GST Notification 20/2024-Central Tax dt. 08-October-2024
GST Notification – 20/2024:
The Central Government has issued a notification to amend the Central Goods and Services Tax Rules, 2017. The key changes introduced by this notification are as follows:
1. Time Limits and Procedural Changes:
Time Limit for Issuing Tax Invoices: Tightens the timeline for issuing tax invoices in certain cases to 30 days.
GSTR-7 Filing Deadline: Mandates the filing of GSTR-7 by the 10th of the following month.
Refund Rules: Simplifies the refund process and removes certain conditions.
Proceedings Under Sections 73 and 74A: Introduces provisions for waiver of interest and penalty in specific cases, and clarifies procedures for closing proceedings.
2. Registration Cancellation and Suspension:
Suspension of Registration: Specifies the conditions under which registration can be suspended, particularly for non-compliance with bank account details or non-filing of returns.
3. Form and Rule Amendments:
Form Amendments: Makes changes to various forms like GSTR-9, GST APL-01, GST APL-05, GST INS-01, and GST DRC-01A.
Rule Amendments: Modifies several rules to align with the new provisions and streamline procedures.
Overall, these amendments aim to improve tax compliance, simplify procedures, and enhance the overall GST regime. Taxpayers are advised to stay updated with these changes to ensure compliance and avoid penalties.
