New notifications issued to give effect to 54th GSTC recommendations

 New notifications issued to give effect to 54th GSTC recommendations

The CBIC has  issused three (03) notifications i.e.,  Notification No.21, 22 & 23 all dt 08.10.24 and one (01) Rate Notification No:06/2024 (CTR) to give effect to the interest waiver scheme under Sec. 128A, special procedure for rectification of order under 73 , 74 or 107 or 108, waiver of late fees to person liable to deduct TDS under 51 from the month of June 2021 onwards along with RCM liabilities for certain metal scrap supplies.

The key points of the notifications are:

1.Notification No. 21/2024-C.T:

This notification notifies dates up to which tax should be paid for waiver of interest/penalties under section 128A of CGST Act 2017. Accordingly, for most registered persons, the last date is 31.03.2025.

 

For some specific cases, it's 6 months from the date of redetermination order.

2.Notification No. 22/2024-CT:

This notifies a special procedure for rectification of certain specified orders issued under sections 73, 74, 107 or 108 of CGST Act.

This relaxation proceedings applies to all cases where input tax credit ITC was disallowed under Sec. 16(4)  earlier but is now eligible under amended provisions of Section 16(5).

The Registered persons can apply for rectification within 6 months of this notification.

The Proper officer will take a decision on application within 3 months.

3.Notification No. 23/2024-CT:

This Notification Waives  late fee for FORM GSTR-7 (TDS return) from June 2021 onwards.

It also Caps late fee at Rs. 25 per day, subject to maximum of Rs. 1000.

It fully waives late fee for nil TDS months.

All these notifications will come into effect from November 1, 2024.

4.Notification No. 06/2024-CT ( Rate):

This notification brings in the supply of metal scrap by an unregistered person to a registered person under RCM.  It amends the earlier notification No. 4/2017-Central Tax (Rate) from June 28, 2017 by adding a new entry No.8 to the table in the original notification, after S. No. 7. This brings the metal scraps of the following chapters under its ambit.

Chapter 72, 73, 74, 75, 76, 77, 78, 79, 80 or 81

The notification will come into effect on October 10, 2024