Notification No.12/2024–Central Tax dated July 10th, 2024
The CBIC has issued notification to notify Central Goods and Services Tax (Amendment) Rules, 2024 as per the recommendations of GST Council. The key changes are:
- Insertion of new Form GSTR-1A for furnishing additional details or amendments of the details of outward supply and corresponding changes have been made in various CGST Rules to consider the details of Form GSTR-1A along with the details furnished in Form GSTR-1
- Amendment to Rule 88B to provide that no interest liability on amount deposited up to due date of filing GSTR-3B and debited from Cash Ledger while filing return
- Amendment in Rule 39 to provide mechanism for distribution of credit by Input Service Distributor
- Amendment to Rule 28 for valuation of Corporate Guarantee provided between related persons to provide that value declared in the invoice shall be deemed to be the value of supply of corporate guarantee services if recipient is eligible for full input tax credit
- New procedure is prescribed in Rule 89 for refund of additional IGST paid on account of upward revision of price of the goods subsequent to exports
- New procedure has been prescribed under new Rule 95B for refund of tax paid on inward supplies of goods received by Canteen Stores Department
Click Here To Read The Full Notification
The post CBIC Issued Central Goods and Services Tax (Amendment) Rules, 2024 appeared first on Taxmann Blog.
