Retrospective & Prospective

In the context of Notification No. 09/2024, dated 08/10/2024, the terms "retrospective" and "prospective" refer to the effective date of the changes announced in the notification. - "Retrospective" refers to the application of the new rules or rates to the past, i.e., to transactions or events that occurred before the notification was issued (in this case, 08/10/2024). This means that the changes will be applicable to all transactions that took place on or after the retrospective date (which is not specified in the notification, but usually, it is from the date of the previous change). - "Prospective" refers to the application of the new rules or rates to future transactions or events, i.e., those that occur after the notification was issued (in this case, 08/10/2024). This means that the changes will be applicable to all transactions that take place on or after the prospective date (10/10/2024). In this specific notification, the effective date is 10/10/2024, which means that the changes will be applicable to all transactions that take place on or after this date (prospective). However, if the notification also mentions a retrospective date, then the changes will also be applicable to transactions that took place between the retrospective date and 10/10/2024.