The Indian Ministry of Finance has issued Notification No. 20/2024 on 8 October 2024, implementing significant amendments to the Central Goods and Services Tax (CGST) Rules, 2017.
Key changes in CGST Rules
Removal of IGST refund restrictions: The notification eliminates restrictions on Integrated Goods and Services Tax (IGST) refunds for specific cases, including advance authorisation and export-oriented units (EOUs).
Self-Invoice time limit specification: A new time limit for issuing self-invoices has been established, aligning with existing rules for standard invoices. A new rule (Rule 47A) provides a timeline of 30 days for issuing self-invoice from the date of supply.
Amnesty scheme procedures: Procedures have been introduced to facilitate benefits under the amnesty scheme as outlined in the Finance Act 2024. This scheme aims to waive penalties and interest for pending demands in non-fraud cases.
Clarification of credit restrictions: The notification clarifies that credit restrictions do not apply to notices issued under section 74A of the Finance Act 2024.
These amendments are part of ongoing efforts to streamline GST compliance and enhance taxpayer facilitation in India. The changes will come into effect from 1 November 2024, providing businesses time to adapt to the new regulations.
