Executive Summary
Income Tax
- Further Extension of due date for furnishing Audit Report in Form nos. 10B and 10BB by Trusts and Financial Institutions.
- Section 206 of The Income Tax Act,1961- TCS – Profits and Gains from business of trading in alcoholic liquor, forest produce, scrap etc. – No TCS shall be made under section 206(1F) on any payment received from RBI.
- Ease in Claiming credit for TCS collected/TDS deducted for salaried employees by introducing Form no. 12BAA and enabling claiming TCS credit of minors in the hands of parents.
Goods And Service Tax (GST)
- Instruction No. 4/2024 – GST [F. NO.: CBIC-20016/26/2024-GST], Dated 4-10-2024, Systemic improvement with respect to Mapping/ De-Mapping of the officers on the GSTN portal -Regarding
- Notification No. 8/2024- Central Tax (Rate) [G.S.R. 620(E)/F. NO. 190354/149/2024-TO(TRU-II) – PART-I CBEC], Dated 8-10-2024
- Notification No. 9/2024- Central Tax (Rate) [G.S.R. 623(E) /F. NO. 190354/149/2024-TO(TRU-II) – PART-I CBEC], Dated 8-10-2024
- Notification No. 20/2024 – Central Tax [G.S.R. 626(E)/F. NO. CBIC-20006/20/2023-GST], Dated 8-10-2024
- Notification No. 21/2024– Central Tax [S.O. 4372(E)/F. NO. CBIC-20006/20/2023-GST], Dated 8-10-2024
- Notification No. 22/2024– Central Tax [S.O. 4373(E)/F. NO. CBIC-20006/20/2023-GST], Dated 8-10-2024
- Notification No. 23/2024– Central Tax [S.O. 4374(E)/F. NO. CBIC-20006/20/2023-GST], Dated 8-10-2024
- Notification No. 24/2024- Central Tax [G.S.R 628(E)/F.NO. CBIC-190354/149/2024-TO(TRU-II)], Dated 9-10-2024
- Circular No. 234/28/2024 – GST [F. NO. CBIC-190354/149/2024-TO(TRU-II)-CBEC], Dated 11-10-2024
- Circular No. 235/29/2024 – GST [F. NO. CBIC-190354/149/2024-TO(TRU-II)-CBEC], Dated 11-10-2024
- Circular No. 236/30/2024 – GST [F. NO. CBIC-190354/149/2024-TO(TRU-II)-CBEC], Dated 11-10-2024
Companies Act 2013/ Other Laws
- Companies (Indian Accounting Standards) Third Amendment Rules, 2024
- Directions – Compounding of Contraventions under FEMA, 1999
- Investor Education and Protection Fund Authority (Form of Annual Statement of Accounts) Amendment Rules, 2024
- Companies (Adjudication of Penalties) Second Amendment Rules, 2024
- Directions – Compounding of Contraventions under FEMA, 1999 (Notification Date: 2024-10-01 vide Notification No: RBI/FED/2024-25/78 A.P. (DIR Series) Circular.No.17/2024-25


Further Extension Of Due Date For Furnishing Audit Report In Form Nos.10b And 10bb By Trusts And Financial Institutions
a) By Circular NO. 2/2024, CBDT had allowed those trusts/institutions/funds which have furnished audit report on or before 31st October, 2023 in Form No. 10B where Form No. 10BB was applicable and vice-versa to furnish the audit report under clause (b) of the tenth proviso to clause (23C) of section 10 and sub-clause (ii) of clause (b) of sub-section (1) of section 12A of the Income-tax Act, 1961, in the applicable Form No. 10B/10BB for the assessment year 2023-24, on or before 31st March, 2024,
- On consideration of the matter, with a view to avoid genuine hardship to those trusts/institutions/funds, for which the date of 31st March, 2024 was prescribed to furnish the audit report in the applicable Form No. 10B/10BB, by the above mentioned Circular No. 2/2024, dated 5-3-2024, the CBDT in exercise of the powers conferred under section 119 of the Act, hereby further allows such trusts/institutions/funds to furnish such audit report in the applicable Form No. 10B/10BB on or before 10th November, 2024.
- Section 206 of the income tax act, 1961 – tcs – profits and gains from business of trading in alcoholic liquor, forest produce, scrap, etc. – no collection of tax shall be made under sub-section (1f) of said section on any payment received from reserve bank of india
- Central Government hereby specifies that no collection of tax shall be made under sub-section (1F) of section 206C of the said Act on any payment received from the Reserve Bank of India.
- This notification shall come into force on the date of its publication in the Official Gazette.
- CBDT Notifies Amendments In Income-Tax Rules For Ease In Claiming Credit For Tcs Collected/Tds Deducted For Salaried Employees And Enabling Claiming Tcs Credit Of Minors In The Hands Of Parents
- Sub-section (2B) of Section 192 of the Income-tax Act, 1961 was amended videthe Finance (No. 2) Act, 2024 (FA (No. 2)) to include any tax deducted or collected at source under the provisions of Chapter XVII-B or Chapter XVII-BB, as applicable, for the purpose of making tax deductions in the case of salaried employees.
- Vide CBDT Notification No. 112/2024, dated 15-10-2024, the Income-tax Rules, 1962 have been amended, introducing Form No. 12BAA as the prescribed statement of particulars required under sub-section (2B) of Section 192 of the Act. Employees must provide these particulars to their employers, who are responsible for making payments under sub-section (1) of Section 192. The employer, in turn, shall deduct TDS on salary after taking into account the furnished particulars.
- Further, sub-section (4) of Section 206C of the Act was amended videFA (No. 2) to allow the credit of TCS to a person other than the collectee —such as a parent in the case of a minor collectee—when the minor’s income is clubbed with that of the parent. Accordingly Vide CBDT Notification No. 114/2024, dated 16-10-2024 Rule 37-I of the Rules has been amended to allow credit of tax collected at Source to a person other than the collectee, in whose hands the income of the collectee is assessable.

- Instruction No. 4/2024-GST [F. NO.: CBIC-20016/26/2024-GST], Dated 4-10-2024, Systemic improvement with respect to Mapping/ De-Mapping of the officers on the GSTN portal -Regarding
- A reference has been received from the DGoV, CBIC, New Delhi stating therein that a GST officer, mapped in the GSTN portal, was not de-mapped with immediate effect after his relieving from the charge, which resulted into fraudulent sanction of refund by the officer.
- DGoV (Hqrs) has recommended that officers should be immediately de-mapped from the GSTN portal upon completing the GFR-33. Supervisory officers, ideally at the Joint or Additional Commissioner level, should monitor this process and submit a compliance report to the jurisdictional Commissioner within a specified timeframe. Additionally, responsibility and accountability for mapping/un-mapping officers on the GSTN portal should be clearly assigned to the relevant jurisdictional officers.
- In view of the above, it is requested that all Principal Commissioners/ Commissioners or equivalent, may be directed to ensure strict compliance of the directions given by the Directorate General of Vigilance (DGoV) in this regard.
- Notification No. 8/2024- Central Tax (Rate) [G.S.R. 620(E)/F. NO. 190354/149/2024-TO(TRU-II) – PART-I CBEC], Dated 8-10-2024, Section 11 of the Central Goods and Services Tax Act, 2017- Power to grant exemption from tax – CGST exempt services (NIL rated services) – Amendment in Notification No. 12/2017-Central Tax (Rate), Dated 28-6-2017
The Central Government, exercising its powers under the Central Goods and Services Tax Act, 2017, amends notification number 12/2017-Central Tax (Rate) dated 28th June 2017, based on the Council’s recommendations. The key amendments are as follows:
- New Entries Added:
25A: Services related to metering equipment on rent and ancillary services for electricity transmission and distribution are classified under HS 9969 or 9986 with a GST rate of Nil.
- 44A: Research and development services funded by government entities or specific institutions under HS 9981 also attract a Nil GST rate.
- 66A: Services of affiliation provided by educational bodies to government-controlled schools are classified under HS 9992 with a Nil GST rate.
- Amended Entry:
- 69: Services provided by recognized skill development entities related to national skill programs are classified under HS 9983, 9991, or 9992, attracting a Nil GST rate.
- Terminology Update:
- “National Council for Vocational Training” is replaced with “National Council for Vocational Education and Training” in multiple instances.
- Effective Date:
- These amendments will come into force on 10th October 2024.
- Notification No. 9/2024- Central Tax (Rate) [G.S.R. 623(E) /F. NO. 190354/149/2024-TO(TRU-II) – PART-I CBEC], Dated 8-10-2024, Section 9 of the Central Goods and Services Tax Act, 2017 – Levy and collection of Tax – Reverse charge on certain specified supplies of services -Amendment in Notification No. 13/2017 – Central Tax (Rate), Dated 28-6-2017
In exercise of the powers conferred by sub-section (3) of section 9 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), number 13/2017-Central Tax (Rate), dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 692(E), dated the 28th June, 2017, namely: –
- In the said notification, in the Table, after serial number 5AA and the entries relating thereto, the following serial number and entries relating thereto in columns (2), (3) and (4) shall be inserted, namely: –
(1) | (2) | (3) | (4) |
“5AB | Service by way of renting of any property other than residential dwelling. | Any unregistered person | Any registered person.” |
- This notification shall come into force with effect from the 10th day of October, 2024.
- Notification No. 20/2024 – Central Tax [G.S.R. 626(E)/F. NO. CBIC-20006/20/2023-GST], Dated 8-10-2024, Central Goods and Services Tax (Second Amendment) Rules, 2024 – Amendment in rules 36, 46, 66, 86, 88B, 88D, 89, 96, 96B, 121 & 142, and forms GST REG-31, GSTR-9, GST APL-01, GST-APL-05, GST INS-01 and GST DRC-01A; insertion of rules 47A & 164, and forms GST SPL-01, GST SPL-02, GST SPL-03, GST SPL-04, GST SPL-05, GST SPL-06, GST SPL-07 and GST SPL-08; Substitution of Form GST REG-20.
- In the said rules, after rule 163, the following rule shall be inserted with effect from the 1st day of November, 2024, namely: –
“164. Procedure and conditions for closure of proceedings under section 128A in respect of demands issued under section 73.-
- Eligible individuals can apply for a waiver of interest or penalty related to a notice or statement under section 128A by submitting FORM GST SPL-01 electronically on the common portal, including relevant details and payment information from FORM GST DRC-03.
- Eligible individuals can apply for a waiver of interest or penalty related to orders under section 128A by submitting FORM GST SPL-02 electronically on the common portal. The application must include order details and payment information. Payments should be made by crediting the electronic liability register against the debit entry created by the order. If payment was made through FORM GST DRC-03, the individual must first file FORM GST DRC-03A to credit that amount in the register before submitting FORM GST SPL-02.
- Where the notice or statement or order mentioned in sub-section (1) of section 128A includes demand of tax, partially on account of erroneous refund and partially for other reasons, an application under sub- rule (1) or sub-rule (2) may be filed only after payment of the full amount of tax demanded in the said notice or statement or order, on or before the date notified under the said sub-section.
- Where the notice or statement or order mentioned in sub-section (1) of section 128A includes demand of tax, partially for the period mentioned in the said sub-section and partially for the period other than that mentioned in the said sub-section, an application under sub-rule (1) or sub-rule (2) may be filed only after payment of the full amount of tax demanded in the said notice or statement or order, on or before the date notified under the said sub-section.
- The amount payable under sub-rule (1) or sub-rule (2) shall be the amount that remains payable, after deducting the amount not payable in accordance with sub-section (5) or sub-section (6) of section 16, from the amount payable in terms of the notice or statement or order under section 73, as the case may be.
- Any person who wishes to file an application under sub-rule (1) or sub-rule (2), may do so within a period of three months from the date notified under sub-section (1) of section 128A:
Provided that where an application in FORM GST SPL-02 is to be filed in cases referred to in the first proviso to sub-section (1) of section 128A, the time limit for filing the said application shall be six months from the date of communication of the order of the proper officer redetermining such tax under section 73.
- Applications under sub-rule (1) or sub-rule (2) must include documents proving the withdrawal of any appeal or writ petition to demonstrate eligibility for a waiver of interest or penalty under section 128A. If the withdrawal order has not been issued at the time of application, the applicant should upload the withdrawal request along with the application. Additionally, the order for withdrawal must be uploaded on the common portal within one month of its issuance.
- Where the proper officer is of the view that the application made in FORM GST SPL-01 or FORM GST SPL-02 is liable to be rejected as not being eligible for waiver of interest, or penalty, or both, as per section 128A, he shall issue a notice on the common portal to the applicant in FORM GST SPL-03 within three months from the date of receipt of the said application and shall also give the applicant an opportunity of being heard.
- On receiving the notice under sub-rule (8), the applicant may file a reply to the said notice on the common portal in FORM GST SPL-04, within a period of one month from the date of receipt of the said notice.
- If the proper officer is satisfied that the applicant is eligible for waiver of interest and penalty as per section 128A, he shall issue an order in FORM GST SPL-05 on the common portal accepting the said application and concluding the proceedings under section 128A.
- In cases where the order in FORM GST SPL-05 is issued by the proper officer under sub-rule (10). –
- In respect of an application filed in FORM GST SPL-01 pertaining to a notice or statement referred to in clause (a) of sub-section (1) of section 128A, the summary of order in FORM GST DRC-07 as per sub-rule (5) of rule 142 shall not be required to be issued by the proper officer, in respect of the said notice or statement;
- In respect of an application filed in FORM GST SPL-02 pertaining to an order referred to in clause (b) or clause (c) of sub-section (1) of section 128A, the liability created in the part II of Electronic Liability Register, shall be modified accordingly.
- If the proper officer is not satisfied with the reply of the applicant, the proper officer shall issue an order in FORM GST SPL-07 rejecting the said application.
- (a) In cases where notice in FORM GST SPL-03 has not been issued, the proper officer shall issue the order under sub-rule (10) within a period of three months from the date of receipt of the application in FORM GST SPL-01 or FORM GST SPL-02, as the case may be.
(b) In cases where notice in FORM GST SPL-03 has been issued, the proper officer shall issue the order in sub-rule (10) or sub-rule (12) within a period of three months from the date of receipt of reply of the applicant in FORM GST SPL-04, or within a period of four months from the date of issuance of notice in FORM GST SPL-03 where no reply is received from the applicant.
- If no order is issued by the proper officer within the time limit specified in sub-rule (13), then the application in FORM GST SPL-01 or FORM GST SPL-02, as the case may be, shall be deemed to be approved and the proceedings shall be deemed to be concluded.
- (a) In cases where no appeal is filed against the order in FORM GST SPL-07 within the time period specified in sub-section (1) of section 107, the original appeal, if any, filed by the applicant against the order mentioned in clause (b) or clause (c) of sub-section (1) of section 128A, and withdrawn for filing the application in FORM GST SPL-02 in accordance with sub-section (3) of section 128A, shall be restored.
(b) In cases where an appeal is filed against the order in FORM GST SPL-07 for rejection of application for waiver of interest, or penalty, or both, if
- the appellate authority has held that the proper officer has wrongly rejected the application for waiver of interest, or penalty, or both, in FORM GST SPL-07, the said appellate authority shall pass an order in FORM GST SPL-06 on the common portal accepting the said application and concluding the proceedings under section 128A; or
- If the appellate authority upholds the rejection of an interest or penalty waiver in FORM GST SPL-07, any original appeal withdrawn to file an application in FORM GST SPL-02 (under section 128A(3)) will be reinstated. This is conditional on the applicant submitting an undertaking in FORM GST SPL-08 electronically within three months of the appellate order (FORM GST APL-04), affirming they have not and will not appeal the decision.
- In cases where the taxpayer is required to pay an additional amount of tax liability as per the second proviso to sub-section (1) of section 128A, and such additional payment is not made within the time limit specified in the said proviso, the waiver of interest, or penalty, or both, under the said section as per the order issued in FORM GST SPL-05 or FORM GST SPL-06, if any, shall become void.
- If a taxpayer must pay interest, penalty, or both for demands related to an erroneous refund or a period outside that specified in section 128A (1), as stated in FORM GST SPL-05 or SPL-06, they must pay this amount within three months of the order date. Failure to pay within this period will void any waiver granted under section 128A in FORM GST SPL-05 or SPL-06.
Explanation. – For the purposes of this rule, the proper officer for issuance of order under this rule, –
(a) In cases where the application for waiver of interest, or penalty, or both is made with respect to a notice or statement mentioned in clause (a) of sub-section (1) of section 128A, shall be the proper officer for issuance of order as per section 73; and
(b) In cases where the application for waiver of interest, or penalty, or both, is made with respect to an order mentioned in clause (b) or clause (c) of sub-section (1) of section 128A, shall be the proper officer referred to in section 79 of the Act.”
- In the said rules, for FORM GST REG-20, the following form shall be substituted, namely: –
- In the said rules, in FORM GST REG-31, after paragraph 6, the following shall be inserted, namely: –
OR
SUSPENSION DUE TO VIOLATION OF RULE 10A
- You have not provided valid bank account details within 30 days of your registration, as required by Rule 10A.
- This non-compliance indicates a violation of the Central Goods and Services Tax Act, 2017, which could lead to the cancellation of your registration if not satisfactorily explained.
- Due to the seriousness of this issue, your registration is suspended effective immediately under Rule 21A.
- You are required to submit valid bank account details on the common portal or respond to the jurisdictional tax officer within 30 days, addressing the discrepancies. Report any potential misuse of your GST credentials.
- The suspension will be lifted once you provide the valid bank account details within the specified time.
- Failure to comply may result in cancellation of your registration.
OR
- It has been noticed that as per the provisions of rule 10A, requiring you to furnish the details of bank account within thirty days from the grant of registration. The information regarding bank account details furnished by you are not matching with the details available with bank.
- These discrepancies or anomalies prima facie indicate contravention of the provisions of the Central Goods and Services Tax Act, 2017(12 of 2017) and the rules made thereunder, such that if not explained satisfactorily, shall make your registration liable to be cancelled.
- Considering that the above discrepancies or anomalies are grave and pose a serious threat to interest of revenue, as an immediate measure, your registration stands suspended, with effect from the date of this communication, in terms of rule 21A.
- Accordingly, you are requested to furnish the valid details of bank account on the common portal or submit a reply to the jurisdictional tax officer within thirty days from the receipt of this notice, providing explanation to the above stated discrepancy or anomaly or contravention. Any possible misuse of your credentials on GST common portal, by any person, in any manner, may also be specifically brought to the notice of jurisdictional officer.
- The suspension of registration shall be lifted after you furnish the valid details of bank account on the common portal within stipulated time.
- You may please note that your registration may be cancelled in case you fail to furnish the valid details of bank account on the common portal within stipulated time or fail to furnish a reply within the stipulated time.
OR
SUSPENSION DUE TO VIOLATION OF RULE 21
- It has been noticed that as per the provisions of clause (h) or clause (i) of rule 21, requiring you to file return under sub-section (1) of section 39, have not furnished for a continuous period of six months or for a continuous period of two quarters.
- These discrepancies or anomalies prima facie indicate contravention of the provisions of the Central Goods and Services Tax Act, 2017(12 of 2017) and the rules made thereunder, such that if not explained satisfactorily, shall make your registration liable to be cancelled.
- Considering that the above discrepancies or anomalies are grave and pose a serious threat to interest of revenue, as an immediate measure, your registration stands suspended, with effect from the date of this communication, in terms of sub-rule (2A) of rule 21A.
- You are requested to file a return under section 39(1) on the common portal or submit a response to the jurisdictional tax officer within 30 days of this notice, explaining the noted discrepancy or anomaly. Any suspected misuse of your GST portal credentials should also be reported to the jurisdictional officer.
- The suspension of registration shall be lifted after you file the returns under sub-section (1) of section 39 on the common portal.
- You may please note that your registration may be cancelled in case you fail to file returns under sub-section (1) of section 39 on the common portal within stipulated date or fail to furnish a reply within the stipulated time.”
- In the said rules, in FORM GSTR-9, in the table, in Pt. III, in serial number 8, for serial number A and the entries relating thereto, the following serial number and entries shall be substituted, namely: –
“A | ITC as per GSTR-2B (table 3 thereof) | <Auto> | <Auto> | <Auto> | <Auto>” |
- In the said rules, in FORM GST APL-01, with effect from the 1st day of November, 2024. –
(a) in entry number 15, –
(i) in clause (a), in the Table, in the first column relating to “Particulars”, in item (b) relating to “pre-deposit”, for the brackets, letters, words and figures “(b) Pre- deposit (10% of disputed tax /cess but not exceeding Rs. 25 crore each in respect of CGST, SGST or cess or not exceeding Rs.50 crore in respect of IGST and Rs. 25 crore in respect of cess)”, the brackets, letters, words, and figures “(b) Pre- deposit (10% of disputed tax /cess but not exceeding Rs. 20 crore each in respect of CGST, SGST, cess, and not exceeding Rs. 40 crore in respect of IGST)” shall be substituted;
(ii) in clause (b), in the opening portion, for the brackets, words, figures and letters ” (pre-deposit 10% of disputed tax and cess but not exceeding Rs. 25 crore each in respect of CGST, SGST or cess or not exceeding Rs.50 crore in respect of IGST and Rs. 25 crore in respect of cess)”, the brackets, words, figures and letters “(pre- deposit 10% of disputed tax and cess but not exceeding Rs. 20 crore each in respect of CGST, SGST, cess, and not exceeding Rs. 40 crores in respect of IGST)” shall be substituted.
- In the said rules, in FORM GST APL-05, with effect from the 1st day of November, 2024, –
(a)in entry number 14, –
(i) In clause (a), under “Particulars” in item (b) for “pre-deposit,” replace “(20% of disputed tax/cess, max Rs. 50 crores for CGST, SGST, or cess, Rs. 100 crores for IGST, Rs. 50 crore for cess)” with “(10% of disputed tax/cess, max Rs. 20 crores for CGST, SGST, cess, and Rs. 40 crores for IGST).”
(ii) In clause (b), for the opening portion, the following shall be substituted, namely: –
(b) Details of payment of admitted amount and pre-deposit of 10% of the disputed tax and cess but not exceeding Rs. 20 crore each in respect of CGST, SGST, cess and not exceeding Rs. 40 crores in respect of IGST.”.
- In the said rules, after FORM SBY-06, the following forms shall be inserted with effect from the 1st day of November, 2024, namely: –
- ‘FORM GST SPL – 01 [See rule 164(1)]- Application for waiver of interest or penalty or both under section 128A in respect of a notice or a statement mentioned in clause (a) of sub-section (1) of the said section
- FORM GST SPL -02 [See rule 164(2)]- Application for waiver of interest or penalty or both under section 128A, in respect of an order mentioned in clause (b) or clause (c) of sub-section (1) of the said section
- FORM GST SPL -03 [See rule 164(2)]- 1 Notice in response to an application filed under Section 128A
- FORM GST SPL-04 [See rule 164(9)]– Reply to notice issued under rule 164(8)
- FORM GST SPL -05 [See rule 164(10)]- Order for conclusion of proceedings as per section 128A
- FORM GST SPL -06 [See Rule 164(15)(b)(i)]- Order for conclusion of proceedings as per section 128A
- FORM GST SPL -07 [See rule 164(12)]- Order for Rejection of Application submitted under section 128A
- FORM GST SPL -08 [See rule 164(15)(b)(ii)]- Undertaking submitted under rule 164(15)(b)(ii)
- Notification No. 21/2024– Central Tax [S.O. 4372(E)/F. NO. CBIC-20006/20/2023-GST], Dated 8-10-2024, Waiver of Interest or Penalty or both relating to demands raised under Section 73, for certain Tax periods
In exercise of the powers conferred by sub-section (1) of section 128A of the Central Goods and Services Tax Act, 2017 (12 of 2017) (the said Act), the Central Government, on the recommendations of the Council, hereby notifies the respective date specified in Column (3) of the Table below, as the date up to which payment for the tax payable as per the notice, or statement, or the order referred to in clause (a) or clause (b) or clause (c) of the said section, as the case may be, can be made by the class of registered person specified in the corresponding entry in column (2) of the said Table, namely:-
Sl. No. | Class of registered person | Date up to which payment for the tax payable as per the notice or statement or the order referred to in clause (a) or clause (b) or clause (c) of section 128A of the said Act, as the case may be, can be made for waiver of interest, or penalty, or both, under the said |
(1) | (2) | (3) |
1 | Registered persons to whom a notice or statement or order, referred to in clause (a) or clause (b) or clause (c) of section 128A of the said Act, has been issued. | 31-3-2025 |
2 | Registered persons to whom a notice has been issued under sub-section (1) of section 74, in respect of the period referred to in sub-section (1) of section 128A of the said Act, and an order is passed or required to be passed by the proper officer in pursuance of the direction of the Appellate Authority, or Appellate Tribunal, or a court, in accordance with the provisions of sub-section (2) of section 75, for determination of the tax payable by such person, deeming as if the notice were issued under sub-section (1) of section 73 of the said Act. | Date ending on completion of six months from the date of issuance of the order by the proper officer redetermining tax under section 73 of the said Act. |
- This notification shall come into effect from the 1st day of November, 2024
- Notification No. 22/2024– Central Tax [S.O. 4373(E)/F. NO. CBIC-20006/20/2023-GST], Dated 8-10-2024, Section 148, read with Section 16 of the Central Goods and Services Tax Act, 2017- special procedure for certain processes – special procedure for certain processes- special procedure for rectifying an order confirming incorrect input tax credit availment under Sub-Section (4) of Section 16, where credit is now available under Sub-Sections (5) OR (6) and no appeal has been filled
- Under section 148 of the Central Goods and Services Tax Act, 2017, the Central Government, based on Council recommendations, notifies a special procedure for order rectification. This applies to registered persons with confirmed demands under sections 73, 74, 107, or 108 for wrongful input tax credit (ITC) availment due to contraventions under section 16(4). This procedure applies if the ITC is now permissible under sections 16(5) or 16(6) and no appeal has been filed against the order.
- The said person shall file, electronically on the common portal, within a period of six months from the date of issuance of this notification, an application for rectification of an order issued under section 73 or section 74 or section 107 or section 108 of the said Act, as the case may be, confirming demand for wrong availment of input tax credit, on account of contravention of provisions of sub-section (4) of section 16 of the said Act, but where such input tax credit is now available as per the provisions of sub-section (5) or sub-section (6) of section 16 of the said Act, and where appeal against the said order has not been filed.
- The said person shall, along with the said application, upload the information in the proforma mentioned the notification.
- The proper officer for carrying out rectification of the said order shall be the authority who had issued such order, and the said authority shall take a decision on the said application and issue the rectified order, as far as possible, within a period of three months from the date of the said application.
- Where any rectification is required to be made in the order referred to in paragraph 1 and, the said authority has issued a rectified order thereof, then the said authority shall upload a summary of the rectified order electronically-
(i) | | in FORM GST DRC-08, in cases where rectification of an order issued under section 73 or section 74 of the said Act is made; and |
(ii) | | in FORM GST APL-04, in cases where rectification of an order issued under section 107 or section 108 of the said Act is made. |
- The rectification is required to be made only in respect of demand of such input tax credit which has been alleged to be wrongly availed in contravention of provisions of sub-section (4) of section 16 of the said Act, but where such input tax credit is now available as per the provisions of sub-section (5) or sub-section (6) of the said section 16.
- Where such rectification adversely affects the said person, the principles of natural justice shall be followed by the authority carrying out such rectification.
- Notification No. 23/2024– Central Tax [S.O. 4374(E)/F. NO. CBIC-20006/20/2023-GST], Dated 8-10-2024, Section 47, read with Sections 51 and 128 of the Central Goods and Services Tax Act, 2017- Return- Levy of late fee – Waiver of late fee for failure to furnish return in form GSTR-7 for month of June, 2021 onwards, by due date, which is in excess of an amount of twenty- five rupees for every day during which such failure continues
Under section 128 of the Central Goods and Services Tax Act, 2017, the Central Government, with Council recommendations, supersedes the previous notification (No. 22/2021-Central Tax, dated June 1, 2021) and waives late fees under section 47 for registered persons required to deduct tax at source under section 51, for delays in filing FORM GSTR-7 from June 2021 onwards, except for an excess of twenty-five rupees per day of delay.
Provided that the total amount of late fee payable under section 47 of the said Act by such registered person for failure to furnish the return in FORM GSTR-7 for the month of June, 2021 onwards, by the due date, shall stand waived which is in excess of an amount of one thousand rupees:
Provided further that the total amount of late fee payable under section 47 of the said Act by the registered person, who fails to furnish the return in FORM GSTR-7 for a month by the due date, where the total amount of central tax deducted at source in the said month is nil, shall stand waived.
- This notification shall come into force on the 1st day of November, 2024.
- Notification No. 24/2024- Central Tax [G.S.R 628(E)/F.NO. CBIC-190354/149/2024-TO(TRU-II)], Dated 9-10-2024, Section 23, read with section 9 of the central Goods and Services Tax Act, 2017 – registration – persons not liable for – notified persons-
In exercise of the powers conferred by sub-section (2) of section 23 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Central Government, on the recommendations of the Council, hereby makes the following amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue) No. 5/2017- Central Tax, published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number G.S.R. 607(E), dated the 19th June, 2017, namely:—
In the said notification, after the opening paragraph, the following proviso shall be inserted, namely: –
“Provided that nothing contained in this notification shall apply to any person engaged in the supply of metal scrap, falling under Chapters 72 to 81 in the first schedule to the Customs Tariff Act, 1975 (51 of 1975).”.
- This notification shall come into force with effect from the 10th day of October, 2024
- Circular No. 234/28/2024 – GST [F. NO. CBIC-190354/149/2024-TO(TRU-II)-CBEC], Dated 11-10-2024, Section 9 of the Central Goods and Services Act, 2017- Levy and collection- Clarifications Regarding applicability of GST on certain services
- Based on the recommendations of the GST Council in its 54th meeting held on 9th September 2024, at New Delhi, in exercise of the powers conferred under section 168(1) of the Central Goods and Services Tax Act, 2017, clarifications on the following issues are being issued through this Circular as under:
- Applicability of GST on the service of affiliation provided by universities to colleges:
- Representations have been received seeking clarification on the applicability of GST on the service of affiliation provided by universities to colleges.
- The activity of affiliation is to monitor and ensure whether the institution possesses the required infrastructure in terms of space, technical prowess, financial liquidity, faculty strength, etc. and is thereby eligible for the privileges to conduct the course/program of study for the degree/title extended by the University to the students enrolled in such institutions. The affiliation services provided by the universities to colleges are not by way of services related to the admission of students to such colleges or the conduct of examinations by such colleges.
- Thus, as recommended by the 54th GST Council, it is hereby clarified that the affiliation services provided by universities to their constituent colleges are not covered within the ambit of exemptions provided to educational institutions in the notification No. 12/2017-CT(R), dated 28-6-2017 and GST at the rate of 18% is applicable on the affiliation services provided by the universities.
- Applicability of GST on the service of affiliation provided by Central and State educational boards or Councils, or other similar bodies, to schools:
- Representations have been received to clarify the applicability of GST on the service of affiliation provided by the Central and State educational boards or councils, or other similar bodies, to schools and to regularize the payment of tax on such services for the past period.
- The activity of affiliation carried out by educational boards or councils, or other similar bodies, is to monitor and ensure whether the schools possess the required infrastructure, finances, faculty strength etc. and are thereby eligible for the privileges to operate under the aegis of said boards or councils. The services of affiliation provided to schools by educational boards or councils, or other similar bodies, are not by way of services related to the admission of students to such schools or the conduct of examinations by such schools.
- The GST Council, in its 54th meeting on 9th September 2024, clarified that affiliation services provided by educational boards to schools are taxable. However, it recommended exempting affiliation services provided to government schools (established or controlled by the government or local authority). This exemption is effective from 10th October 2024, as per notification No. 08/2024-Central Tax (Rate), dated 8th October 2024.
- In its 54th meeting, the GST Council further recommended regularizing the GST liability on such services provided to all schools for the period from 1-7-2017 to 17-6-2021, e., the date of issuance of Circular No. 151/07/2021-GSTwherein accreditation services of boards are clarified to be taxable at the rate of 18%.
- Therefore, as recommended by the GST Council, it is clarified that services of affiliation, provided to schools by Central or State educational boards or councils, or other similar bodies, by whatever name called, are taxable. Further, as recommended by the Council, the payment of GST on the services of affiliation provided by Central and State educational boards or Councils, or other similar bodies, to all schools is regularized on ‘as is where is’ basis for the period from 1-7-2017 to 17-6-2021.
- Applicability of GST on the Directorate General of Civil Aviation (DGCA) approved flying training courses conducted by Flying Training Organizations approved by the DGCA:
- Representations have been received regarding the applicability of GST on the DGCA-approved flying training courses conducted by Flying Training Organizations (FTOs) which are approved by the Directorate General of Civil Aviation (DGCA). The same has been examined.
- Under GST Law, vide No. 66 of the notification No. 12/2017- Central Tax (Rate), dated 28-6-2017, services provided by educational institutions to its students, faculty and staff are exempt from levy of GST. In the above notification, “educational institution” has been defined to mean an institution providing services by way of education as a part of a curriculum for obtaining a qualification recognized by any law for the time being in force.
- In exercise of the power vested by Section 5 of the Aircraft Act, 1934, the Central Government has made the Aircraft Rules, 1937, which, inter alia, provide for ‘approved training’, e.training the curriculum of which has been approved by the DGCA, and ‘approved training organization’, i.e. a flying training organization which shall obtain the approval of DGCA before the students are enrolled to acquire flying experience. The said rules further state that flying experience required for the issue of private pilot and commercial pilot licenses shall be acquired at the Flying Training Organization (FTO) approved/recognized by the DGCA. The Civil Aviation Requirements (CAR) issued under the said rules also provide for a completion certificate to be issued by an approved FTO to each student who completes its approved course of training.
- It is evident from the above that the DGCA not only approves FTOs but also flying training courses and mandates the requirement of course completion certificates to be issued to successful candidates in terms of the Aircraft Act, 1934 and the rules prescribed thereunder. Therefore, the approved flying training courses conducted by FTOs approved by DGCA, wherein the DGCA mandates the requirement of a completion certificate, are covered under Sl. No. 66 of Notification No. 12/2017-Central Tax (Rate), dated 28-6-2017 and are hence, exempt.
- Regularizing payment of GST on transport of passengers by helicopter:
- 54th GST Council has recommended that the GST rate on transportation of passengers, with or without accompanied baggage, by air, in a helicopter on seat share basis may be notified at 5%. Accordingly, notification No. 07/2024- Central Tax (Rate), dated 8-10-2024 effective from 10-10-2024 has been issued.
- The Council further recommended to regularize payment of GST on transportation of passengers, with or without accompanied baggage, by air, in a helicopter on seat share basis on ‘as is where is’ basis.
- In addition to above, the Council also recommended to clarify that charter of helicopter would continue to attract GST at the rate of 18%.
- Thus, as recommended by the 54th GST Council, payment of GST on transportation of passengers, with or without accompanied baggage, by air, in a helicopter on seat share basis is hereby regularized on ‘as is where is’ basis for the period from 1-7-2017 to 9-10-2024.
- Further, as recommended by the 54th GST Council, it is hereby clarified that transport of passengers by helicopter on other than seat share basis e., for charter operations will continue to attract GST at the rate of 18%.
- Whether incidental/ancillary services such as loading/unloading, packing, unpacking, transshipment, temporary warehousing etc., provided in relation to transportation of goods by road is to be treated as part of Goods Transport Agency service, being composite supply, or these services are to be treated as separate independent supplies:
- Representations have been received to clarify whether incidental/ ancillary services such as loading/ unloading, packing, unpacking, transshipment, temporary warehousing etc., provided in relation to transportation of goods by road is to be treated as part of Goods Transport Agency (GTA) service, being composite supply, or these services are to be treated as separate independent supplies.
- It has been brought to notice that enforcement agencies are raising demands for such services holding them leviable to GST at the rate of 18% by interpreting last para of Question No. 6 of the FAQ issued by CBIC which states that “If such incidental services are provided as separate services and charged separately, whether in the same invoice or separate invoices, they shall be treated as separate supplies”, to mean that if a GTA shows packing charges, loading, unloading charges etc., separately in the invoice, the GTA becomes liable to pay GST at the rate of 18% on these services by treating them as cargo handling services.
- Following the 54th GST Council’s recommendations, it is clarified that ancillary services provided by Goods Transport Agencies (GTAs) during the transportation of goods by road—such as loading, unloading, packing, unpacking, transshipment, and temporary warehousing—are considered a composite supply of transport. The invoicing method used by GTAs generally does not change this classification. However, if these ancillary services are invoiced separately and not provided during transportation, they will not be classified as a composite supply of transport.
- Regularizing payment of GST on import of services by an establishment of a foreign airlines company from a related person or any of its establishment outside India, when made without consideration:
- 54th GST Council has recommended to exempt import of services by an establishment of a foreign airlines company from a related person or any of its establishment outside India, when made without consideration. Accordingly, notification No. 08/2024-Integrated Tax (Rate), dated 8-10-2024 effective from 10-10-2024 has been issued.
- The Council further recommended to regularize payment of GST on import of services by an establishment of a foreign airlines company from a related person or any of its establishment outside India, when made without consideration for the past period on ‘as is where is’ basis.
- Therefore, on recommendations of the 54th GST Council, the payment of GST on import of services by an establishment of a foreign airlines company from a related person or any of its establishment outside India, when made without consideration is hereby regularized for the period from 1-7-2017 to 9-10-2024 on ‘as is where is’ basis.
- Applicability of GST on Preferential Location Charges (PLC) collected along with consideration for sale/transfer of residential/commercial properties:
- Allowing choice of location of apartment is integral part of supply of construction services and therefore, location charge is nothing but part of consideration charged for supply of construction services before issuance of completion certificate. Being charged along with supply of construction services for the apartment, the same attract GST at same rate as of construction services before issuance of completion certificate.
- Therefore, based on the recommendations of the 54th GST Council, it is hereby clarified that location charges or Preferential Location Charges (PLC) paid along with the consideration for the construction services of residential/commercial/industrial complex forms part of composite supply where supply of construction services is the main service and PLC is naturally bundled with it and are eligible for same tax treatment as the main supply of construction service.
- Regularizing payment of GST on certain support services provided by an electricity transmission or distribution utility:
- GST Council in its 54th meeting held on 9th September, 2024 has recommended to exempt supply of services by way of providing metering equipment on rent, testing for meters/transformers/capacitors etc., releasing electricity connection, shifting of meters/service lines, issuing duplicate bills etc., which are incidental or ancillary to the supply of transmission and distribution of electricity provided by transmission and distribution utilities to their consumers.
- The same have been exempted vide notification No. 08/2024- Central Tax (Rate), dated 8-10-2024 effective from 10-10-2024.
- The GST Council in its 54th meeting has also recommended to regularize the payment of GST for supply of such services for the period e., from 1-7-2017 to 9-10-2024 on ‘as is where is’ basis.
- Therefore, as recommended by the 54th GST Council, the payment of GST on services provided by an electricity transmission or distribution utility which are incidental or ancillary to the supply of transmission and distribution of electricity by such utility, such as those listed in para 9.1 above is hereby regularized on ‘as is where is’ basis from 1-7-2017 to 9-10-2024.
- Regularizing payment of GST on services of film distributors or sub-distributors who act on a principal basis to acquire and distribute films:
- Representations have been received to clarify regarding the GST liability for the period from 1-7-2017 to 1-10-2021 on transaction between distributors and exhibitors wherein the distributors grant the theatrical rights to the exhibition centers. Field formations have viewed that such transaction are classifiable under SAC 9996 and attracts GST at the rate of 18%.
- Before 1st October 2021, GST was charged at 18% on “Motion Picture, videotape and television programmed distribution services” (Heading 9996) and at 12% on “temporary or permanent transfer or permitting the use of intellectual property rights” (Heading 9973). Both entries included licensing rights to broadcast films. The issue was discussed in the 45th GST Council meeting on 17th September 2021, leading to a recommendation for a uniform GST rate of 18% on both entries effective from 1st October 2021.
- The GST Council in its 54th meeting held on 9th September 2024 has recommended to regularize the payment of GST on transaction between distributors and exhibitors wherein the distributors grant the theatrical rights to the exhibition centers on ‘as is where is’ basis from 1-7-2017 to 30-9-2021.
- Therefore, as recommended by the GST Council, the payment of GST on transaction between distributors and exhibitors wherein the distributors grant the theatrical rights to the exhibition centers is regularized for the period from 1-7-2017 to 30-9-2021 on ‘as is where is’ basis.
- Difficulties, if any, in the implementation of this circular may be brought to the notice of the Board.
- Circular No. 235/29/2024 – GST [F. NO. CBIC-190354/149/2024-TO(TRU-II)-CBEC], Dated 11-10-2024, Section 9 of the Central Goods and Services Tax Act, 2017- Levy and Collection- Clarification Regarding GST rates & classifications (Goods) bases on recommendations of the GST council in its 54TH GST Council in its 54th meeting held on 9-09-2024, at New Delhi
Based on the recommendations of the GST Council in its 54th meeting held on 9th September, 2024, at New Delhi, in exercise of the powers conferred under section 168(1) of the Central Goods and Services Tax Act, 2017, the Board hereby clarifies the following issues through this circular for the purpose of uniformity in their implementation:
- Clarification regarding GST rate on Extruded/Expanded Savoury food products:
Clarifications regarding the classification of savoury or salted extruded snack pellets under HS 2106 have been made. Effective from 10th October 2024, extruded or expanded savoury or salted products (excluding un-fried or un-cooked snack pellets) will be classified under HS 1905 90 30, attracting a GST rate of 12%. This rate aligns with namkeens and similar ready-to-eat preparations under HS 2106 90. Un-fried or un-cooked snack pellets will continue to have a GST rate of 5%. The 12% rate on extruded products will apply prospectively, while an 18% GST will be payable for the past period.
- Clarification regarding GST rate on Roof Mounted Package Unit (RMPU) Air Conditioning Machines for Railways:
Representations have been received regarding the classification of Roof Mounted Air Conditioners (RMPUs) for Railways. It has been clarified that these units should be classified under HS 8415, which has a GST rate of 28%. In contrast, goods under HS 8607, such as parts for railway locomotives, attract an 18% GST rate.
According to Section Note 2 of Section XVII of the Customs Tariff Act, machines under HS 8415 are excluded from classification as ‘parts’ under HS 8607. Therefore, RMPUs for Railways will definitively fall under HS 8415, confirming the applicable 28% GST rate.
- Clarification regarding GST rate on Car and Motor cycle seats:
- Clarifications were sought on the GST classification and rates for seats designed for four-wheeled cars and two-wheelers.
- Seats for two-wheelers are classified under HS 8714, which includes saddles (seats) and attracts a GST rate of 28% as per Schedule IV of notification No. 1/2017-Central Tax (Rate).
- Seats for four-wheeled vehicles fall under HS 9401, which covers vehicle seats and parts. This category does not exclude vehicle seats, so car seats are also classified under HS 9401.
- Car seats (HS 9401) attract a GST of 18%, while two-wheeler seats (HS 8714) attract 28%.
- To align the GST rates for both categories, car seats classified under HS 9401 will attract a GST of 28% starting from October 10, 2024, as per notification No. 1/2017-Central Tax (Rate).
- Difficulty, if any, in the implementation of this circular may be brought to the notice of the Board.
- Circular No. 236/30/2024 – GST [F. NO. CBIC-190354/149/2024-TO(TRU-II)-CBEC], Dated 11-10-2024, clarification regarding the scope of “AS IS/AS IS, where is basis” mentioned in GST circulars issued on basis of recommendation of GST council in its meetings
- Instances were brought to the notice of the Board pertaining to the prevailing doubts among the field formations/trade as regards the scope of regularization on “as is” or “as is, where is basis” vide various GST Circulars issued for clarification regarding applicable GST rates and appropriate classification of specified goods or service or both on the basis of recommendation of the GST Council in its various meetings.
- The GST Council in its 54th Meeting held on 9th September 2024 has recommended issuance of clarification to clarify the intent behind the regularization done in the past meetings. Therefore, this Circular is being issued in exercise of power under Section 168 of CGST Act, 2017 to clarify scope of “as is” or ” as is, where is basis”.
- Circulars have been issued based on GST Council recommendations to regularize GST non-payment or short-payments for past periods on an “As is” basis in certain cases. This applies when genuine doubts arise from competing entries with different rates or diverse interpretations leading to varying GST payments by suppliers. It is clarified that taxpayers who paid a higher GST rate are not entitled to refunds.
- The phrase “as is where is” refers to transferring property in its current condition, accepting all faults and defects. In the context of GST, “regularized on as is where is basis” means that payments made at a lower rate or claims for exemptions by taxpayers will be accepted, with no refunds for those who paid a higher rate. The Council’s intention is to treat payments at a lower or nil rate as full discharge of tax liability, as indicated in the returns filed by the taxable person, which declare the applicable tax rate or relevant exemptions.
- Thus, in cases where the matters have been regularized on “as is” or ” as is, where is basis”, in case of two competing rates and the GST is paid at lower of the two rates, or at nil rate where one of the competing rates was nil under notification entry, by some suppliers while other suppliers have paid at higher rate, payment at lower rate shall be treated as tax fully paid for the period that is regularized.
- Accordingly, suitable instructions shall be passed on to the field formations under your charge.
- Difficulty, if any, in the implementation of this circular may be brought to the notice of the Board.

- Companies (Indian Accounting Standards) Third Amendment Rules, 2024 (Notification on 2024-09-28)
The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Third Amendment Rules, 2024 wherein:
- Rule 5 of Companies (Indian Accounting Standards) Rules, 2015, the following proviso shall be inserted:
Provided that an insurer or insurance company may provide its financial statement as per Ind AS 104 for the purpose of Consolidated Financial Statements by its parent or investor or venturer till the Insurance Regulatory and Development Authority notifies the Ind AS 117 and for this purpose, Ind AS 104 shall, as specified in the Schedule to these rules, continue to apply, etc.
- They shall come into force on the date of their publication in the Official Gazette.
- Investor Education and Protection Fund Authority (Form of Annual Statement of Accounts) Amendment Rules, 2024 (Notification Date: 2024-10-03, Notification No: G.S.R. 607(E)
The Ministry of Corporate Affairs has notified Investor Education and Protection Fund Authority (Form of Annual Statement of Accounts) Amendment Rules, 2024 wherein:
- In the Investor Education and Protection Fund Authority (Form of Annual Statement of Accounts) Rules, 2018, in rule 5, in sub-rule (2), for the words “one Member”, the words “the chief executive officer” shall be substituted.
- They shall come into force on the date of their publication in the Official Gazette.
- Companies (Adjudication of Penalties) Second Amendment Rules, 2024
The Ministry of Corporate Affairs has notified Companies (Adjudication of Penalties) Second Amendment Rules, 2024 wherein:
- In the Companies (Adjudication of Penalties) Rules, 2014, in sub-rule (1) of rule 3A, the following proviso shall be inserted, namely:-
“Provided that the proceedings pending before the Adjudicating Officer or Regional Director on the date of such commencement shall continue as per provisions of these rules existing prior to such commencement.”
- They shall come into force on the date of their publication in the Official Gazette.
- Directions – Compounding of Contraventions under FEMA, 1999 (Notification Date: 2024-10-01 vide Notification No: RBI/FED/2024-25/78 A.P. (DIR Series) Circular.No.17/2024-25
The Reserve Bank of India has reiterated that in terms of Section 11(3) of FEMA, 1999, the Reserve Bank may impose on the authorized person a penalty for contravening any direction given by the Reserve Bank under this Act or failing to file any return as directed by the Reserve Bank, Additionally, provided a list of earlier circulars that are superseded by this notice, and advised Authorised Dealer to take necessary steps to ensure that checks and balances are incorporated in systems relating to dealing with and reporting of foreign exchange transactions so that contraventions of provisions of FEMA, 1999, attributable to the Authorised Dealers do not occur.


Disclaimer: Information in this note is intended to provide only a general update on the subjects covered. It is not intended to be a substitute for detailed research or the exercise of professional judgment. KNM accepts no responsibility for loss arising from any action taken or not taken by anyone using this publication. Updates are for the period 31.10.2024.
