Date: Location: Head
22 June 2024 New Delhi Nirmala Sitharaman
Before the meeting, the Union Finance Minister held a pre-budget consultation with various states and UTs.
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As of 31st December 2023, less than 1.96% of GST taxpayers (1,14,999 taxpayers) received notices under GST.
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A new form GSTR-1A will allow taxpayers to add or amend particulars of GSTR-1 for the current tax period.
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The threshold for reporting B2C interstate supplies invoice-wise in GSTR-1 is reduced from Rs. 2.5 lakh to Rs. 1 lakh.
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The due date for filing GSTR-4 by composition taxable persons is extended to 30th June from FY 2024-25 onwards.
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TCS rate for Electronic Commerce Operators is recommended to be reduced to 0.5% from the existing 1%.
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GSTR-7 must be filed mandatorily even if no TDS is deducted, with no late fee for nil filing.
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Taxpayers with an annual turnover up to Rs. 2 crore are exempted from filing GSTR-9/9A for FY 2023-24.
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The time limit to avail ITC for invoices or debit notes in GSTR-3B filed up to 30th November 2021 will apply retrospectively from 1st July 2017.
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GST Council has waived interest and penalties for demand notices issued under section 73 of CGST for non-fraudulent cases if paid by 31st March 2025.
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A common time limit for issuing demand notices, reduced pre-deposit for appeals, and new mechanisms for IGST refunds were introduced.
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Biometric-based Aadhaar authentication for GST registration will be rolled out nationwide in phases.
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Section 122(1B) will be amended to apply only to e-commerce operators required to collect TCS under section 52, effective from 1st October 2023.
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