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1. Rule 36 - Input Tax Credit (ITC)
- Amendment: Input tax credit cannot be availed if tax has been paid in response to an order confirming demand due to fraud, willful misstatement, or suppression of facts under Section 74 of the CGST Act.
- Impact: ITC is restricted in cases of fraud, ensuring stricter compliance.
2. Rule 46 - Tax Invoice
- Amendment: Omission of the second proviso allowing consolidated invoices for supplies over ₹5,000 in a day under Section 9(4).
- Effective Date: From November 01, 2024.
- Impact: Recipients can no longer issue consolidated invoices for supplies from unregistered persons.
3. Insertion of Rule 47A - Time Limit for Issuing Tax Invoice
- Amendment: New rule inserted, mandating a 30-day period for recipients to issue tax invoices under the Reverse Charge Mechanism (RCM) for supplies from unregistered persons.
- Effective Date: November 01, 2024.
- Impact: Encourages timely issuance of invoices by recipients under RCM, with interest and penalties for delays.
4. Rule 66 - Return by TDS Deductors
- Amendment: Returns in Form GSTR-7 must be filed by TDS deductors on or before the 10th of the succeeding month.
- Effective Date: From November 01, 2024.
- Impact: Ensures timely filing of TDS returns and improves tax compliance.
5. Rule 89 - Application for Refund
- Amendment: Sub-rules 4A and 4B, previously related to refund procedures, have been omitted.
- Impact: Simplifies the refund process by removing outdated sub-rules.
6. Rule 96 - Refund of IGST on Exports
- Amendment: Omission of sub-rule (10) that restricted refund of IGST on exports if certain benefits were claimed.
- Effective Date: October 08, 2024.
- Impact: Eases refund claims on exports, promoting a business-friendly environment.
7. Rule 164 - Closure of Proceedings Under Section 128A
- Amendment: Introduces a new procedure for applying for waivers of interest and penalties under Section 128A.
- Effective Date: November 01, 2024.
- Impact: Provides a clear framework for closing proceedings related to tax demands, enhancing transparency in tax administration.
8. Amendment Due to Insertion of Section 74A
- Amendment: New Section 74A introduced for determining tax errors, covering both fraudulent and non-fraudulent cases.
- Effective Date: November 01, 2024.
- Impact: Enhances clarity in tax determination processes for the financial year 2024-25 onwards.
9. Amendments in Forms
Key Changes:
- FORM GST REG-20: Substituted with a new form.
- FORM GST REG-31: Suspension of registration added for violations.
- FORM GSTR-9: Now reconciles ITC as per GSTR-3B and GSTR-2B.
- Amendments in GST APL-01, GST APL-05, and INS-01 to reflect new legal provisions.
