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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 streamlini
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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.
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