GST UPDATE

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Summary of Key Amendments in the Finance (No. 2) Bill, 2024 to the GST Act

?The Finance (No. 2) Bill, 2024 introduces significant modifications to the CGST Act aimed at enhancing the GST framework. Key changes include the expansion of taxable goods to encompass certain alcohol products, and the introduction of new sections such as 11A and 74A to provide the government with greater flexibility in GST recovery and tax determination.

?The amendments also extend deadlines for claiming Input Tax Credit (ITC) for specific financial years, impose restrictions on ITC claims in fraud cases, and establish stricter conditions for registration cancellations. Additionally, the bill mandates monthly TDS returns regardless of deductions and imposes new compliance requirements on invoicing for transactions between registered and unregistered entities. 

?Exporters will face tighter regulations on refunding unutilized ITC for zero-rated supplies. These changes are set to take effect from November 1, 2024, with some provisions, such as the extension for ITC claims, effective from September 27, 2024.

CA. Sharma Praveen

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