GST Notification – 24/2024:

Notification No. 24/2024-Central Tax, issued on October 9, 2024, amends the earlier Notification No. 5/2017-Central Tax, originally published on June 19, 2017. This amendment introduces a new proviso stating that the provisions of the original notification will not apply to individuals engaged in the supply of metal scrap categorized under Chapters 72 to 81 of the Customs Tariff Act, 1975. This change aims to clarify the applicability of tax regulations for businesses involved in the metal scrap trade.

The amendment takes effect on October 10, 2024, and is based on recommendations from the GST Council. By explicitly excluding metal scrap suppliers from the scope of the original notification, the government seeks to streamline tax compliance and address the unique challenges faced by this sector. This