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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Recommendations of the 57th GST Council Meeting

Recommendations of the 57th GST Council Meeting Held on October 8, 2026, New Delhi | Chaired by Union Finance Minister Smt. Nirmala Sitharaman[cite: 5] Major Highlights at a Glance Complete removal of arrest provisions under GST[cite: 5]. Prosecution threshold raised significantly from ₹1 crore to ₹5 crore[cite: 5]. General penalty amount reduced from ₹25,000 to ₹10,000[cite: 5]. In-principle approval for an optional scheme for small B2C businesses with turnover up to ₹5 crore[cite: 5]. Simplified registration for small sellers on e-commerce platforms[cite: 5]. A. Core Process Reforms 1. Registration Enhancements FORM GST REG-01 will be amended to include drop boxes for document selection, providing clarity to both taxpayers and officers[cite: 6]. Amendments to all registration particulars, except the Principal Place of Business (PPOB), will now be accepted automatically...

Advisory regarding confirmation of “Tax Liability Breakup, As Applicable” in GSTR-3B-reg Mar 16th, 2026

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57th GST Council Meeting on October 7, 2026

Agenda & Reforms: 57th GST Council Meeting October 7, 2026 | Transitioning to "Next-Gen GST" (GST 2.0) According to the document "The 57th GST Council Meeting on October 7.pdf" , the upcoming meeting on October 7, 2026, focuses heavily on GST 2.0 process reforms, compliance easing, and enforcement rationalization rather than tax rate revisions. Primary Issues and Proposals 1. Decriminalization and Arrest Powers Curbing Arrest Powers: The Council may curtail or remove Section 69 arrest powers for tax officials, shifting to technology-led detection rather than arrest-led deterrence. Routine disputes over valuation, classification, and technical compliance would be resolved via civil mechanisms, with strict criminal prosecution reserved for major fraud. Raising Prosecution Threshold: The financial threshold for launching criminal prosecution is proposed to rise from ₹1 cro...

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