Quick Summary
The 54th GST Council met under the Chairpersonship of Union Minister for Finance Corporate Affairs Smt. Nirmala Sitharaman in New Delhi on 9th September 2024. The GST Council inter-alia made the following recommendations relating to measures for the facilitation of trade and measures for streamlining compliances in GST. 1. Procedure and conditions for waiver of interest or penalty or both, in respect of tax demands under section 73 of CGST Act, 2017 for FYs 2017-18, 2018-19 and 2019-20 as pe
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 011-411-70713
FAQ :
The 54th GST Council meeting was held in New Delhi on 9th September 2024, chaired by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman.
Registered persons can avail the benefit of waiver of interest or penalty or both for tax demands under section 73 of the CGST Act for FYs 2017-18, 2018-19, and 2019-20 by making the payment of tax on or before March 31, 2025.
The Council recommended prospectively omitting rules 96(10), 89(4A), and 89(4B) of the CGST Rules, 2017. This change aims to simplify and expedite the refund procedure for exporters who have availed benefits of concessional/exemption notifications on inputs.
Circulars will be issued to clarify the place of supply for advertising services to foreign entities, the availability of Input Tax Credit on demo vehicles for dealers, and the place of supply for data hosting services provided to overseas cloud computing providers.
The Council recommended that Section 146 of the Finance (No. 2) Act, 2024, which provides for the insertion of Section 128A in the CGST Act, 2017, may be notified with effect from November 1, 2024.
CAclubindia
