GST WEEKLY UPDATE :26/2024-25 (29.09.2024) by CA Vipul Khandhar
-By CA Vipul Khandhar
- Various effective dates have been declared for the effective applicability of the new amended gst section:
The Ministry of Finance, through Notification No. 17/2024–Central Tax dated September 27, 2024, announces the commencement dates for various provisions of the Finance (No. 2) Act, 2024. The provisions of sections 118, 142, 148, and 150 will take effect from the date of the notification’s publication in the Official Gazette. And, sections 114 to 117, 119 to 141, 143 to 147, 149, and 151 to 157 will come into force on 1st November 2024.
| Sr. No. | Sections of Finance (No. 2) Act, 2024
|
Subject/Section of the CGST Act, 2017 | Effective Date |
| 1. | Section 114 | Section 9 – Levy and Collection | 01.11.2024 |
| 2. | Section 115 | Section 10 – Composition Levy | 01.11.2024 |
| 3. | Section 116 | Section 11A – Power not to recover Goods and Services Tax not levied or short-levied as a result of general practice | 01.11.2024 |
| 4. | Section 117 | Section 13 – Time of supply of services | 01.11.2024 |
| 5. | Section 118 | Section 16 – Eligibility and conditions for taking input tax credit – insert sub-section (5) & sub-section (6) in sec 16 | 27.09.2024 |
| 6. | Section 119 | Section 17 – Apportionment of credit and blocked credits | 01.11.2024 |
| 7. | Section 120 | Section 21 – Manner of recovery of credit distributed in excess | 01.11.2024 |
| 8. | Section 121 | Section 30 – Revocation of cancellation of registration | 01.11.2024 |
| 9. | Section 122 | Section 31 – Tax invoice | 01.11.2024 |
| 10. | Section 123 | Section 35 – Accounts and other records | 01.11.2024 |
| 11. | Section 124 | Section 39 – Furnishing of returns | 01.11.2024 |
| 12. | Section 125 | Section 49 – Payment of tax, interest, penalty and other amounts | 01.11.2024 |
| 13. | Section 126 | Section 50 – Interest on delayed payment of tax | 01.11.2024 |
| 14. | Section 127 | Section 51 – Tax deduction at source | 01.11.2024 |
| 15. | Section 128 | Section 54 – Refund of tax | 01.11.2024 |
| 16. | Section 129 | Section 61 – Scrutiny of returns | 01.11.2024 |
| 17. | Section 130 | Section 62 – Assessment of non-filers of returns | 01.11.2024 |
| 18. | Section 131 | Section 63 – Assessment of unregistered persons | 01.11.2024 |
| 19. | Section 132 | Section 64 – Summary assessment in certain special cases | 01.11.2024 |
| 20. | Section 133 | Section 65 – Audit by tax authorities | 01.11.2024 |
| 21. | Section 134 | Section 66 – Special Audit | 01.11.2024 |
| 22. | Section 135 | Section 70 – Power to summon persons to give evidence and produce documents | 01.11.2024 |
| 23. | Section 136 | Section 73 – Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason other than fraud or any wilful-misstatement or suppression of facts | 01.11.2024 |
| 24. | Section 137 | Section 74–Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised by reason of fraud or any wilfull-misstatement or suppression of facts | 01.11.2024 |
| 25. | Section 138 | The insertion of Section 74A – Determination of tax not paid or short paid or erroneously refunded or input tax credit wrongly availed or utilised for any reason pertaining to Financial Year 2024-25 onwards. | 01.11.2024 |
| 26. | Section 139 | Section 75 – General provisions relating to determination of tax | 01.11.2024 |
| 27. | Section 140 | Section 104 – Advance ruling to be void in certain circumstances | 01.11.2024 |
| 28. | Section 141 | Section 107 – Appeals to Appellate Authority | 01.11.2024 |
| 29. | Section 142 | Section 109 – Constitution of Appellate Tribunal and Benches thereof | 27.09.2024 |
| 30. | Section 143 | Section 112 – Appeals to Appellate Authority | 01.11.2024 |
| 31. | Section 144 | Section 122 – Penalty for certain offences | 01.11.2024 |
| 32. | Section 145 | Section 127 – Power to impose penalty in certain cases | 01.11.2024 |
| 33. | Section 146 | The insertion of Section 128A – Waiver of interest or penalty or both relating to demands raised under section 73, for certain tax periods | 01.11.2024 |
| 34. | Section 147 | Section 140 – Transitional arrangements for input tax credit | 01.11.2024 |
| 35. | Section 148 | Section 171 – Anti-profiteering measure | 27.09.2024 |
| 36. | Section 149 | Schedule III– Activities or transactions which shall be treated neither as a supply of goods nor a supply of services | 01.11.2024 |
| 37. | Section 150 | No refund shall be made of all the tax paid or the input tax credit reversed, which would not have been so paid, or not reversed, had sec 118 been in force at all material times.
Sec 118 has been inserted with a retrospective date of 01.07.2017 – Sub-section (5) and (6) to sec 16 of the CGST Act pertaining to the time limit to avail credit subject to the specified conditions. |
27.09.2024 |
| 38. | Section 151 | IGST – Section 5 – Levy and Collection | 01.11.2024 |
| 39. | Section 152 | IGST – Section 6 – Power to grant exemption from tax | 01.11.2024 |
| 40. | Section 153 | IGST – Section 16- Zero Rated Supply | 01.11.2024 |
| 41. | Section 154 | IGST – Section 20 – Application of provisions of Central Goods and Services Tax Act | 01.11.2024 |
| 42. | Section 155 | UTGST – Section 7 – Levy and collection | 01.11.2024 |
| 43. | Section 156 | UTGST – Section 8A – Power not to recover Goods and Services Tax not levied or short-levied as a result of general practice | 01.11.2024 |
| 44. | Section 157 | GST
(Compensation to States) Act, 2024 – Section 8A – Power not to recover Goods and Services Tax not levied or short-levied as a result of general practice |
01.11.2024 |
- Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Odisha:
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process.
- Rule 8 of the CGST Rules, 2017 has been amended to provide that an applicant can be identified on the common portal, based on data analysis and risk parameters for Biometric-based Aadhaar Authentication and taking a photograph of the applicant along with the verification of the original copy of the documents uploaded with the application.
- The above-said functionality has been developed by GSTN. It has been rolled out in Odisha on 28th September 2024.
- The said functionality also provides for the document verification and appointment booking process. After the submission of the application in Form GST REG-01, the applicant will receive either of the following links in the e-mail,
(a) A Link for OTP-based Aadhaar Authentication OR
(b) A link for booking an appointment with a message to visit a GST Suvidha Kendra (GSK) along with the details of the GSK and jurisdiction, for Biometric-based Aadhaar Authentication and document verification (the intimation e-mail)
- If the applicant receives the link for OTP-based Aadhaar Authentication as mentioned in point 3(a), she/he can proceed with the application as per the existing process.
- However, if the applicant receives the link as mentioned in point 3(b), she/he will be required to book the appointment to visit the designated GSK, using the link provided in the e-mail.
- The feature of booking an appointment to visit a designated GSK is now available for the applicants of Odisha.
- After booking the appointment, the applicant gets the confirmation of appointment through e-mail (the appointment confirmation e-mail), she/he will be able to visit the designated GSK as per the chosen schedule.
- At the time of the visit of GSK, the applicant is required to carry the following details/documents
(a) a copy (hard/soft) of the appointment confirmation e-mail
(b) the details of jurisdiction as mentioned in the intimation e-mail
(c) Aadhaar Card and PAN Card (Original Copies)
(d) the original documents that were uploaded with the application, as communicated by the intimation e-mail.
- The biometric authentication and document verification will be done at the GSK, for all the required individuals as per the GST application Form REG-01
- The applicant is required to choose an appointment for the biometric verification during the maximum permissible period for the application as indicated in the intimation e-mail. In such cases, ARNs will be generated once the Biometric-based Aadhaar Authentication process and document verification are completed.
- The operation days and hours of GSKs will be as per the guidelines provided by the administration in your respective State.
- Restoration of GST Returns data on Portal:
Please refer to the advisory issued on 24th September, 2024 regarding the archival of return data from the Common Portal after seven years. This data was archived in line with data archival policy. Data archival process was implemented on a monthly basis. Consequently, the return data for July, 2017 and August, 2017 was archived on 01st August and on 01st September respectively.
However, in view of the requests received from the trade due to the difficulties faced, data has been restored back on the portal. We recommend you to download and save the data if needed, as the archival policy shall be implemented again after giving advance information.
Disclaimer:
This publication contains information for general guidance only. It is not intended to address the circumstances of any particular individual or entity. Although the best of endeavour has been made to provide the provisions in a simpler and accurate form, there is no substitute to detailed research with regard to the specific situation of a particular individual or entity. We do not accept any responsibility for loss incurred by any person for acting or refraining to act as a result of any matter in this publication.
(Author is a well known Chartered Accountant practicing at Ahmedabad)
