (5) in section 16 of the Central Goods and Services Tax Act, so as to carve out an exception to the existing sub-section (4) and to provide that in respect of an invoice or debit note for the Financial Years 2017-18, 2018-19, 2019-20, and 2020-21, the registered person shall be entitled to take input tax credit in any return under section 39 which is filed up to the thirtieth day of November, 2021.
It also proposes to insert a new sub-section (6) in the said section so as to allow the availment of input tax credit in respect of an invoice or debit note in a return filed for the period from the date of cancellation of registration or the effective date of cancellation of registration, as the case may be, till the date of order of revocation of cancellation of registration, filed within thirty days of the date of order of revocation of cancellation of registration, subject to the condition that the time-limit for availment of credit in respect of the said invoice or debit note should not have already expired under sub-section (4) of the said section on the date of order of cancellation of registration.
The aforesaid amendments are proposed to be made effective from the 1st day of July, 2017.
Further, it is proposed that where the tax has been paid or the input tax credit has been reversed, no refund of the same shall be admissible.
Clause 115: Notified from 1 November 2024
seeks to amend sub-section (5) of section 17 of the Central Goods and Services Tax Act, so as to restrict the non-availability of input tax credit in respect of tax paid under section 74 of the said Act only for demands up to Financial Year 2023-24.
It also proposes to remove reference to sections 129 and 130 in the said sub-section.
Clause 116: Notified from 1 November 2024
seeks to make consequential amendments in section 21 of the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Clause 117: Notified from 1 November 2024
seeks to insert a new proviso in sub-section (2) of section 30 of the Central Goods and Services Tax Act, so as to empower the Central Government to prescribe conditions and restrictions for revocation of cancellation of registration by rules.
Clause 118: Notified from 27 September 2024
seeks to amend clause (f) of sub-section (3) of section 31 of the Central Goods and Services Tax Act, so as to empower the Central Government to prescribe the time period for issuance of invoice by the recipient in case of reverse charge mechanism supplies by rules.
It also proposes to insert an Explanation in sub-section (3) of the said section so as to specify that a supplier registered solely for the purposes of tax deduction at source under section 51 of the said Act shall not be considered as a registered person for the purpose of clause (f) of sub-section (3) of section 31 of the said Act.
Clause 119: Notified from 1 November 2024
seeks to make consequential amendments in sub-section (6) of section 35 of the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Clause 120: Notified from 1 November 2024
seeks to substitute sub-section (3) of section 39 of the Central Goods and Services Tax Act, so as to mandate the electronic furnishing of return for each month by the registered person required to deduct tax at source, irrespective of whether any deduction has been made in the said month or not.
It also empowers the Government to prescribe by rules, the form, manner, and the time within which such return shall be filed.
Clause 121: Notified from 1 November 2024
seeks to make consequential amendments in sub-section (8) of section 49 of the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Clause 122: Notified from 1 November 2024
seeks to make consequential amendments in sub-section (1) of section 50 in the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Clause 123: Notified from 1 November 2024
seeks to make consequential amendments in sub-section (7) of section 51 of the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Clause 124: Notified from 1 November 2024
seeks to insert a new sub-section (15) in section 54 of the Central Goods and Services Tax Act, so as to omit the second proviso to sub-section (3) and to provide that no refund of unutilised input tax credit or of integrated tax shall be allowed in cases of zero-rated supply of goods where such goods are subjected to export duty.
Clause 125: Notified from 1 November 2024
seeks to make consequential amendments in sub-section (3) of section 61 of the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Clause 126: Notified from 1 November 2024
seeks to make consequential amendments in sub-section (1) of section 62 of the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Clause 127: Notified from 1 November 2024
seeks to make consequential amendments in section 63 of the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Clause 128: Notified from 1 November 2024
seeks to make consequential amendments in sub-section (2) of section 64 of the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Clause 129: Notified from 1 November 2024
seeks to make consequential amendments in sub-section (7) of section 65 of the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Clause 130: Notified from 1 November 2024
seeks to make consequential amendments in sub-section (6) of section 66 of the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Clause 131: Notified from 1 November 2024
seeks to insert a new sub-section (1A) in section 70 of the Central Goods and Services Tax Act, so as to enable an authorised representative to appear on behalf of the summoned person before the proper officer in compliance with summons issued by the said officer.
Clause 132: Notified from 1 November 2024
seeks to insert a new sub-section (12) in section 73 of the Central Goods and Services Tax Act, so as to restrict the applicability of the said section for determination of tax pertaining to the period up to Financial Year 2023-24.
It also proposes to amend the marginal heading of the said section accordingly.
Clause 133: Notified from 1 November 2024
seeks to insert a new sub-section (12) in section 74 of the Central Goods and Services Tax Act, so as to restrict the applicability of the said section for determination of tax pertaining to the period up to Financial Year 2023-24.
It also proposes to amend the marginal heading of the said section accordingly.
Clause 134 : Notified from 1 November 2024
seeks to insert a new section 74A in the Central Goods and Services Tax Act, so as to provide for the determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason pertaining to the Financial Year 2024-25 onwards.
It also provides for the same limitation period for issuing demand notices and orders in respect of demands from the Financial Year 2024-25 onwards, irrespective of whether the charges of fraud, wilful misstatement, or suppression of facts are invoked or not, while keeping a higher penalty, for cases involving fraud, wilful misstatement, or suppression of facts.
Clause 135:
Notified from 1 November 2024
seeks to insert a new sub-section (2A) in section 75 of the Central Goods and Services Tax Act, so as to provide for the redetermination of penalty demanded in a notice invoking penal provisions under clause (ii) of sub-section (5) of the proposed section 74A of the said Act to redetermine the penalty as per clause (i) of the sub-section (5) of the said section, in cases where the charges of fraud, wilful misstatement, or suppression of facts are not established.
It also seeks to make consequential amendments in section 75 of the said Act, so as to incorporate a reference to the proposed section 74A or the relevant sub-sections thereof.
Clause 136: Notified from 1 November 2024
seeks to make consequential amendments in sub-section (1) of section 104 of the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Clause 137: Notified from 1 November 2024
seeks to amend clause (d) of sub-section (3) of section 107 of the Central Goods and Services Tax Act, so as to provide for pre-deposit of twenty-five per cent. of the penalty, where an order imposing a penalty under clause (ii) of sub-section (5) of the proposed section 74A is issued and the appellant files an appeal under sub-section (1) of section 107 against such order.
Clause 138: Notified from 1 November 2024
seeks to amend sub-section (1) of section 129 of the Central Goods and Services Tax Act, so as to exclude the determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason pertaining to the Financial Year 2024-25 onwards from its scope.
Clause 139: Notified from 1 November 2024
seeks to insert a new sub-section (9) in section 130 of the Central Goods and Services Tax Act, so as to exclude the determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason pertaining to the Financial Year 2024-25 onwards from its scope.
Clause 140: Notified from 1 November 2024
seeks to amend sub-section (1) of section 132 of the Central Goods and Services Tax Act, so as to provide that whoever commits, or causes the commission of, or retains the benefits arising out of, any of the offences specified in clauses (a) to (d) and clause (f) of sub-section (1) of the said section without an intention to evade tax and the amount of tax evaded or input tax credit wrongly availed or utilised or the refund wrongly taken exceeds one crore rupees but does not exceed two crore rupees shall be punishable with imprisonment for a term which may extend to one year and with fine.
Clause 141: Notified from 1 November 2024
seeks to make consequential amendments in section 138 of the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Clause 142: Notified from 27 September 2024
seeks to make consequential amendments in section 160 of the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Clause 143: Notified from 1 November 2024
seeks to make consequential amendments in section 164 of the Central Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A.
Integrated Goods and Services Tax
Clause 144: Notified from 1 November 2024
seeks to amend sub-section (2) of section 5 of the Integrated Goods and Services Tax Act, so as to not levy integrated tax on un-denatured extra neutral alcohol or rectified spirit used for the manufacture of alcoholic liquor for human consumption.
Clause 145: Notified from 1 November 2024
oseeks to amend sub-section (1) of section 12 of the Integrated Goods and Services Tax Act, so as to specify the time of supply of services in cases where the invoice is required to be issued by the recipient of services in reverse charge supplies.
Clause 146: Notified from 1 November 2024
seeks to amend clause (b) of sub-section (8) of section 17 of the Integrated Goods and Services Tax Act, so as to provide that the return filed for the Financial Years 2017-18, 2018-19, 2019-20, and 2020-21 up to the thirtieth day of November, 2021 shall not be considered for determining the maximum refund under clause (b) of sub-section (8) of section 17.
Clause 147: Notified from 1 November 2024
seeks to make consequential amendments in sub-section (1) of section 20 of the Integrated Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A of the Central Goods and Services Tax Act, 2017.
Union Territory Goods and Services Tax
Clause 148: Notified from 27 September 2024
seeks to amend sub-section (1) of section 7 of the Union Territory Goods and Services Tax Act, so as to not levy Union territory tax on un-denatured extra neutral alcohol or rectified spirit used for the manufacture of alcoholic liquor for human consumption.
Clause 149: Notified from 1 November 2024
seeks to make consequential amendments in section 21 of the Union Territory Goods and Services Tax Act, so as to incorporate a reference to the proposed new section 74A of the Central Goods and Services Tax Act, 2017.
Goods and Services Tax (Compensation to States)
Clause 150: Notified from 27 September 2024
seeks to amend sub-section (1) of section 8 of the Goods and Services Tax (Compensation to States) Act, so as to not levy cess on un-denatured extra neutral alcohol or rectified spirit used for the manufacture of alcoholic liquor for human consumption.
Clause 151: Notified from 1 November 2024
seeks to make consequential amendments in sub-section (1) of section 10 of the Goods and Services Tax (Compensation to States) Act, so as to incorporate a reference to the proposed new section 74A of the Central Goods and Services Tax Act, 2017.
Clause 152: Notified from 1 November 2024
Section 8A in the UTGST Act is being inserted, so as to empower the Government to regularize non –levy or short levy of union territory tax where it is found that such non levy or short levy was a result of general practice.
Clause 153: Notified from 1 November 2024
Section 8A is being inserted in the GST (Compensation to States ) Act, so as to empower the Government to regularize non –levy or short levy of cess where it is found that such non levy or short levy was a result of general practice.
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