Key Highlights Of GST Notifications And Clarification Circulars

Notification Updates

Notification 20/2024-Central Tax dated 08 October 2024 

The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification to amend specific Central Goods and Services Tax Rules, 2017 (CGST Rules). Some of the important amendments are highlighted as follows:

1. Rule 46 – The option of raising a consolidated self-invoice in a month for a registered person has been removed for supplies covered under section 9(4) of the Central Goods and Services Tax Act, 2017 (CGST Act), where the value of such supplies exceeds rupees five thousand in a day from any or all the suppliers.
2. Rule 47A – A new rule has been inserted: RCM Self Invoice to be raised within 30 days by a registered person liable to pay tax under sub-section (3) or subsection (4) of section 9 from the date of receipt of goods or services.