CGST Notification dated 27.09.2024-Effective dates for various amendments notified!

CBIC issued Notification No. 17/2024 - Central Tax on 27^th September 2024. It specifies effective dates for various amendments in the Finance (No.2) Act, 2024. To know more about the amendments, read the following blogs:

Budget changes in GST-Finance Act, 2024 extract dated 16.08.2024-Part 1!

Budget changes in GST-Finance Act, 2024 extract dated 16.08.2024-Part 2!

Budget changes in GST-Finance Act, 2024 extract dated 16.08.2024-Part 3!

Let's understand the notification!

Notification No. 17/2024 - Central Tax dated 27.09.2024

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)

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Date: 27.09.2024

Notification No. 17/2024 - Central Tax

S.O. 4253(E). -In exercise of the powers conferred by clause (b) of sub-section (2) of section 1 of the Finance (No. 2) Act, 2024 (15 of 2024), the Central Government at this moment appoints. -

(a) The date of publication of this notification in the Official Gazette, as the date on which the provisions of sections 118, 142, 148 and 150 of the said Act shall come into force; and

(b) The 1st day of November 2024, as the date on which the provisions of sections 114 to 117, 119 to 141, 143 to 147, 149, and 151 to 157 of the said Act shall come into force.

[F. No. CBIC-20006/20/2023-GST]

RAUSHAN KUMAR, Under Secy.

Key Highlights of the Notification

1. The following amendments are effective from 27^th September 2024:

• Amendment to section 16 of the CGST Act, 2017: This amendment allows full ITC of the invoices about FYs 2017-18, 2018-19, 2019-20, and 2020-21 if availed up to 30^th November 2021. It also the ITC in cases where the registration was canceled, but cancellation was revoked afterward. It allows the taxpayer to claim ITC in the same return period if GSTR 3B of such period is filed within 30 days from the date of order of revocation of cancellation of registration. If it is not filed within 30 days, the ITC can be taken up to 30^th November of next year of the date of filing the annual return, whichever is earlier.
• Amendment to section 109 of the CGST Act, 2017: This amendment aims to give effect to the implementation of cases of Anti-profiteering in the Appellate Tribunal.
• Amendment to section 171 of the CGST Act, 2017: This amendment empowers the Government to set a cut-off date for accepting anti-profiteering applications. As per the 53rd GST Council meeting, the recommended sunset date of 01.04.2025 for receipt of any new application regarding anti-profiteering.
• Section 150 of the Finance Act, 2024: It states that no refund shall be made of all the tax paid or the input tax credit reversed for FY 2017-18, 2018-19, 2019-20, and 2020-21.

2. The remaining amendments are effective from 01^st November 2024. It covers many important amendments such as the insertion of section 74A, waiver of interest or penalty for the period from 1st July 2017 to 31st March 2020 u/s 128A, and many others.

Conclusion

In conclusion, Notification No. 17/2024 - Central Tax issued on 27th September 2024 brings into effect several critical amendments under the Finance (No. 2) Act, 2024. These changes, effective from 27th September and 1st November 2024, address key aspects like ITC claims, anti-profiteering measures, and other GST provisions. Taxpayers should take note of these amendments to ensure compliance and optimize their GST processes.

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