Affluence Advisory
Quick Summary
The 53rd GST Council Meeting brought forth significant recommendations that have been elucidated in recent notifications and circulars. The key Notifications and Circulars are discussed as below: NOTIFICATIONS I. Notification No. 12/2024- Central Tax dated Particulars 1
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FAQ :
From 26 October 2023, the value of services for corporate guarantees provided to related persons in India by a supplier will be deemed 1% of the annual guarantee amount or the actual consideration, whichever is higher. However, if the recipient is eligible for full ITC, the invoice value will be considered the value of supply.
ISDs must distribute available ITC in the same month by filing Form GSTR-6. Credit is distributed based on the recipient's turnover in a state/UT during the relevant period, and ISDs must separately distribute eligible and ineligible ITC. ITC on integrated tax is distributed as integrated tax, while CGST/SGST/UTGST is distributed as IGST if the ISD is in a different state than the recipient.
Rule 142 of the CGST Rules has been amended. Payments made via Form GST DRC-03 for tax, interest, or penalty can now be applied for crediting against a demand using Form GST DRC-03A on the GSTN portal, provided an order in Form GST DRC-05 has not been issued.
Yes, unregistered persons required to generate e-way bills, or opting to do so, must submit details on the GSTN Portal in Form GST ENR-03 and will receive a unique enrolment number upon validation.
Registered persons can now optionally amend or furnish additional outward supply details for a tax period in Form GSTR-1A after filing GSTR-1 but before filing GSTR-3B. This form allows for invoice-wise and consolidated details, including debit/credit notes.
Yes, registered persons with an aggregate turnover up to two crore rupees for the Financial Year 2023-24 are exempt from filing the Annual Return in GSTR-9.
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