Comprehensive GST Updates: April to November 2024

The period from April to November 2024 brought several important updates in India’s Goods and Services Tax (GST) framework. This blog consolidates major GST circulars, policy updates, system enhancements, compliance requirements, and economic indicators, ensuring businesses and taxpayers stay informed about the evolving tax landscape.

GST Circulars and Notifications (April to November 2024)

July 2024 Circulars

1. GST Circular No. 17/2024 (10-07-2024): Amendment regarding proper officer designation for GST Registration and Composition Levy.
2. GST Circular No. 18/2024 (11-07-2024): Guidelines for recovering outstanding dues after first appeal disposal until the Appellate Tribunal becomes operational.
3. GST Circular No. 19/2024 (11-07-2024): Clarifications on corporate guarantees’ taxability and valuation between related parties.
4. GST Circular No. 20/2024 (11-07-2024): Refund mechanism for excess IGST paid on high-value exports due to price revisions.
5. GST Circular No. 21/2024 (11-07-2024): Refund processing for Canteen Stores Department (CSD).
6. GST Circular No. 22/2024 (15-07-2024): Clarifications on GST applicability for certain services.
7. GST Circular No. 23/2024 (15-07-2024): GST rate and classification updates based on the GST Council’s 53rd meeting.

Key GST Updates and Policy Developments (April to November 2024)

November 2024 Updates

• GST Amnesty Scheme Extended: Extension of the amnesty scheme for non-filers and delayed returns, providing penalty relief.
• Input Tax Credit (ITC) Adjustments: Clarification on ITC reversals due to delayed invoice matching.

October 2024 Highlights

• GST System Enhancements: Improvements in GST portal navigation and faster return processing.
• Digital Invoice Integration: Introduction of a centralized e-invoicing system for large taxpayers.

September 2024 Updates

• Biometric Aadhaar Authentication: Mandatory for Uttarakhand taxpayers applying for GST registration.
• CSD Refund Filing: CSD can file electronic refund claims through Form GST RFD-10A.

August 2024 Key Developments

• New E-Invoice Portals: NIC launched integrated portals (e-invoice-1 and e-invoice-2) for simplified e-invoice generation.
• GSTN Document Upload Feature: Taxpayers can now upload essential registration documents directly on the GST portal.

July 2024 Updates

• GST Collections: ₹1.82 trillion collected in July, marking a 10.3% year-on-year increase.
• Export Relief Mechanism: IGST refunds approved for exports priced higher post-shipment.
• GSTR-9 Table 8A Update: Auto-population from GSTR-2B simplifies ITC calculation.

June 2024 Highlights

• Reintroduction of GSTR-1A: Taxpayers can amend GSTR-1 sales details based on buyer adjustments in GSTR-2B.
• Uniform 12% GST Rate: GST rate for milk cans standardized at 12%.
• Conditional Penalty Waivers: Waivers for late fees and interest for delayed compliance.

May 2024 Highlights

• Record GST Collections: ₹2.10 lakh crore in April 2024, driven by domestic consumption and rising imports.
• E-Way Bill App Update: New Android/iOS app for generating e-way bills on the go.
• New Bank Option: Dhanlaxmi Bank added for GST payments on the portal.

April 2024 Highlights

• Machine Registration Compliance: Pan Masala and Tobacco manufacturers must register machines and submit monthly production details using GST Forms SRM-I and SRM-II.
• GST Digital Payments: UPI and credit/debit card payment options extended to Jammu & Kashmir.

GST System Enhancements (April to November 2024)

• Improved Address Fields: GSTN updated registration forms with enhanced address-related fields.
• Return Filing Monitoring: Taxpayers can track return filing status by financial year.
• Mobile Number Search Feature: New GST portal feature for searching taxpayer details by mobile number.
• CBIC Handbook Release: Comprehensive handbook covering GST law, system updates, and future developments.

E-Invoicing Updates (July to November 2024)

NIC’s Integrated E-Invoice System

• Launch Date: August 1, 2024
• Features:
  • Single login credentials for e-invoice-1 and e-invoice-2 portals.
  • Unified token system for generating e-invoices and e-way bills.
  • Seamless data sharing between both portals for efficient invoice processing.

Looking Ahead

As the GST landscape evolves, it’s essential to stay updated on compliance requirements, policy changes, and system upgrades. Businesses must remain proactive to leverage government incentives, avoid penalties, and ensure smooth tax operations.

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This article is only a knowledge-sharing initiative and is based on the Relevant Provisions as applicable and as per the information existing at the time of the preparation. In no event, RMPS & Co. or the Author or any other persons be liable for any direct and indirect result from this Article or any inadvertent omission of the provisions, update, etc if any.

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