Quick Summary
The Central Board of Indirect Taxes and Customs (CBIC) has announced that the provisions of the Finance (No.2) Act, 2024, related to Goods and Services Tax (GST) will not come into effect until after the 54th GST Council Meeting. The key provisions awaiting implementation include the GST Amnesty Scheme and the relief under Section 16(4). CBIC has emphasized that the notification to enforce these provisions will be issued by the Central Government based on the GST Council's recommendations. Th
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FAQ :
The GST provisions under the Finance Act 2024 will be notified after the 54th GST Council Meeting, which is tentatively scheduled for September 9, 2024.
The key provisions awaiting implementation include the GST Amnesty Scheme and relief under Section 16(4) of the Finance Act 2024.
The Central Government will issue notifications based on the GST Council's recommendations. This ensures proper coordination with the states, who also need to amend their respective State GST (SGST) Acts.
The 54th GST Council Meeting is tentatively scheduled for September 9, 2024.
The delay is to ensure proper coordination with the states and to receive the necessary recommendations from the GST Council before implementing the new provisions.
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