Major #GST Update from 1 Nov 2024


Major #GST Update from 1 Nov 2024

Starting from 1st November 2024, a new compliance rule 47A is coming into effect for #SelfInvoicing in cases of Reverse Charge Mechanism (RCM). Under the Finance Act 2024 (Part 2) and Notification 20/2024, all GST-registered recipients liable under RCM must issue self-invoices within 30 days of supply receipt. Previously, there was no clear time limit, leading to confusion. This change aims to bring consistency and ensure timely tax compliance. Why This Matters: Failing to comply could lead to penalties, so it’s crucial to update your processes! Key Points: -New 30-day time limit for RCM self-invoices. -Effective from 1st November 2024. -Non-compliance may result in penalties.
FORMAT OF SELF INVOICE:


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